A commission created by North Carolina Treasurer Janet Cowell has recommended that legislators change how the state handles the $86 pension system for teachers and workers.

North Carolina is one of four states where the state treasurer has the sole authority to invest pension funds, and the union representing tens of thousands of state employees has for a long time been calling for an investment board to manage the funds.

The panel, the North Carolina Investment Fiduciary Governance Commission, said in a draft report to Cowell Thursday, "As a result of the Commission's discussions, and after thoroughly vetting applicable governance related issue, the Commission recommends that a shift be made to the governance of the (North Carolina Retirement System) NCRS investment program from the current sole trustee model to a board of trustees model with the Treasurer serving as statutory Chair of the board."