State Treasurer Dale Folwell hopes the General Assembly will build on its recent boost in the state’s Rainy Day Fund with a plan to make state pensions and health benefits more solvent. House Bill 651 would reduce tens of billions of dollars in long-term debt by…
State Treasurer Dale Folwell said Friday he “will pursue all avenues of appeal” after Durham Superior Court Judge James Hardin ruled against the state in enforcing regulations against massive pension spiking by a select group of state employees. “My administration inherited this case and…
The N.C. Department of Justice is considering how to respond to a Superior Court judge’s ruling that the state unconstitutionally charged health insurance premiums to state retirees. Already wracked by $42 billion in unfunded liabilities, the State Health Plan might have to absorb billions of dollars…
The State Health Plan’s unfunded liabilities have soared to $42 billion, the latest figures show, and Treasurer Dale Folwell said expenses will exceed earnings again this year. “We’re going to dip into reserves by hundreds of millions of dollars this year in the State Health Plan,”…
State Treasurer Dale Folwell wants to know if Wall Street investors charged the state fees on $9 billion of state pension plan money that never got invested. At the same time, unfunded liabilities in the retirement system grew to more than $13 billion. Folwell said some…
Legislation that could recommend a shift in the state Retiree Health Benefit Fund from a defined-benefit to defined-contribution model passed the House on Thursday by a 114-0 vote and heads to the Senate. The Retiree Health Benefit Fund allocates the state’s share of retiree premiums to the State…
The State Health Plan is “on life support” and will require more state and employee contributions to meet massive unfunded obligations, state Treasurer Dale Folwell said Monday in his first Ask Me Anything monthly teleconference call with reporters. Since taking office in January, Folwell said, he has been…
While new state Treasurer Dale Folwell said he hopes to spark higher returns in the state employees retirement plan, North Carolina’s state pension fund reported a loss for the fourth quarter of 2016, failing to meet targeted annual growth. Folwell said the pension fund returns for the three-month…
By 2020, the unfunded liability for retiree health benefits is projected to reach nearly $38 billion. That’s real money, even in government-speak.
State Treasurer Dale Folwell wants to be more than North Carolina’s version of the Dutch boy, his finger plugging the dike of underperforming state health and pension plans. Rather, he plans to vigorously attack the massive unfunded liabilities. Folwell, sworn into office Jan. 1 as the…
