(The Center Square) – More than a quarter-million people are beneficiaries of a record accomplishment by the North Carolina Supplemental Retirement Plans’ 401(k) Plan and NC 457 Plan.
The market value of the investment assets eclipsed $20 billion, having more than doubled in the last seven years for the 325,714 participants. The plan was created in 1985.
Jeff Hancock is the director of the Supplemental Retirement Plans within the oversight of the state treasurer.
“Today marks an important day in Supplemental Retirement Plans history,” said first-term Republican Treasurer Brad Briner, giving credit to the work of Hancock. “It’s obviously a testament to the hardworking men and women of North Carolina and their commitment to being retirement ready in their savings, but it’s also a compliment to the team.
“It’s not enough to get to $20 billion. We have aspirations to go even further, and the way we do that is by making it a better and better plan.”
The quarterly meeting Thursday of the plan’s Board of Trustees produced a vote in favor of an administrative fee waiver, reducing participants’ costs by an estimated $1.7 million.
The retirement plans are offered by state agencies, local governments, school districts and community colleges that total more than 1,100 public employers. More than half offer a contribution to help promote readiness for retirement, Briner’s office says.
