SEANC likes commission's recommendation on pension-management changes
04/25/2014 5:07 PM
04/25/2014 5:48 PM
The State Employees Association of North Carolina, a vitriolic critic of state Treasurer Janet Cowell, likes what it sees so far from a bipartisan commission she appointed.
That commission, the Investment Fiduciary Governance Commission, agreed this week to recommend that the treasurer share final investment authority over the state’s $87 billion pension fund with a board of trustees. Currently, the commissioner has sole authority on investment decisions.
SEANC has been pushing for such a change.
“This is a great first step in the right direction,” SEANC said in a statement issued Friday.
“As always,” the statement continued, “the devil is in the details and our members will continue to press for a retirement board that makes its records open and its fees transparent to the employees who fund the system and the public. We want to put the public back in the N.C. public pension.”
The next step is up to Cowell. She is reviewing the commission’s recommendation, as well as a minority report that suggests tweaking the current system rather than overhauling it, before sending her own proposal along to the legislature.
Join the Discussion
News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.