State News

N.C. Pension Fund Ranks 2nd in Nation

Posted February 21, 2008 12:53 p.m. EST
Updated February 21, 2008 2:55 p.m. EST

— State Treasurer Richard Moore cited a new report that ranks North Carolina's pension fund second nationally among state retirement funds.

Standard & Poor's, the national credit-rating agency, also ranked North Carolina No. 2 in the previous two years.

The report found North Carolina to be one of only five states with enough money on hand to meet its pension obligations, Moore said. The fund had a 8.33 percent return last year, compared with the 5.49 percent return for the S&P 500 index.

“S&P has demonstrated yet again that our pension fund is among the very best in the country,” Moore said in a statement. “North Carolina’s teachers, state employees and other public workers can rest assured that their pensions are safe and protected – even in the current market uncertainty.”

The State Employees Association of North Carolina requested in November that Moore make public records about the fund's management. They followed up that request with a civil suit.

SEANC said Thursday it has received an additional 1,140 pages from state attorneys representing Moore and his office.

Moore confirmed the release of the additional documents during a news conference.

Moore said his office has already complied with the association's original request filed last March and provided 900 pages. He said the latest batch of papers was related to more specific requests the association made to state attorneys last week.

SEANC Executive Director Dana Cope said in an e-mail the group was reviewing the new documents.