By HAZEL BRADFORD
The number of public pension systems with a sole trustee might shrink to two from three, as North Carolina Treasurer Janet Cowell launches a wholesale review of the pros and cons of the approach.
On Jan. 16, Ms. Cowell named an independent group of 11 pension system representatives, legislators and industry experts to develop recommendations for the General Assembly to act on this spring. The new Investment Fiduciary Governance Commission’s assignment is a broad mandate to assess North Carolina’s current governance structure for all of the pension funds that make up the $83.1 billion North Carolina Retirement Systems, Raleigh. Commission members will evaluate best practices in public, private and non-profit investment sectors before advising Ms. Cowell on possible changes to suggest to the General Assembly.
If North Carolina moves away from a sole trustee arrangement, it would leave New York and Connecticut operating that way, rather than through boards of trustees. (In Michigan, the treasurer is the sole fiduciary.)…
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