The North Carolina Retirement Systems have been awarded its 2017 Standards Awards for Funding and Administration for all six of the state’s eligible pension plans.
The awards are administered by the Public Pensions Coordinating Council (PCCC), a coalition of three national associations that represent public retirement systems and administrators: the National Council on Teacher Retirement, the National Conference on Public Employee Retirement Systems, and the National Association of State Retirement Administrators.
The state received funding and administration awards for the Teachers’ and State Employees’ Retirement System (TSERS), the Local Governmental Employees’ Retirement System (LGERS), the Consolidated Judicial Retirement System (CJRS), the Legislative Retirement System (LRS), the Firefighters’ and Rescue Squad Workers’ Pension Fund (FRSWPF), and the National Guard Pension Fund (NGPF).
The coalition represents more than 500 of the largest pension plans in the United States serving most of the nation’s 16 million employees of state and local government.
North Carolina State Treasurer Dale Folwell, whose office oversees the state’s retirement holdings, credits the General Assembly through taxpayers, local governments, and employee contributions for providing the full funding needed for the state’s retirement systems.
“Our elected leaders understand the value of our pension plans to attract and retain qualified employees for public service,” Folwell said. “Together, we seek to preserve and strengthen these plans so we can continue to provide them for the next generation of teachers, first responders, state workers and other public workers.”
According to a release from the State Treasurer’s Office the PPCC awards are only given to those public plans meeting strict funding and administration criteria.
In 2016, less than 85 of the 6,276 public sector pension plans were given standards awards, or just over 1 percent of them.
“We believe the retirement systems are made stronger when we are held to higher expectations and measured on our performance,” Executive Director of the North Carolina Retirement Systems Division Steve Toole said.
The state retirement systems provide retirement benefits to over 900,000 current and former public employees.
Current employees pay a portion of their salary into the systems each month and the General Assembly provides employer funding for TSERS, CJRS, LRS, FRSWPF and the NGPF. Local governing bodies provide employer funding for LGERS.
The day-to-day administration of the system is done under the supervision of the State Treasurer’s Office with additional governing authority vested in the Boards of Trustees of the systems.