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North Carolina Lowers Assumed Rate of Return for State Pensions to 6.5%

Investment rate cut is the third made by the state in the past four years.
The $116 billion North Carolina Retirement Systems has lowered its assumed rate of investment return for the third time in four years, cutting it by 50 basis points (bps) to 6.5% from 7% annually.
The target return had already been reduced to 7.2% from 7.25% in 2017 and again in 2018 to 7%. Prior to then, the rates had been left unchanged for nearly six decades even though the two main state pension funds the Teachers’ and State Employees’ Retirement System and the Local Government Employees’ Retirement System have, on average, underperformed their assumed rates of return over the past 20 years. In fact, the new target rate of 6.5% is still higher than the fund’s estimated 20-year return of 6.28%. ....

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State Pension Plan Hits Record $114.9 Billion Despite Pandemic's Market Disruption

Despite economic upheaval, massive job losses, business shutdowns and uncertainty in the investment market throughout 2020 due to the COVID-19 pandemic, the state pension plan achieved a record $114.9 billion valuation entering 2021.
Even after paying out more than $6.5 billion in gross benefits, the pension plan showed a $9.3 billion gain over the Dec. 31, 2019, value of $105.6 billion, the State Treasurerâs Office reported Wednesday, though the 2020 figures could change slightly, depending on official results from the monthly auditing process that should be concluded by the end of this month.
More than 304,000 state and local government retirees receive pension benefits through the North Carolina Retirement Systems pension plan. ....

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