State Codes and Statutes

Statutes > North-carolina > Chapter_147 > GS_147-69_7

§ 147‑69.7.  Dischargeof duties to Retirement Systems.

(a)        The Treasurer shalldischarge his or her duties with respect to the Teachers' and State Employees'Retirement System, the Consolidated Judicial Retirement System, the Firemen'sand Rescue Squad Workers' Pension Fund, the Local Governmental Employees'Retirement System, the Legislative Retirement System, and the North CarolinaNational Guard Pension Fund (hereinafter referred to collectively as theRetirement Systems) as follows:

(1)        Solely in the interestof the participants and beneficiaries.

(2)        For the exclusivepurpose of providing benefits to participants and beneficiaries and payingreasonable expenses of administering the Retirement Systems.

(3)        With the care,skill, and caution under the circumstances then prevailing which a prudentperson acting in a like capacity and familiar with those matters would use inthe conduct of an activity of like character and purpose.

(4)        Impartially, takinginto account any differing interests of participants and beneficiaries.

(5)        Incurring only coststhat are appropriate and reasonable.

(6)        In accordance with agood‑faith interpretation of the law governing the Retirement Systems.

(b)        In investing andmanaging assets of the Retirement Systems pursuant to subsection (a) of thissection, the Treasurer:

(1)        Shall consider thefollowing circumstances:

a.         General economicconditions.

b.         The possible effectof inflation or deflation.

c.         The role that eachinvestment or course of action plays within the overall portfolio of theRetirement Systems.

d.         The expected totalreturn from income and the appreciation of capital.

e.         Needs for liquidity,regularity of income, and preservation or appreciation of capital.

f.          The adequacy offunding for the Retirement Systems based on reasonable actuarial factors.

(2)        Shall diversify theinvestments of the Retirement Systems unless the Treasurer reasonablydetermines that, because of special circumstances, it is clearly prudent not todo so.

(3)        Shall make areasonable effort to verify facts relevant to the investment and management ofassets of the Retirement Systems.

(4)        May invest in anykind of property or type of investment consistent with the provisions ofArticle 6 of Chapter 146 of the General Statutes.

(5)        May consider benefitscreated by an investment in addition to investment return only if the Treasurerdetermines that the investment providing these collateral benefits would beprudent even without collateral benefits.

(c)        Compliance by theTreasurer with this section must be determined in light of the facts andcircumstances existing at the time of the Treasurer's decision or action andnot by hindsight.

(d)        The Treasurer'sinvestment and management decisions must be evaluated not in isolation but inthe context of the portfolio of the Retirement Systems as a whole and as partof an overall investment strategy having risk and return objectives reasonablysuited to the Retirement Systems.  (2009‑283, s. 3.)

State Codes and Statutes

Statutes > North-carolina > Chapter_147 > GS_147-69_7

§ 147‑69.7.  Dischargeof duties to Retirement Systems.

(a)        The Treasurer shalldischarge his or her duties with respect to the Teachers' and State Employees'Retirement System, the Consolidated Judicial Retirement System, the Firemen'sand Rescue Squad Workers' Pension Fund, the Local Governmental Employees'Retirement System, the Legislative Retirement System, and the North CarolinaNational Guard Pension Fund (hereinafter referred to collectively as theRetirement Systems) as follows:

(1)        Solely in the interestof the participants and beneficiaries.

(2)        For the exclusivepurpose of providing benefits to participants and beneficiaries and payingreasonable expenses of administering the Retirement Systems.

(3)        With the care,skill, and caution under the circumstances then prevailing which a prudentperson acting in a like capacity and familiar with those matters would use inthe conduct of an activity of like character and purpose.

(4)        Impartially, takinginto account any differing interests of participants and beneficiaries.

(5)        Incurring only coststhat are appropriate and reasonable.

(6)        In accordance with agood‑faith interpretation of the law governing the Retirement Systems.

(b)        In investing andmanaging assets of the Retirement Systems pursuant to subsection (a) of thissection, the Treasurer:

(1)        Shall consider thefollowing circumstances:

a.         General economicconditions.

b.         The possible effectof inflation or deflation.

c.         The role that eachinvestment or course of action plays within the overall portfolio of theRetirement Systems.

d.         The expected totalreturn from income and the appreciation of capital.

e.         Needs for liquidity,regularity of income, and preservation or appreciation of capital.

f.          The adequacy offunding for the Retirement Systems based on reasonable actuarial factors.

(2)        Shall diversify theinvestments of the Retirement Systems unless the Treasurer reasonablydetermines that, because of special circumstances, it is clearly prudent not todo so.

(3)        Shall make areasonable effort to verify facts relevant to the investment and management ofassets of the Retirement Systems.

(4)        May invest in anykind of property or type of investment consistent with the provisions ofArticle 6 of Chapter 146 of the General Statutes.

(5)        May consider benefitscreated by an investment in addition to investment return only if the Treasurerdetermines that the investment providing these collateral benefits would beprudent even without collateral benefits.

(c)        Compliance by theTreasurer with this section must be determined in light of the facts andcircumstances existing at the time of the Treasurer's decision or action andnot by hindsight.

(d)        The Treasurer'sinvestment and management decisions must be evaluated not in isolation but inthe context of the portfolio of the Retirement Systems as a whole and as partof an overall investment strategy having risk and return objectives reasonablysuited to the Retirement Systems.  (2009‑283, s. 3.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_147 > GS_147-69_7

§ 147‑69.7.  Dischargeof duties to Retirement Systems.

(a)        The Treasurer shalldischarge his or her duties with respect to the Teachers' and State Employees'Retirement System, the Consolidated Judicial Retirement System, the Firemen'sand Rescue Squad Workers' Pension Fund, the Local Governmental Employees'Retirement System, the Legislative Retirement System, and the North CarolinaNational Guard Pension Fund (hereinafter referred to collectively as theRetirement Systems) as follows:

(1)        Solely in the interestof the participants and beneficiaries.

(2)        For the exclusivepurpose of providing benefits to participants and beneficiaries and payingreasonable expenses of administering the Retirement Systems.

(3)        With the care,skill, and caution under the circumstances then prevailing which a prudentperson acting in a like capacity and familiar with those matters would use inthe conduct of an activity of like character and purpose.

(4)        Impartially, takinginto account any differing interests of participants and beneficiaries.

(5)        Incurring only coststhat are appropriate and reasonable.

(6)        In accordance with agood‑faith interpretation of the law governing the Retirement Systems.

(b)        In investing andmanaging assets of the Retirement Systems pursuant to subsection (a) of thissection, the Treasurer:

(1)        Shall consider thefollowing circumstances:

a.         General economicconditions.

b.         The possible effectof inflation or deflation.

c.         The role that eachinvestment or course of action plays within the overall portfolio of theRetirement Systems.

d.         The expected totalreturn from income and the appreciation of capital.

e.         Needs for liquidity,regularity of income, and preservation or appreciation of capital.

f.          The adequacy offunding for the Retirement Systems based on reasonable actuarial factors.

(2)        Shall diversify theinvestments of the Retirement Systems unless the Treasurer reasonablydetermines that, because of special circumstances, it is clearly prudent not todo so.

(3)        Shall make areasonable effort to verify facts relevant to the investment and management ofassets of the Retirement Systems.

(4)        May invest in anykind of property or type of investment consistent with the provisions ofArticle 6 of Chapter 146 of the General Statutes.

(5)        May consider benefitscreated by an investment in addition to investment return only if the Treasurerdetermines that the investment providing these collateral benefits would beprudent even without collateral benefits.

(c)        Compliance by theTreasurer with this section must be determined in light of the facts andcircumstances existing at the time of the Treasurer's decision or action andnot by hindsight.

(d)        The Treasurer'sinvestment and management decisions must be evaluated not in isolation but inthe context of the portfolio of the Retirement Systems as a whole and as partof an overall investment strategy having risk and return objectives reasonablysuited to the Retirement Systems.  (2009‑283, s. 3.)

Categories