(The Center Square) – Management of $200 billion in North Carolina public money is under a revampment led by Republican first-term Treasurer Brad Briner.
“North Carolinians deserve to know that their pension fund is working as hard for them as they worked for their state,” Briner said in a statement Monday. “We have been entrusted with taxpayer dollars to reduce stress on the state budget and put us in the best position possible for our government retirees. The new Investment Authority will do just that.”
The new board has been approved by the Legislature, Briner spokeswoman Loretta Boniti told The Center Square on Monday.
At Tuesday’s meeting of the Joint Legislative Committee on General Government, Briner will present an update on the new board, along with Kevin SigRist, his office’s chief investment officer, and Jason Sass, deputy general counsel.
The North Carolina Retirement Systems manages eight pension plans for more than 1 million people and distributes $640 million each month in benefit checks, according to the state.
The pension funds have “underperformed for years,” Briner said.
The treasurer’s goal is to increase investment returns to at least 6.5% annually, which is the amount an actuary has determined is needed to meet the plan’s needs in future years, Boniti said.
The board was authorized under the 2025 Investment Modernization Act. North Carolina is one of only three states with “sole fiduciary” oversight of the investments, conducted entirely by the state treasurer’s office.
The new board will include the treasurer, financial professionals appointed by the treasurer and members appointed by the governor and legislative leaders.
