Topics Related to RSD Press Release
Focus will be on the larger, low-cost and more popular NC 401(k) and NC 457 Plans that Provide More Benefit to Members
Cities and Counties Won't Need to Increase Property Taxes
State Treasurer Dale R. Folwell, CPA, acknowledged today that he received a letter from the National Legal and Policy Center (NLPC) requesting that North Carolina join others in “the immediate divestiture of Unilever [Ben & Jerry’s] holdings in all public pension funds managed and controlled by the State of North Carolina.” State
Treasurer Dale R. Folwell, CPA, the Supplemental Retirement Board of Trustees and staff have been recognized by the National Association of Government Defined Contribution Administrators (NAGDCA) with two national leadership awards recognizing outstanding achievements in Technology and Interactive Multimedia and National Retirement Security Month awareness.
State Treasurer Dale R. Folwell, CPA, said legislation introduced in the North Carolina Senate in response to a rash of lawsuits would help protect the state pension plan in pension spiking cases.Sen. Jim Burgin, R-Harnett, is the primary sponsor of Senate Bill 668, intended to make it difficult for government employers to sue the Teachers’ and State Employees’ Retirement System (TSERS) over bills arising from pension spiking cases.
One of State Treasurer Dale R. Folwell’s first initiatives when taking office in 2017 was to cut Wall Street fees and other investment costs associated with the $115 billion pension plans. He pledged to cut $100 million in fees during his first term in office. It was announced during a recent Investment Advisory Committee meeting that that goal had been exceeded by 250%, resulting in more than $350 million in incremental cost-efficiencies as of Dec. 31, 2020, for the North Carolina Retirement Systems’ (NCRS) investment program.
North Carolina State Treasurer Dale R. Folwell, CPA, and the Retirement Systems Division announced today that the investment return assumption or rate of return (RoR) for the principal North Carolina Retirement Systems (Fund) will be lowered 50 basis points from 7.0% to 6.5% per year. The change will be recognized immediately for financial reporting and calculating the funded percentage level, but for the purpose of determining employer contribution rates, the effect will be phased in over a period of five years.
Despite economic upheaval, massive job losses, business shutdowns, and uncertainty in the investment market throughout 2020 due to the COVID-19 pandemic, the state pension plan achieved a record $114.9 billion valuation entering 2021.
State Treasurer Dale R. Folwell, CPA, and the Retirement Systems Division (RSD) reported that retirement applications initiated online have gone from 0 to 38% in less than two years. Prior to the introduction of the online system in 2018, members had to go to the ORBIT system, print and manually fill out an application.
State Treasurer Dale R. Folwell, CPA, and the Boards of Trustees overseeing the Firefighters’ and Rescue Squad Workers’ Pension Fund (FRSWPF) and National Guard Pension Fund (NGPF) announced today that their preliminary estimates indicate significant increases in the funded ratios of both pension plans.