RALEIGH — The Senate approved legislation Tuesday that wouldallow the state treasurer to invest more state employee pensionmoney in stocks and up to five percent in venture capital and hedgefunds.
The legislation also would require more reporting to lawmakerson the performance of the state's pension funds, which have amarket value of about $55 billion.
Senator David Hoyle of Gaston County says he hoped the reportingrequirements would also be more extensive and understandable thanin the past. He says the bill does not put retirement funds atrisk.
The treasurer now can invest as much as 50 percent of the bookvalue of the state's pension portfolio, or about 56 percent of itsmarket value, in stocks.
The legislation would allow the percentage invested in stocks toincrease to 65 percent.
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