A commission created by North Carolina Treasurer Janet Cowell has recommended thatlegislators change how the state handles the $86 pension system forteachers and workers.
North Carolina is one of four states where the state treasurerhas the sole authority to invest pension funds, and the union representing tens of thousands ofstate employees has for a long time been calling for an investmentboard to manage the funds.
The panel, the North Carolina Investment Fiduciary GovernanceCommission, said in a draft report to Cowell Thursday, "As a resultof the Commission's discussions, and after thoroughly vettingapplicable governance related issue, the Commission recommends thata shift be made to the governance of the (North Carolina RetirementSystem) NCRS investment program from the current sole trustee modelto a board of trustees model with the Treasurer serving asstatutory Chair of the board."
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