North Carolina reports 1.5% loss for retirement systems in 2018

North Carolina State Treasurer Dale Folwell has announced the North Carolina Retirement Systems reported losses of 1.47 percent for calendar year 2018, underperforming its actuarial assumed rate of return of 7 percent.

The pension fund’s assets were valued at $94.2 billion, down from $98.3 billion at the end of 2017. At the same time, the pension plan paid out more than $6 billion in benefits — an amount that exceeds the state’s debt.

The North Carolina Retirement Systems is managed by the N.C. Department of State Treasurer. Results were reported during the February investment advisory committee meeting.

“The data we have available shows that for the past 21 years shows that we have not hit, on average, our assumed rate of return,” said Folwell. “We’ve now added $2 billion to the pension plan’s unfunded liability.”

The following 2018 performance figures are reported net of all fees and expenses: