North Carolina Taxpayers Could Be Liable For Billions
In a new Forbes column, NIRS Executive Director Dan Doonan writes that the financial stability of the Teachers’ and State Employees’ Retirement System (TSERS) and State Health Plan could take a dramatic turn for the worse if the North Carolina legislature doesn’t quickly take action to remedy a provision in the recently enacted $30 billion state budget.
North Carolina has a long track record for managing one of the best public pension plans in the U.S. Moody’s Investors Services recently reported that North Carolina has one of the top pension plans in the nation when looking at its Adjusted Net Pension Liability. And CEM Benchmarking ranked North Carolina’s pension system as the most efficient in North America.
Pensions Support a Stable, Experienced Public-Sector Workforce
Public pensions help government employers retain experienced career workers, reducing costly turnover and supporting the reliable delivery of essential public services, according to a report, Workforce Turnover and Retention in the Public Sector: Insights from Public Pension Plans. The research finds that while employee departures are concentrated in the first five years of service, retention is strong among workers who remain beyond that point.
80% of Americans Say U.S. Faces Retirement Crisis Amid Affordability Pressures and Debt
National polling research from the National Institute on Retirement Security finds that 80 percent of Americans believe the nation faces a retirement crisis, as rising costs, debt, and other affordability pressures make it harder to save. The survey also finds widespread caution about AI-generated financial advice and cryptocurrency in workplace retirement plans, while 85 percent say Washington should make retirement security a higher national priority.
