N.C. pension falls on funding health at end of '08
RALEIGH, N.C. (AP) — North Carolina's state employee pension fund has fallen below a key threshold for measuring its financial health for the first time in 11 years.
State Treasurer Janet Cowell said Thursday an actuarial study shows funding for the state employee and teacher pension fell below 100 percent to just over 99 percent at the end of 2008.
That means the retirement system isn't fully funded and wouldn't have all the money needed to pay off all current and future retirees at once.
The Treasurer's Office said the news won't affect current pensioners receiving checks. The pension still ranks among the best funded in the nation.
Cowell said the news should cause lawmakers to consider putting more money in the fund to improve its long-term health.
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