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.
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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.
State Treasurer Dale R. Folwell, CPA, today sought to reassure the state’s citizens and business leaders that North Carolina’s government is on strong financial footing and is well-positioned to weather the storm caused by the COVID-19 pandemic. The pandemic has closed schools and businesses across the state, causing severe economic disruption.
State Treasurer Dale R. Folwell, CPA, issued the following statement:
We want to assure the nearly 950,000 members who are paying into or receiving pension payments from the North Carolina Retirement Systems that the stock market’s recent downturn will have no impact on their pension payments. As of today, the state pension plans are down less than 1%. This is because the plans have been conservatively managed under the Folwell administration and other administrations for the past 50 years.
State Treasurer Dale R. Folwell, CPA, announced today the extension of a fee holiday that increases two-year savings to more than $4 million for members of North Carolina Supplemental Retirement Plans.
State Treasurer Dale R.
Total Retirees and Beneficiaries Now Exceeds 300,000 Members
State Treasurer Dale R. Folwell, CPA, announced today the lowering of the investment return assumption for the North Carolina Retirement Systems (the Fund) from 7.25% to 7.20% beginning with the December 31, 2016 valuations. The move was approved by the Teachers’ and State Employees’ Retirement System (TSERS) and Local Government Employees’ Retirement System (LGERS) Boards of Directors at their April 20th meeting.
State Treasurer Dale R. Folwell, CPA, announced that Kevin SigRist, Chief Investment Officer (CIO) for the North Carolina Retirement Systems, submitted his resignation last Friday.