Gov. Josh Stein signed a bundle of bills into law Friday, including one that overhauls how the state’s investments are managed.
Under House Bill 506, a five-person board of appointees would oversee North Carolina’s $127 billion pension fund. It is currently the sole responsibility of the treasurer. The new law comes after Brad Briner, the new Republican treasurer, said he wanted to see the fund deliver better returns for state retirees.
“While I trust that Treasurer Briner would do an excellent job if he kept this authority to himself, he and I share a belief that this process will be stronger when more voices are involved,” Stein said Friday at a bill signing ceremony in the governor’s mansion.
Briner’s predecessor, former Republican Treasurer Dale Folwell, was often criticized for keeping an unusually large portion of the state pension funds sitting in cash. Briner pledged to move North Carolina away from that sole-fiduciary governance model.
Briner, who also spoke Friday, said the state had “fallen short on the investment side,” which was “coming at a cost to our retirees.”
“This legislation allows us to face that problem,” he said.
Four of the five members of the new board will be appointees. Two will be appointed by the heads of the House and Senate, both Republicans. Stein and Briner will both appoint one member each, subject to the legislature’s approval. Those members will serve staggered six-year terms; they must have expert knowledge and a decade of relevant experience.
Stein also signed several other bills into law Friday:
House Bill 50, which changes how state law enforcement officers’ separation allowance is paid out. House Bill 231, which makes it easier for social workers to transfer their licenses to North Carolina. House Bill 477, which makes changes to the Death Benefits Plan in state retirement plans. Senate Bill 248, which makes birth certificates for adopted persons similar to those not adopted. Senate Bill 477, which makes changes to the Department of Natural Resources, including about public access to confidential information on rare species and sensitive habitats.Stein has yet to issue a veto, but that could change soon. Several controversial Republican-led bills sit on the Democrat’s desk, including multiple proposals to crack down on immigration enforcement, and a bill allowing permit-less carry of handguns.
The governor has ten days to either sign or veto a bill before it automatically becomes law. If Stein does issue vetoes, the path for a GOP override could be challenging — Republicans are one vote short of a veto-proof majority in the House.
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