State Employees Association of North Carolina

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Pension underperforms its peers by $1 billion

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.

Latest Events

23rd

State EMPAC Committee Meeting

State EMPAC Committee Meeting

August 23, 2014

10:00 a.m.

SEANC Central Office

1621 Midtown Place

Raleigh, NC 27609

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Raises, COLA official as GA Overrides Veto

7.3.2012

The General Assembly succeeded in overriding Gov. Beverly Perdue's veto of the budget today, clearing the way for the first pay raise for state employees and retirees since 2008.

Below is SEANC Executive Director Dana Cope's letter to members on the budget:

Dear SEANC members,

Late last night, the N.C. General Assembly was successful in overriding Gov. Beverly Perdue’s veto of the state budget. This means that active state employees and retirees will receive a pay raise for the first time since 2008.
 
As you know, SEANC never gives up. We used the override as an opportunity to get an even better deal for employees. So at 3 a.m. today, we gained an additional five days of annual leave for state employees as part of a last-minute budget corrections bill.
 
The final benefits of the budget for state employees and retirees are as follows:

  • 1.2% pay raise for active state employees
  • 1% cost-of-living adjustment for state retirees
  • 5 additional days of paid leave for active state employees

Even though the governor’s veto put state employees’ pay and public services at risk, SEANC saw an opportunity to continue nonpartisan efforts to encourage legislators to do the right thing.
 
The veto override wouldn’t have been possible without the heroism of House Reps. Darren Jackson, Marcus Brandon and Marian McLawhorn. These legislators sided with public workers and voted in favor of overriding Gov. Perdue’s veto, even after facing criticism from their own political party. SEANC also thanks House and Senate leadership for working together on passing this budget.
 
Rep. Darren Jackson spoke in favor of state workers in his remarks to the House floor, saying, “I don’t represent the Democratic Party; I don’t represent the Republican Party. What I represent are my constituents. And being that I live in Wake County, I represent the largest number of state employees and teachers by percentage in the state. [A raise of] 1.2% is a lot to my constituents. I am not willing to leave it (the pay raise) here tonight, and that’s why I am going to vote to override.”
 
Although this raise is not as much as state employees need, SEANC remains hopeful that this is a starting point for further improvements next year and beyond. We thank you for your momentum in calling and emailing your legislators about this important issue.
 

Sincerely, 

  

Dana Cope
SEANC Executive Director