President Donald Trump promised people that they would start seeing the benefit of last year's tax-reform effort in their checks by February. But officials at the $93.9 billion North Carolina Retirement Systems, Raleigh, didn't want participants to have to wait.
Employers and pension funds have until Feb. 15 to update the withholding tables that are used to calculate payments. With North Carolina getting a jump on those updates, "our members will see larger January benefit payments" that add up to an extra $5.7 million, said Steve Toole, executive director of the state's retirement system division.
"I'm very proud of our team for taking the initiative so quickly after the new tax law was passed by Congress and signed by President Trump. While we are in the check delivery business, it involves more than just buying ink and stamps," said state Treasurer Dale Folwell, the pension fund's sole trustee, in a statement.
The division also reached a record $500 million in monthly payments to more than 312,000 retirees and benefit recipients in January.