FOR IMMEDIATE RELEASE
North Carolina Supplemental Retirement Plans Receive Leadership Award for Achievement in Plan Design & Administration
(Raleigh, N.C.) – Treasurer Dale R. Folwell, CPA, the Supplemental Retirement Board of Trustees and staff have been recognized by the National Association of Government Defined Contribution Administrators (NAGDCA) as a Leadership Award recipient for outstanding achievement in Plan Design and Administration.
NAGDCA's annual Leadership Awards recognize the brightest ideas and most innovative solutions from across the public sector defined contribution industry. "We have a decisive mission in managing plans to the benefit of our members. Our Board is dedicated to this mission and we thank them for their support of this project. This Award amplifies the positive coordination in our strategies and working relationships," said Thomas G. Causey, Interim Executive Director, Retirement Systems Division (RSD).
In 2018, the Board of Trustees and the Department of State Treasurer took on a substantial enhancement of the Supplemental Retirement Plans' investment lineup and asset allocation tool (GoalMaker®), impacting 260K participant accounts, optimizing the investment lineup and saving NC 401(k) and NC 457 Plan participants over $4M in investment management fees. The implementation of GoalMaker® 2.0 increased the number of asset allocation portfolios, taking participants not just to their first day of retirement, but all the way through their retirement years.
“I'm proud of the work our team is doing and being recognized for these efforts supports an important part of our mission in providing outstanding customer service and investment options while still cutting fees," said Treasurer Folwell.
The vision was simple: optimize the investment lineup, reduce investment fees and enhance the custom glidepath. The implementation and unprecedented outcomes required the expertise and steady collaboration of over two dozen individuals, including Steven C. Toole, former Executive Director, Retirement Systems Division.
“This innovative solution and its successful execution serve to highlight North Carolina's Retirement Systems Division as we continue to look to the future," said Treasurer Folwell. The NC Department of Treasurer is also responsible for managing pension and other funds that surpassed $101 billion for the first time in North Carolina history last month.
Current financial reports are always available at https://www.nctreasurer.com/inv/Pages/Annual-Supplemental-Reports.aspx.
Among its many functions, the Department of State Treasurer manages the North Carolina Total Retirement Plans, which provide retirement benefits for more than 900,000 of North Carolina's state and local government, law enforcement, judicial and legislative employees, as well as teachers and fire and rescue workers. Additionally, the department serves as a fiscal advisor for state agencies and local governments and manages the short-term funds for state and local government entities. More information is available at www.nctreasurer.com.