North Carolina Supplemental Retirement Plans receives Leadership Award

RALEIGH — State Treasurer Dale Folwell, the Supplemental Retirement Board of Trustees and its staff were recently given a Leadership Award by the National Association of Government Defined Contribution Administrators (NAGDCA).

“I want to thank the board, staff and our partners who are committed to working with a participant-first mentality in making sure we not only have the best resources and lowest-cost options available, but that our members are confident in taking the right actions to prepare for a better future in retirement,” Folwell said in a press release. “This award is a welcome recognition of those efforts.”

NAGDCA’s annual Leadership Awards recognize “the brightest ideas and most innovative solutions from across the public-sector defined contribution industry.”

The Leadership Award was bestowed on the board during National Retirement Security Month for their National Retirement Security Month Campaign called myNCRetirement Journey.

Through the myNCRetirement Journey campaign when compared with other months in the year, there was a 95% increase in event attendance for October 2022. There was also a 71% increase in social media and digital engagement and a 194% increase in visits to the enrollment webpage, per Folwell’s office.

“We can and should do more,” Folwell said. “This year, we asked the Legislature to consider a $25 monthly match for all state employees and teachers to promote retirement readiness. It only takes a small incentive to start the ball rolling. This match could help close the 50% gap between state employees’ and local employees’ participation rates. Let’s help state employees and teachers become a leader in their future retirement.”

In the past, the state’s plans have received 15 Leadership Awards since 2011 for Plan Design and Administration, Technology and Interactive Media, Participant Education and Effective Communication, Excellence in 403(b) Plans, and National Save for Retirement Week/Month as well as a special recognition for the design and implementation of a Public Employees Online Survey.

Per Folwell’s release, the state’s Supplemental Retirement Plans, which include 401(k) and 457 Plans, are “among the largest and lowest-cost public plans in the country.” The plans are offered to over 1,100 public employers in North Carolina.

North Carolina’s pension plan is also one of the largest in the country with assets of over $115 billion as of Aug. 4.