Treasurer Backs 2% Pension Supplement for Local Government Retirees | Eastern North Carolina Now | Cities and Counties Won't Need to Increase Property Taxes

Coronavirus Disease 2019 (COVID-19)
Press Release:

    (Raleigh, NC) -- State Treasurer Dale R. Folwell, CPA, is throwing his support behind a 2% pension supplement for retirees of local governments.

    The budget enacted by the General Assembly and signed by Gov. Roy Cooper provided for a 2% pension supplement this year for state retirees. In addition to providing the supplement for state retirees, the General Assembly passed Senate Bill 311, which allows the Board of Trustees of the Local Governmental Employees' Retirement System (LGERS Board) to provide a supplement, provided that sufficient funds are available to pay for the benefit from investment gains earned on the Treasurer's investments.

    "We are blessed to have had sufficient market returns to provide this benefit increase to our local retirees in a fiscally responsible manner without increasing the rates we charge to cities and counties across the state - many of which are financially struggling," Treasurer Folwell said. "Our job is to keep the retirement system solvent for this and the next generation of those who teach, protect and serve."

    To that end, in January of 2021 the LGERS Board adopted a funding policy agreement to reduce the unfunded liability of the retirement system in collaboration with the N.C. League of Municipalities and the N.C. Association of County Commissioners.

    In Treasurer Folwell's view, the action he is recommending today is consistent with the objectives of the funding policy and would promote stability of the retirement systems' finances. The money to pay for the 2% pension supplement would come from the 11.12% net investment gains the retirement system earned during calendar year 2020.

    "The General Assembly made a wise decision to stick with a supplement instead of a new benefit and I'm asking the LGERS Board to make a similarly wise choice," said Treasurer Folwell. "Every time I see a grocery receipt, I worry about our retirees on fixed incomes. They need this help and I'm glad that we've had solid enough investment performance to pay for it without burdening taxpayers." The LGERS Board, which is chaired by Treasurer Folwell, meets Jan. 27 and is expected to make a final decision on the issue.

    The North Carolina Department of State Treasurer (DST) administers the employee retirement systems for more than 950,000 public workers, along with their 401(k), 457 and 403(b) plans. DST manages the pension plans' investments currently totaling $124 billion. It also oversees the State Health Plan, which provides health care coverage to more than 750,000 teachers, state employees, retirees, current and former lawmakers, state university and community college personnel, and their dependents. Fiscal assistance and expertise are provided by the department to local governmental units by aiding them in the sale of local government debt obligations and in maintaining sound budgeting, accounting, and reporting procedures.


   Contact:
   Email: press@nctreasurer.com
   Phone: (919) 814-3820
Go Back

HbAD0

Latest State and Federal

Thanks to a pilot program from the White House and Centers for Disease Control and Prevention to offer additional vaccines to states hosting large LGBTQI+ events, Mecklenburg County Public Health will be distributing monkeypox vaccines at Charlotte Pride events this weekend.
Today, the White House released state fact sheets highlighting how the Inflation Reduction Act tackles the climate crisis in states across the country and how families and communities can benefit from a clean energy future.
By signing the Inflation Reduction Act, President Biden is delivering on his promise to meet the climate crisis and build an economy that works for working families.
By signing the Inflation Reduction Act, President Biden is delivering on his promise to build an economy that works for working families, including Black families.
North Carolina continues under the Authoritarian yoke of an Emergency Powers executive governing stance as Authoritarian Cooper refuses to rescind his extra authority of Emergency Powers even though his own government's bureaucrats admits that the Covid threat is in a diminishing state.
By signing the Inflation Reduction Act, President Biden is delivering on his promise to build an economy that works for working families, including Latino communities.
When President Biden took office, less than half of K-12 schools were open for in-person learning. The President made getting schools safely reopened and our children back in the classroom a top priority.

HbAD1

The State Board of Elections voted unanimously on Tuesday to finalize results of the July 26 elections, held in about 15 N.C. counties.
The Inflation Reduction Act will lower costs for families, combat the climate crisis, reduce the deficit, and finally ask the largest corporations to pay their fair share.
The State Board of Elections invites public comment on proposed campaign finance rules addressing processes for North Carolina political committees or referendum committees that fail to file a campaign finance disclosure report by the statutory deadline.
Today, President Biden announced his intent to appoint the following individuals to serve in key roles:
Fishing communities in every coastal state have tried to alert the Biden administration to offshore wind energy’s threat to their industry and marine habitats, biodiversity, and oceanography
The North Carolina Department of Health and Human Services is seeking public comment on the proposed Social Services Block Grant Plan, which outlines how $77.1 million in federal Social Services Block Grant funds will be spent in North Carolina for the 2022-2023 state fiscal year.
The State Board of Elections wishes to set the record straight after a guest on “Tucker Carlson Tonight” on Fox News this week spread false information about North Carolina elections. The State Board and some county boards of elections have received inquiries about this.

HbAD2

 
Back to Top