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News Policy Watch Investigates Top Story

PW special report: NC treasurer’s love for cash in the pension fund hobbled returns during the stock market boom  

State Treasurer Dale Folwell refers to himself as the “Keeper of the Public Purse.” And since he was elected to the job that includes managing pension funds for state and local government employees, Folwell has been stuffing that purse with cash.  Under Folwell’s direction, the pension fund holds more of its money in cash than the department’s own guidelines direct and has considerably higher cash holdings than similar public pension funds. North Carolina’s pension fund is among the 10 largest public pensions in the country. None of the other nine hold close to as great a proportion of their assets in cash as North Carolina does, according to their most recent financial reports.  

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