Pension Plans and Personal Pursuits: NC Treasurer Discusses Investment Strategies and Employee Wellness Initiatives

Wealth and Health: NC Treasurer Talks New Pension Strategy, Weight Loss Drug Coverage, and More

North Carolina State Treasurer Dale Folwell outlined a new pension strategy for the state's retirement system, as well as other initiatives aimed at improving the health and well-being of state employees, during a press conference Thursday.

Folwell announced that the state's pension system, which is currently underfunded by approximately $25 billion, will be restructured to prioritize a more conservative investment strategy. The new approach will focus on generating a stable return, rather than trying to maximize returns, in order to ensure the long-term sustainability of the system.

The treasurer also discussed his office's efforts to improve the health and well-being of state employees. One initiative is the expansion of coverage for weight loss drugs, such as Saxenda, which is designed to help employees manage their weight and reduce the risk of chronic diseases like diabetes and heart disease.

Folwell noted that the state's employee health insurance plan, the State Health Plan, has seen a significant increase in claims related to weight-related health issues, and that the new coverage is intended to help employees get the treatment they need to manage their weight and improve their overall health.

The treasurer also highlighted the success of the state's wellness program, which has seen a significant reduction in claims related to chronic diseases like heart disease and diabetes. Folwell credited the program's success to the engagement of state employees, who have been motivated to make healthy lifestyle changes in order to reduce their insurance premiums.

In addition to the pension and health initiatives, Folwell discussed his office's efforts to improve the financial literacy of state employees. The treasurer announced the launch of a new financial education program, which will provide employees with access to financial planning resources and education.

Overall, Folwell's press conference highlighted the state treasurer's commitment to improving the financial security and health of state employees, and his efforts to ensure the long-term sustainability of the state's pension system.