The Republican candidate for N.C. Treasurer was in the Twin Counties recently to attend a private fundraiser and talk shop.
“The issues we face are not about east or west, black or white, Republican or Democrat — they are about mathematics,” said Dale Folwell, a certified public accountant, four-term member of the N.C. House and former assistant secretary of commerce.
Dale Folwell, a Republican candidate for state treasurer and a certified public accountant, says the "experiment" of private management "has not worked."
"We're paying more fees for less performance. At the end of the day, my job as the keeper of the public purse is to preserve and strengthen these pension plans," Folwell said.
Pension investment managers have unrealistic expectations for high returns, critics say
North Carolina’s public employees retirement system is underfunded, bled more than $2 billion in red ink in the most recent 12-month period reported, and is outperformed by most other states, data show.
Republican state treasurer candidate Dale Folwell, a certified public accountant, said that if he is elected in November’s general election, he immediately would conduct a comprehensive assessment of asset allocations, and the fees paid to investment managers.
“As a CPA, we tend to look at not what’s required to be reported, but we’re trying to look at cash flow. And the cash flow of the state pension plan was a negative $2 billion in the last 12 months,” Folwell said.
The N.C. Police Benevolent Association endorsed Republican Dale Folwell in the race for state Treasurer.
“Dale has a proven track record of tackling tough problems and working to find common sense solutions to make government more cost effective and efficient,” state division President Randy Byrd said in a statement. “His depth of experience will be a tremendous asset to the citizens of North Carolina and the members of the retirement system.”
Dale Folwell is a Certified Public Accountant. My research shows he has a long-standing reputation for attacking and solving problems. What he shared on the state retiree funding was just one of the subjects he covered. I will be writing more on the office and function of the North Carolina State Treasurer.
It won’t get any publicity given the Trump vs. Clinton and McCrory vs. Cooper matchups, but one of the more important elections in North Carolina is the contest to replace Janet Cowell as state treasurer.
The winner will become manager of the state’s $90 billion pension plan and a state health plan that spends $3 billion annually on more than 700,000 teachers, state employees and retirees and their dependents. “The responsibilities of the state treasurer are about five times greater than the annual state budget,” says Dale Folwell, a former state representative who is the Republican nominee in the November race.
Years of risky investments by North Carolina Treasurer Janet Cowell could put the future of the state’s pension fund at risk, an On Your Side investigation has found.
The North Carolina Retirement System invests its $86 billion pension fund as a way to generate enough revenue to cover its obligations to retired state employees. In addition to investment income, the NCRS is funded by contributions from state employees and money allocated in the state budget from the legislature.
MONROE, NC (WBTV) -
Taxpayers in Union County will have to write a check for $512,867.01 to the state retirement system to help pay the retirement benefits of outgoing superintendent Dr. Mary Ellis.
Ellis is slated to retire on June 1, 2016.
Union County Public Schools received a letter from the Department of the State Treasurer, who administers the state retirement fund, seeking payment for the unexpectedly high costs of Ellis’ estimated state pension caused by a jump in her salary late in her career.
Dan Blue III must have gotten the message from the response to State Treasurer Janet Cowell’s decision to accept two lucrative corporate board positions prior to leaving office. Blue initially said he’d view board offers on a case-by-case basis, but now the Democrat seeking to succeed Cowell says he won’t take the posts. His Republican opponent, Dale Folwell, said from the beginning of the race that he wouldn’t sit on boards of directors.
Janet Cowell has had a long, successful and pretty smooth run in public service, starting with a seat on the Raleigh City Council, moving to the legislature and then to the office of state treasurer. But she risks, after two terms (she’s leaving), staining her record with a bad decision to join the boards of two publicly traded corporations before her term is up.