Panel says NC should spread pension decisions


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Submitted: Thu, 04/24/2014 - 5:56pm
Updated: Thu, 04/24/2014 - 5:57pm
By:

EMERY P. DALESIO
Associated Press

RALEIGH, NC (AP) — A commission is recommending that North Carolina lawmakers change how the state’s $86 billion pension system for teachers and state workers handles investments.

North Carolina is one of just four states where the state treasurer is solely responsible for how pension funds are invested. A panel created by Treasurer Janet Cowell recommended Thursday that investments should be determined by an appointed board of trustees.

Some panel members said the change would be a bad idea because once a group is making decisions no individual is accountable for bad choices.

The union representing tens of thousands of North Carolina state workers has long pushed for an investment board to manage pension funds.

Cowell will review her panel’s recommendations and propose changes to legislators who start their annual session next month.

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