(The Center Square) – Estimated market value of the North Carolina Retirement Systems is $127 billion, a 43% increase from when Republican Dale Folwell took office as state treasurer on Jan. 1, 2017.
The system paid out more than $51 billion in benefits in the eight years.
Folwell’s last day was Tuesday, and valuation is as of Dec. 27. Republican Brad Briner was sworn in on Wednesday.
In a release, Folwell said, “When I raised my hand to be the 28th treasurer of North Carolina, I promised to preserve and protect the pension plans for current and future public service workers. I pledged to conservatively invest the North Carolina Retirement Systems’ funds for the benefit of those that teach, protect and serve – not Wall Street.”
Folwell said his Investment Management Division team cut $500 million in excessive fees.
The assumed rate of return for the calendar year 2024 was 6.5% but actual was nearly 8%. The final result will be known at the end of this month.
North Carolina’s is considered among the best-funded pension plans in the nation. It is “the 26th largest pool of public money in the world,” Folwell said. The North Carolina Retirement Systems, with more than 1 million who were teachers, state employees, in local government, firefighters, police officers and other public workers, is the ninth-largest public pension fund in America.
Like Social Security, Folwell says, the plans present day operate with more eligible for benefits than those paying in. Monthly payroll has risen by 30% since Folwell took off in 2017, the release said.
“The credit for this great performance lies with the leaders of the divisions including Tom Causey in Retirement and Christopher Morris and Jeff Smith, the co-CIOs of our Investment Management Division, and their oversight of one of the most seasoned teams in the nation,” Folwell added.
Taxpayers save money, he said, when the state’s capital projects that take on debt can leverage Triple-A bond ratings from all three national agencies – Moody’s, S&P Global and Fitch. North Carolina is one of only 13 states with a AAA rating from each.