As State Treasurer Dale R. Folwell, CPA, concluded his term, the North Carolina Retirement Systems (NCRS) boasted a healthy growth, reaching an estimated market value of $127 billion as of last Frida, according to a report by the NCTreasurer's office. The estimated 43% increase is significant when compared to the $89 billion valuation when Folwell took office in 2017. Despite payouts totaling nearly $52 billion in gross benefits since then, NCRS's estimated returns for the year 2024 are said to hover at 8%, outpacing the expected 6.5%. The figures for 2024 are tentative, pending results from auditing processes due by the end of January 2025.
Folwell, in a statement, emphasized his commitment to steering clear of Wall Street's high-risk strategies. "When I raised my hand to be the 28th treasurer of North Carolina, I promised to preserve and protect the pension plans for current and future public service workers," he told the NCTreasurer's office. By cutting half a billion in fees over his tenure, he managed to safeguard the financial health of a system burdened by the same demographic challenges as Social Security—a system with fewer contributors than beneficiaries.
The outgoing Treasurer noted the persistent financial headwinds, such as the 30% leap in monthly payroll since January 2017. Even in light of this, December's payout reached $748,027,944 to 371,288 beneficiaries, a testament to the state's commitment to retirees. In direct contrast to the federal government, which wields the power to print currency, state-level fiscal maneuvering is inherently constricted, a reality not lost on Folwell as he executed his duties.
Customer service within the NCRS saw improvements, with reported average wait times for contacting a NCRS representative dropping tremulously from an hour in 2017 to mere five to seven minutes now. This enhancement came through implementing features like call back assist, a chat option, and a streamlining of self-service via phone. "The credit for this great performance lies with the leaders of the divisions including Tom Causey in Retirement and Christopher Morris and Jeff Smith, the co-CIOs of our Investment Management Division, and their oversight of one of the most seasoned teams in the nation," Folwell claimed on the NCTreasurer's Office.
