Updated with clarification
Trustees at two North Carolina public pension plans unanimously deferred a proposal to give current and future employees a choice between enrolling in a defined benefit or a defined contribution plan, according to Heather Strickland, deputy director of communications for State Treasurer Janet Cowell.
The votes by the boards of the North Carolina Teachers' and State Employees' Retirement System and the North Carolina Local Governmental Employees' Retirement System “are simply recommendations,” according to a news release on Ms. Cowell's website. “The decision to make any changes to the pension system ultimately lies with the General Assembly.”
The boards also rejected recommending a minimum unreduced retirement age of 55 for state and local employees and teachers.
“Currently, members can receive an unreduced retirement at any age with 30 years of service,” Ms. Strickland wrote in an e-mailed response to questions.
The votes were a response to recommendations issued in December by the Future of Retirement Study Commission. This commission “was initiated by the boards of trustees (of the two pension plans) to examine the design of the … retirement systems and make recommendations for changes,” the news release said.
Ms. Strickland wrote that no legislation is before the General Assembly relating to the study commission's recommendations.
The two plans are among six under the $72.4 billion North Carolina Retirement Systems, Raleigh. Ms. Cowell is sole fiduciary of the plans, and the state Department of Treasury's investment management division manages assets for all six plans.