Bill Lets State Treasurer Change Pension Fund Investments
Posted September 18, 2001 6:29 a.m. EDT
RALEIGH — The Senate approved legislation Tuesday that would allow the state treasurer to invest more state employee pension money in stocks and up to five percent in venture capital and hedge funds.
The legislation also would require more reporting to lawmakers on the performance of the state's pension funds, which have a market value of about $55 billion.
Senator David Hoyle of Gaston County says he hoped the reporting requirements would also be more extensive and understandable than in the past. He says the bill does not put retirement funds at risk.
The treasurer now can invest as much as 50 percent of the book value of the state's pension portfolio, or about 56 percent of its market value, in stocks.
The legislation would allow the percentage invested in stocks to increase to 65 percent.