North Carolina Treasurer

North Carolina State Executives

Governor • Lieutenant Governor Secretary of State • Attorney General Treasurer • Auditor Superintendent of Education Agriculture Commissioner Insurance Commissioner Natural Resources Commissioner Labor Commissioner Public Service Commission

The North Carolina Treasurer is an elected executive position in the state government of North Carolina. The treasurer is the chief financial officer and official banker for the state. The treasurer's office manages the state's retirement system, investments, and unclaimed property, and provides financial support to local governments.

Current officeholder

The current treasurer of North Carolina is Janet Cowell. She was first elected in 2008, and is the first female to hold the position.

Authority

The state Constitution establishes the office of treasurer in Article III, Section 7:

(1) Officers. A Secretary of State, an Auditor, a Treasurer, a Superintendent of Public Instruction, an Attorney General, a Commissioner of Agriculture, a Commissioner of Labor, and a Commissioner of Insurance shall be elected by the qualified voters of the State in 1972 and every four years thereafter, at the same time and places as members of the General Assembly are elected. Their term of office shall be four years and shall commence on the first day of January next after their election and continue until their successors are elected and qualified. ...

Qualifications

Article VI, Section 6 of the North Carolina Constitution establishes the qualifications of the office:

Every qualified voter in North Carolina who is 21 years of age, except as in this Constitution disqualified, shall be eligible for election by the people to office.

• qualified North Carolina voter
• 21 years of age

Elections

The treasurer in North Carolina is popularly elected every four years, in presidential election years. The treasurer, barring any vacancies, will be elected in 2012, 2016, and 2020. The term of office is four years, and begins on the first day of January next after their election.

Vacancies

Article III, Section 7 addresses vacancies in the office of treasurer. In the event of a vacancy, the governor appoints a successor who will serve until a new officeholder is elected. The election coincides with the first election for members of the General Assembly that occurs more than 60 days after the seat becomes vacant.

Duties

As the chief financial officer and official banker, the treasurer bears responsibility for managing the finances of the entire state. This includes, but is not limited to:

• managing a $74.2 billion pension fund
• administering teacher, state employee, and local government pension plans
• operating and managing a $12 billion state bank
• managing state and local debt issuance and interfacing with bond rating agencies
• overseeing the finances of local governments
• serving as a fiscal advisor to the state
• managing the unclaimed property program
• administer $4 billion 401(k)/457 plans
• administer the state disability program

A more exhaustive list of the duties of the treasurer can be found in the North Carolina General Statutes.

Divisions

• The Financial Operations Division keeps record of and reports on all funds that are deposited, invested, or disbursed through the treasurer's office. The staff of this division also fulfill the treasurer's role at state banker. There are four sections within this division: banking operations, bank reconciliation, statewide accounting operations, and departmental accounting.
• The Investment Management Division handles all investments on behalf of the treasurer. The staff oversee the state's cash management, pension fund investment, and ancillary investment programs.
• The Retirement Systems Division manages the retirement and benefit plans for public employees, including teachers, state employees, local government employees, judges, legislators, firemen, rescue squad workers, and national guardsmen. The division also administers disability income plans, supplemental pension plans, and registers of deeds' supplemental pension funds.
• The State & Local Government Finance Division manages the sale and delivery of all state and local debt, and ensure the repayment of government debt. There are three sections within this division: debt management, fiscal management, and capital facilities finance.
• The Unclaimed Property Division works to return unclaimed property to its rightful and legal owner.

Compensation

In 2010, the North Carolina Treasurer was paid an estimated $123,198 according to the Council of State Governments.

Contact Information

North Carolina State Treasurer's Office
325 North Salisbury Street
Raleigh, NC 27603-1385

Phone: (919) 508-5176

See also

• Treasurer
• Janet Cowell
• North Carolina Governor Beverly Perdue
• Lieutenant Governor of North Carolina
• North Carolina Attorney General
• North Carolina Secretary of State

External links

• The North Carolina Department of the State Treasurer