AN ACT TO ENHANCE THE ACCOUNTABILITY OF THE STATE RETIREMENT SYSTEM'S INVESTMENT PROGRAMS BY PROVIDING FOR AUDITED FINANCIAL STATEMENTS AND OTHER MEASURES.
Enacts new GS 147-69.9 to require the State Treasurer to prepare and issue at of the end of each fiscal year a set of financial statements regarding the investment programs for the Retirement Systems. Requires the statements to be audited. Requires the audit firm's report and the financial statements to be provided to the General Assembly no later than six months after the close of the reporting period. Requires a discussion of the Retirement Systems' risk and returns compared to benchmarks, total management fees and incentives paid, and comparisons to peer cost benchmarks to be included along with the financial statements.