3 state treasurers win re-election

While the nation awaits final results in the presidential election, three incumbent state treasurers won re-election Tuesday, with major implications for the retirements of millions of Americans.

Voters in North Carolina, Oregon and Vermont each gave their state treasurers another four-year term.

But in Pennsylvania, which was the fourth state treasurer race Pensions & Investments previewed last month, the race as of 1 p.m. EST was too close to call between incumbent Democrat Joe Torsella and Republican challenger Stacy Garrity; Ms. Garrity was ahead 53% to 44% with roughly 80% of the vote tallied.

On Wednesday afternoon, Ms. Garrity tweeted thanks to her supporters and said: "Right now there are still many outstanding votes to be counted and we are waiting patiently and hoping for the best."

Prior to the election, Ms. Garrity, a retired U.S. Army Reserve colonel, said in a statement that tackling the unfunded liabilities weighing on the $59 billion Pennsylvania Public School Employees' Retirement System, Harrisburg, would be one of her top priorities.

Mr. Torsella, who served as the U.S. representative to the United Nations for budget and management reform from 2011-2014, said if he's re-elected he would like Pennsylvania to create its own state-backed auto IRA program for private-sector workers.

In North Carolina, Republican Dale R. Folwell topped Democrat Ronnie Chatterji, 53% to 47%, according to the state board of elections. Mr. Folwell, who was first elected in 2016, will continue to serve as the sole trustee of the $107.3 billion North Carolina Retirement Systems, Raleigh.

In a statement Wednesday, Mr. Folwell said the results "reflect that voters of all persuasions wanted to keep the best treasurer money can't buy." He added: "We have made and saved billions of dollars for the forgotten women and men who have too little to influence, too much to get help from time to time, and spend their time working, paying taxes and praying for a better life."

In 2017, during his first term in office, Mr. Folwell, a former member of the state's House of Representatives, announced the first internally managed passive index fund for the retirement system with the goal of reducing fees paid to outside investment managers while maintaining performance. In the second quarter, the system's $11.6 billion in passive assets netted a 20.8% return.

Oregon Treasurer Tobias Read, a Democrat, defeated Republican challenger Jeff Gudman as well as Michael P. Marsh, who ran on the Constitution Party line, and Chris Henry, an independent who ran on the Pacific Green Party and Progressive Party lines.

With 80% of the votes in as of at 8:30 a.m. PST Wednesday, Mr. Read secured 53% of the vote to Mr. Gudman's 41%, Mr. Henry's 4% Mr. Marsh's 2%, according to results posted on Oregon's secretary of state's website.

Mr. Read, who was first elected in 2016 and previously served in the Oregon House of Representatives, spearheaded the implementation of Oregon Retirement Savings Plan, the nation's first state-sponsored private-sector retirement program known as OregonSaves, which launched in 2017.

On Twitter, Mr. Read said it's important for people to support each other as many are currently struggling.

"As treasurer, that starts by giving Oregon workers and families a chance to get ahead — by helping thousands of Oregonians plan for a secure retirement; by enabling young parents to open their child's first college savings account and by making smart investments in our roads and schools, and high-speed internet to create jobs and make sure our people have the skills they need," he said.

In Vermont, Treasurer Elizabeth Pearce, a Democrat, won her fourth term, defeating Republican Carolyn Whitney Branagan, Cris Ericson of the Vermont Progressive Party, and Alex Wright, an independent.

Ms. Pearce, who has been state treasurer since 2011, received 54% of the vote, compared to 31% for Ms. Branagan, 5% for Mr. Wright and 4% for Mr. Ericson, according to results posted on Vermont's secretary of state's website.

"It has been a great honor to serve Vermont as treasurer," Ms. Pearce said in a statement. "It is the greatest honor of my life and I look forward to the opportunity to continue to do that good work in the treasurer's office."

During the campaign, Ms. Branagan said reforms were needed to tackle funding issues in the $4.6 billion Vermont State Retirement Systems, including shifting new employees into defined contribution plans rather than defined benefit plans.

In an interview with Pensions & Investments before the election, Ms. Pearce disagreed with her opponent, saying the system was in good shape despite the year's market turmoil, largely because of actions taken to mitigate downside risks in recent years. As treasurer, Ms. Pearce is one of seven members on the Vermont Pension Investment Committee, Montpelier, which acts as the trustee for the defined benefit plan investments.

Voters in California considered adding a constitutional amendment to require that larger commercial and industrial properties be taxed based on their market value rather than purchase price. With roughly 70% of the vote in, 52% of voters rejected the amendment while 48% supported it, according to results posted on California's secretary of state's website.

Proposition 15 — as the measure appeared on the ballot — would raise property taxes on commercial properties worth more than $3 million, providing $6.5 billion to $11.5 billion in new funding to local governments and schools, according to the state's official voter information guide.