Enhancements to Pension Planning Tool Cuts Fees for Public Workers

(Raleigh, N.C.) – State Treasurer Dale R. Folwell, CPA announced today that fees have been reduced by up to 30 percent for the GoalMaker tool that helps members of the North Carolina defined contribution plan prepare for retirement. GoalMaker allows employees who contribute to supplemental retirement plans to choose investments that best fit their retirement needs. The tool is available to members of the NC 401(k), NC 457 and NC 403(b) supplemental retirement plans

“North Carolina's supplemental retirement plans are among the largest and lowest-cost public plans in the country. By taking advantage of our largeness we can offer customized investment options at very competitive prices," said Treasurer Folwell. “Enrolling in our supplemental plans helps our public servants meet their financial goals in retirement."

In addition to reducing fees for most members, new enhancements to GoalMaker provide investment options for members after they retire and for early-career employees. Nearly 200,000 North Carolina pension plan members have $5.2 billion in assets invested through GoalMaker.

“I applaud the efforts of my team for their hard work and continued dedication to the public employees who educate our children, build our roads, and police our streets," Treasurer Folwell added. “The enhancements to our supplemental retirement plans show our commitment to building value, reducing costs and lowering complexity for members."

The supplemental retirement plans are administered by the N.C. Department of State Treasurer and offered by more than 1,000 public employers, including state agencies, local governments, school districts and community colleges.

Visit NCTreasurer.com to view the “Changes Coming to the NC Total Retirement Plans" video for more information.

Background: The state pension plan, known as the North Carolina Retirement Systems, provides retirement benefits and savings for more than 900,000 members, including teachers, firefighters, police officers, state and local government employees and other public workers. For more information, visit www.nctreasurer.com.