At a bill signing ceremony at the governor’s mansion Friday morning, North Carolina Gov. Josh Stein signed three new measures into law: House Bill 506, the 2025 State Investment Modernization Act; Senate Bill 155, the Social Work Interstate Licensure Compact; and House Bill 50, expanding options for the Law Enforcement Officers Special Separation Allowance. 

2025 State Investment Modernization Act

Filed in March, the legislation establishes the North Carolina Investment Authority (NCIA), a new independent state agency tasked with modernizing the state’s investment management system. Governed by its own board of directors, the NCIA will oversee the state’s $129 billion pension fund along with other public funds dedicated to retirement, education, and transportation. 

State Treasure Brad Briner, who advocated for the legislation, said this is an important step in maximizing returns for North Carolina. 

“We have fallen short on the investment side. That has come at a cost to our taxpayers, that has come at a cost to our retirees, and this legislation allows us to fix that problem,” Briner said at the bill signing. “It will have profound differences for our state over long periods of time. If we can deliver 1% more, we will be able to deliver $2 billion a year more to our state budget, and that is why we’re doing this.” 

Stein emphasized the significance of the new law, noting that it brings more voices to the table when it comes to making decisions about the state’s retirement system. 

“Currently, our state investment decisions are made by only one person, our state treasurer. Very few states have this system of what we call a sole fiduciary for making decisions about the hard-working state employees’ pensions,” said Stein. “And while I trust that Treasurer Briner would do an excellent job if he kept this authority to himself, he and I share a belief that this process will be stronger when more voices are involved.” 

Law Enforcement Officers Special Separation Allowance 

NC law enforcement officers are eligible for the “special separation allowance” after serving 30 years or reaching age 55 with at least five years of service. Once they retire, they typically receive thousands of dollars per month until age 62. However, if they continue working, they lose access to the benefit. The new change will allow the benefit to be paused rather than forfeited, letting officers collect it when they choose to retire and keep more officers on the force. 

“If we want to keep the best, we have to support them. And that’s exactly what this legislation does. They deserve to have options for when and how they retire so that if they want to stay on the job and serve their communities, they can without losing their hard-earned benefits,” Stein said. 

Social Work Interstate Licensure Compact 

To make it easier for social workers to transfer their licenses to NC, this legislation cuts red tape and streamlines the process for those licensed in select other states. 

“This law will enable our state to create an interstate licensure agreement with neighboring states, including Tennessee, Georgia, and Virginia, to expand care to more people. I am pleased to expand access to services and to help our social workers do their jobs,” said Stein.

Governor Stein also signed the following bills into law:

House Bill 477: Retirement Death Benefits Rewrite
Senate Bill 248: Birth Certificates for Persons Adopted
Senate Bill 477: DNCR Agency Bill