Cowell: NC Pension Funds Investor Didn't Resign

The chief investment officer of North Carolina's public pension funds was removed from her job after she chose not to resign her post managing $60 billion.

The State Treasurer's Office disclosed the information Thursday in response to a public records request about last month's departure of Patricia Gerrick.

Treasurer Janet Cowell's office said Aug. 25 Gerrick had resigned after five years on the job. But a Sept. 9 memo by Cowell said she removed Gerrick because Gerrick decided in early September not to resign.

Cowell's memo doesn't provide specifics about why she removed Gerrick, who couldn't be reached for comment Thursday.

Gerrick made $340,000 a year, making her among the highest paid employees in state government.

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  • by me Location: Tarboro on Sep 25, 2009 at 08:14 AM
    She received a hefty raise last summer after the General Assembly turned salary discretion in the State Treasurer's Office over to former Treasurer Richard Moore. He gave large raises to his top investment advisers.Gerrick's salary doubled from nearly $167,900 a year to $340,000
  • by hope Location: nc on Sep 25, 2009 at 05:36 AM
    WITN this story is flying down the top stories list. I would love to know why this woman was "removed from her job" (& why she was making $304,000/yr). As a tax payer, I want to see people prosecuted for their wrong doings from the bottom all the way to the top. WITN you could start a grass roots effort right here in NC. We need to make it uncomfortable for those that are not acting in the tax payers best interest. Let's send a STRONG message all the way to Washington. I'll bring my pitchfork.
  • by Anonymous on Sep 25, 2009 at 05:09 AM
    You know, IF that individual did something inappropriate, I EXPECT her to be held accountable. We need to start prosecuting those evil doers with dirt on their hands (& our money in their pockets).
  • by Anonymous on Sep 25, 2009 at 05:05 AM
    $340,000 a year! Wonder why she "was removed from her job". It is possible that someone wised up & found someone willing & able to do the job for much less. In light of all the greed it does make you wonder...
  • by Leroy Location: Smith on Sep 25, 2009 at 05:04 AM
    $340,000 for the job she has done. As a local retiree, I believe anyone off the street could do as well. I also hope Mr. Wall Street Richard Moore runs for something again, I will campaign full time against him. He should move out of NC.

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