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.