Policy Priority of Treasurer Brad Briner Signed into Law

State Treasurer Brad Briner’s effort to modernize and improve North Carolina’s investment strategy became law today. In a ceremony this morning at the executive mansion, the 2025 Investment Modernization Act was signed by Gov. Josh Stein. The landmark reforms in the legislation, House Bill 506, will shift sole responsibility of the investment decisions of the state pension plan from the treasurer to a newly created, multi-member Investment Authority tasked with increasing investment returns. 

“North Carolinians deserve to know that their pension fund is working as hard for them as they worked for their state,” said Treasurer Briner. “The reforms signed into law today will put us on a path to maximizing returns and I am honored this was not only a top priority of mine – but that leaders on both sides of the aisle share our vision of strengthening the pension fund.” 

He thanked Sens. Ralph Hise, David Craven and Michael Lee, and Reps. Brenden Jones, Kyle Hall, Stephen Ross and Steve Tyson, primary sponsors of the act, for helping to guide the bill to passage in their respective chambers. The lawmakers were invited to the bill signing at the executive mansion along with members of the Department of State Treasurer’s Investment Advisory Committee and internal staff who worked on the bill.
  
North Carolina was one of only three states with a sole fiduciary governance model, conferring decision-making authority onto the treasurer. Treasurer Briner made restructuring of the portfolio’s management a key priority for his administration, even though it scales back his power.  

Gov. Josh Stein said he is confident Treasurer Briner is steering state investments in the right direction as sole fiduciary but applauds the Treasurer’s vision to restructure the process. He said, “This process will be stronger when more voices are involved.” 

The five-member Investment Authority Board of Directors, chaired by Treasurer Briner, will be comprised of financial professionals appointed by the treasurer, legislative leaders and the governor. The board will rebalance asset allocation and identify strategies to improve the performance and returns of the $127 billion pension plan, which has underperformed for years.   

The North Carolina Retirement Systems administers benefits for eight separate systems and funds representing over 1 million members. NCRS distributes about $640 million in monthly benefit checks.