Topics Related to RSD Press Release
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.
State Treasurer Dale R. Folwell, CPA, and the Retirement Systems Division (RSD) announced today that almost $1 million has been sent to survivors of nine public safety officers murdered in the line of duty. The additional payments were authorized as part of “Conner’s Law” that was passed by the North Carolina General Assembly in 2019 as HB 283 and funded in House Bill 425 this year.
State Treasurer Dale R. Folwell, CPA, reported today to the Investment Advisory Committee (IAC) that the state pension fund (the Fund), comprised of the retirement plans the N.C. Department of State Treasurer manages, had gains of 6.38% for the 2nd quarter. Pension fund assets were valued at $103.9 billion on June 30, 2020, an increase of $5.6 billion from $98.3 billion at the end of the 1st quarter of 2020.
In the interest of protecting the state bond ratings, State Treasurer Dale R. Folwell, CPA, today called for N.C. Department of Transportation Secretary J. Eric Boyette to replace the department’s chief operating and financial officers. Treasurer Folwell previously called for Gov. Roy Cooper to replace former NCDOT Secretary James Trogdon and to transfer financial management of NCDOT to the Office of State Budget and Management because of the gross financial mismanagement of NCDOT.
I’m sorry to see Chief Putney leaving the position in which he has served with honor, integrity and a servant’s heart for the people of Charlotte. We’re very appreciative of his leadership, decorated service and distinguished career.I personally met with Chief Putney over the past few weeks as he weighed his decision. I pledged the full cooperation of the subject matter experts in our Retirement Services Division to assist him during the separation process.
State Treasurer Dale R. Folwell, CPA, and the Financial Operations Division (FOD) of the Department of State Treasurer (DST) announced today that North Carolina has received more than $2 billion from the federal government as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act, as passed by Congress and signed by the President, will provide $150 billion for the Coronavirus Relief Fund including direct payments to states, the District of Columbia, U.S. Territories, and eligible units of local government based on population as provided in the CARES Act.