RALEIGH, N.C. — On the biggest issue facing the state's $120 billion employee's pension fund, the two candidates for North Carolina treasurer agree: It's underperforming.
According to Republican candidate Brad Briner, the state's retirement plan has averaged a 6.2% annual return.
"What we need to be focused on is making 6.5%. That is the number, the percentage of return that makes the math work for our retirees and our taxpayers," Briner said on WCNC's Flashpoint.
Briner formerly managed the assets for billionaire Michael Bloomberg.
Democrat Wesley Harris, an economist and state legislator, agrees with Briner on the plan's performance.
"There's no reason to have such a conservative approach when the stock market is doing so well. When the economy is growing, you have to take advantage of the good times," Harris said.
The state treasurer is in charge of overseeing the pension plan which provides retirement for 950-thousand people, and the state's health plan which has 750,000 participants.
Apart from the pension's underperformance, the two candidates disagree.
"The big difference is governance structure,' said Harris.
Harris supports the treasurer's current role as the retirement system's sole fiduciary, saying it keeps the position accountable to voters. Briner, however, said he supports moving away from sole fiduciary to a small group, a model used by many other states.
"It's proven to be a better model to deliver performance for our taxpayers and our retirees, which is the goal," Briner said.
Contact Ben Thompson at bthompson@wcnc.com and follow him on Facebook, X and Instagram.
Flashpoint is a weekly in-depth look at politics in Charlotte, North Carolina, South Carolina, and how it impacts everyone with host Ben Thompson. Listen to the podcast weekly.
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