The North Carolina Investment Authority Board of Directors was updated on important policies and guidelines today in its final preparation meeting before assuming fiduciary responsibility of the $139 billion state pension plan effective Jan. 1. Sole fiduciary status has been held by the treasurer, but State Treasurer Brad Briner successfully promoted legislative action to change to a five-member board structure.

The meeting mostly involved informational presentations. In the only action item, board members approved a resolution to provide monitoring, evaluation, reporting and other investment services as a fiduciary to the Supplemental Retirement Plans (SRP). The Department of State Treasurer's Retirement Systems Division, which manages the state pension plan, also has responsibility for SRP, which administers the NC 401(k) and NC 457 Plans.

Board members received a presentation on financial projections for different NCRS strategic asset allocations, which involve long-term targets for different investment classes. The board received an update confirming its view on an appropriate absolute risk operating range to ensure the pension plan investments are able to meet the liabilities of future retiree payments. That was accompanied by a review of updated strategic guidelines and performance benchmarks for the North Carolina Retirement Systems investment program.

About NCIA:
The North Carolina Investment Authority was created by the General Assembly under the 2025 State Investment Modernization Act. It is governed by a Board of Directors and chaired by the elected State Treasurer.

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