The joint Boards of the North Carolina Retirement Systems direct the Commission to recommend the retirement benefits that should be provided to future hires of state and local government in North Carolina. The Commission’s recommendation should:
- Provide adequate retirement income at a reasonable retirement age after a reasonable period of employment
- Provide a proper system for managing risk, including eliminating risk through pooling wherever possible
- Encourage employee behavior that best meets the workforce needs of the state and local governments
- Give control over retirement planning decisions to those best able to make those decisions
- Fund benefits in a sound manner through an appropriate mix of employee and employer contributions
- Comply with applicable laws, keep administration costs low, and be easy for stakeholders to understand
- Determine whether or not it is possible and appropriate to extend this benefit design to any of the existing employees.