North Carolina State Employee Pension Fund Has Fallen

North Carolina

unclaimed money.

RALEIGH, N.C. (AP) -- North Carolina's state employee pension fund has fallen below a key threshold for measuring its financial health for the first time in 11 years.

State Treasurer Janet Cowell said Thursday an actuarial study shows funding for the state employee and teacher pension fell below 100 percent to just over 99 percent at the end of 2008.

That means the retirement system isn't fully funded and wouldn't have all the money needed to pay off all current and future retirees at once.

The Treasurer's Office said the news won't affect current pensioners receiving checks. The pension still ranks among the best funded in the nation.

Cowell said the news should cause lawmakers to consider putting more money in the fund to improve its long-term health.

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  • by Israel Location: Cary on Apr 7, 2010 at 05:45 AM
    It's high time for the people of North Carolina to rise up against the government tyranny that allows for Gov. Bev to arbitrarily reach into the pockets of state workers and steal money that they have earned with impunity, while she along with an entourage of hundreds can go on an all paid vacation to Asia, to "promote economic relations." Right?
  • by Obama Snake Oil Co Location: Springfield on Oct 15, 2009 at 04:14 PM
    Well, my, my, where did it go? Oh, Bev is going overseas to help China and Japan take more jobs from NC. We only want green jobs here. I hope she didn't have to tap into this account like she did with the lottery........

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