State Employees Association of North Carolina

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SEANC to Cowell: Pull out of hedge funds to avoid run

The State Employees Association of North Carolina is calling on state Treasurer Janet Cowell to withdraw all investments in hedge funds immediately in light of the same move by the California Public Employees Retirement System (CalPERS), the nation’s largest pension fund, Monday.

CalPERS plans to eliminate all $4 billion of its hedge fund investments over the next year.  The impact of this action could potentially lead to a “run on the bank,” with other pension funds and investors pulling out of the now $2.8 trillion hedge fund industry.

If North Carolina waits until other investors have taken their money and assets are devalued, state employees and retirees could lose even more than they already have by being in these risky investments.

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SEANC to Cowell: Pull out of hedge funds to avoid run

9.18.2014

The State Employees Association of North Carolina is calling on state Treasurer Janet Cowell to withdraw all investments in hedge funds immediately in light of the same move by the California Public Employees Retirement System (CalPERS), the nation’s largest pension fund, Monday.

CalPERS plans to eliminate all $4 billion of its hedge fund investments over the next year.  The impact of this action could potentially lead to a “run on the bank,” with other pension funds and investors pulling out of the now $2.8 trillion hedge fund industry.

If North Carolina waits until other investors have taken their money and assets are devalued, state employees and retirees could lose even more than they already have by being in these risky investments.

Sen. Shirley Randleman Named EMPAC’s Legislator of the Year

9.12.2014

The Employees Political Action Committee (EMPAC), a member-led subsidiary of the State Employees Association of North Carolina, presented its Lisa B. Mitchell Legislator of the Year award to Sen. Shirley Randleman (R-Wilkes) for her role in advocating for transparency in the $90 billion state retirement system during the 2014 General Assembly session.

State Employees Elect New Slate of Officers for 2014-2015

9.12.2014

The State Employees Association of North Carolina elected a new slate of officers to lead the association in the upcoming year Friday at SEANC’s annual convention at the Joseph S. Koury Convention Center in Greensboro. They begin their one-year term on Oct. 1, 2014.

The newly elected officers ran on a platform calling for increased state employee and retiree compensation, increased transparency in the $90 billion state retirement system and a continuation of SEANC’s fight to reduce excessive Wall Street money managers fees from the system.

They are President Wayne Fish (D-2), First Vice President Ross Hailey (D-58), Second Vice President Stanley Drewery (D-67) and General Treasurer Gloria Evans (D-65). Tony Smith (D-5) also was elected Statewide EMPAC Chairman, and Sidney M. Sandy (D-11) will serve as Past President.

SEANC Files SEC Whistleblower Complaint Over Potential Pay to Play By Treasurer Janet Cowell & Erskine Bowles

9.2.2014

The State Employees Association of North Carolina today announced the filing of a complaint with the Securities and Exchange Commission’s Office of the Whistleblower for possible breaches of the SEC’s “pay-to-play” rule involving State Treasurer Janet Cowell, former White House Chief of Staff Erskine Bowles and his wife, JP Morgan Board of Directors member Crandall Bowles.

“This is the type of abuse we were afraid we would find when we investigated the fees associated with our retirement system,” said SEANC Executive Director Dana Cope. “We won’t stand for our members’ retirement security and hard-earned money being used as a bargaining chip in a political game.”

State Employee PAC Endorses Bipartisan Slate of Candidates

8.29.2014

The State Employees Association of North Carolina (SEANC) announced on Aug. 29, bipartisan endorsements for the general election in November. The endorsements are made through SEANC’s Employees Political Action Committee (EMPAC), which is a member-led subsidiary.

The 74 bipartisan endorsements in races for the General Assembly are a result of recommendations from SEANC members at the district level. They include 51 House race endorsements and 23 in the Senate.

After a long “short” session, General Assembly adjourns

8.22.2014

After two weeks of skeleton meetings and unsuccessful attempts to wrap up, legislative leaders in the House and Senate finally agreed to an adjournment resolution Wednesday that ends the 2014 legislative session.

For state employees, the highlight of the session was the largest overall compensation increase since 2007-2008. Lawmakers approved a $1,000 raise for most state employees and five bonus days of vacation that they will be able to carry over from year to year. For retirees, the highlight was a 1 percent cost-of-living adjustment.

Successful membership recruitment key to SEANC

8.15.2014

Membership is SEANC’s lifeblood, and over the last two weeks, SEANC has seen an upswing in successful recruitment efforts.

Since the end of July, SEANC has welcomed more than 170 new members into its fold – members who realize the importance of effectively advocating for themselves and the vital public services they provide.

Pension underperforms its peers by $1 billion

8.15.2014

North Carolina’s pension system continues to underperform when compared to its national peers.

This week, state Treasurer Janet Cowell released the results of the state pension fund performance for fiscal year 2013-14. The numbers showed, despite her attempts at a positive spin, that her investment efforts continue to come in below the national median and that North Carolina’s returns were more than $1 billion behind its peers.

Five of Top 10 Policy Platform Objectives achieved so far

8.8.2014

Gov. Pat McCrory signed the budget adjustment bill passed by the General Assembly on Thursday, giving official approval to pay raises and vacation days for state employees and a cost-of-living adjustment for retirees.

But gaining the COLA for retirees and the largest overall compensation increase for most state employees since 2007-2008 weren’t the only priorities that SEANC and its members had during this session.

As of Aug. 6, SEANC had achieved five of the Top 10 Policy Platform Objectives and numerous other items important to public services and the people who provide them. 

Finally! Budget agreement includes raises, vacation days & COLA

8.1.2014

State budget writers announced early this week they finally reached an agreement on a new budget for 2014-15 – nearly a month into the new fiscal year – they are confident the governor will sign.

Under the proposed plan, which has passed the Senate, state employees would see a $1,000 base salary increase and five bankable bonus days of leave. State retirees would see a 1-percent cost-of-living increase. The pay raise will be retroactive to June 30 and the vacation days will go into effect Sept. 1.

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