State supplemental retirement board approves $3.1 million budget, investment change
RALEIGH, N.C. — The board overseeing North Carolina’s supplemental retirement plans approved a $3.1 million budget Thursday and agreed to remove an investment option that had low use among participants.
The North Carolina Supplemental Retirement Plans Board of Trustees approved its fiscal year 2026-27 budget during a quarterly meeting, according to the N.C. Department of State Treasurer.
The department said most of the $3.1 million spending plan is tied to staff salaries and legal, audit, investment consulting and other administrative expenses associated with managing the state’s 401(k) and NC 457 plans. Those plans have combined assets of about $20 billion in market value and 326,488 total participants.
The board also approved a recommendation from Callan, an institutional investment consulting firm, to remove the N.C. Inflation Sensitive Fund from the plans’ investment menu. According to the Treasurer’s office, Callan told trustees the supplemental retirement plans continue to have a “sound investment menu that has served participants well.”
The Treasurer’s office said the fund included U.S. government bonds and real estate investment but had very low use among plan participants.
The NC 401(k) and NC 457 plans are available exclusively to public servants in North Carolina. They are administered by the Department of State Treasurer and the Supplemental Retirement Plans Board.
The plans are offered by more than 1,100 public employers, including state agencies, local governments, school districts and community colleges. More than 550 of those employers offer a contribution to the plans to support retirement readiness, according to the Treasurer’s office.
The board’s action affects a large pool of public employees and local government workers who use the supplemental plans in addition to other retirement benefits. While the budget action is administrative, the size of the plans and the number of participants make investment menu changes relevant to public-sector workers across the state.
The board also received other investment performance and administrative reports from vendors during the meeting.
Editor’s note: This article was drafted with the assistance of artificial intelligence and was reviewed and fact-checked by a member of the NC Political News editorial team before publication.
