make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Report: NC retirement plan is sound, isn't cushy

READ MORE:

RALEIGH, NC (AP) -- The Legislature's watchdog agency says North Carolina's pension plan for teachers and state employees is well funded and is not considered lavish when compared with similar retirement systems in other states.

The Program Evaluation Division presented a study Monday to an oversight committee about the pension fund, which covers more than 500,000 participants and has at least $50 billion in value. Employees and government agencies pay into the plan.

The report says North Carolina's pension plan benefits are average or less generous compared to other states.

The study also says it's unclear whether it would make financial sense to move from a defined benefit plan to a defined contribution plan because the switch could make it more difficult for the state to recruit and retain workers.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

»

Reply

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

More information about formatting options

To prevent automated spam submissions leave this field empty.
CAPTCHA
Please re-enter the code shown in the image below.