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North Carolina Firefighters' and Rescue Squad Workers' Pension Fund

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North Carolina Firefighters' and Rescue Squad Workers' Pension Fund (FRSWPF)
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Basic facts
Location:Raleigh, North Carolina
Top official:Dale Folwell, state treasurer
Year founded:1959
Active members:25,263
Website:Official website
Total assets under management
2022:$473,505,227
See also: Public pensions in North Carolina

The North Carolina Firefighters' and Rescue Squad Workers' Pension Fund is a North Carolina state pension fund that provides retirement, disability, and survivor benefits to the state's eligible firefighters or rescue squad workers. The North Carolina Firefighters' and Rescue Squad Workers' Pension Fund had $473,505,227 ($473.5 million) in total assets under management as of December 31, 2022.[1]

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

Background

See also: Public pensions

The North Carolina Firefighters' and Rescue Squad Workers' Pension Fund (FRSWPF), founded in 1959, uses employees' contributions to the pension fund, the investment earnings on total contributions, and an annual appropriation from the State General Fund to make pension payment to North Carolina's firefighters and rescue squad workers. The North Carolina Retirement Systems Division administers FRSWPF, among other public employee pension funds in the state.[2]

The North Carolina Firefighters' and Rescue Squad Workers' Pension Fund served over 25,263 active members and approximately 15,014 retirees and beneficiaries as of February 2024.[2]

Pension performance overview

The following table features information about the funding level and assets managed by the North Carolina Firefighters' and Rescue Squad Workers' Pension Fund as of December 31, 2022:[1]

North Carolina Firefighters' and Rescue Squad Workers' Pension Fund (FRSWPF) pension performance (December 31, 2022)
Fiscal year Percent funded Unfunded liabilities Total market value of assets
2022 104.1% $20.4 million $473.5 million

Assets and asset management

Environmental, social, and corporate governance
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Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.

As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.[3][4]

NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”[5]

List of AMCs contracting with the North Carolina Retirement Systems (NCRS)

See also: North Carolina Retirement Systems

The North Carolina Firefighters' and Rescue Squad Workers' Pension Fund (FRSWPF) is a sub-fund within the North Carolina Retirement Systems Division (NCRS). NCRS administers FRSWPF, among other retirement and benefit plans for the governmental workers of North Carolina. FRSWPF does not contract with its own AMCs; the AMCs for NCRS account for all the pension plans it administers.[6]

NCRS contracted with 445 asset management companies (AMCs) or specific funds as of June 30, 2022. Of those companies, 18 were investor participants in Climate Action 100+, and 22 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with NCRS:[7]

Governance and accountability

This section features information about the 13-member board, called the Local Government Employees' Retirement System Board of Trustees, that oversees the North Carolina Firefighters' and Rescue Squad Workers' Pension Fund (FRSWPF). The board is not specific to oversight of FRSWPF and exercises oversight duties for other state funds.[8][2]

Board selection method

The board of trustees that oversees FRSWPF, titled the Local Governmental Employees’ Retirement System Board of Trustees, is made up of 13 members, of whom eight represent local governments. Members of the LGERS board are appointed by either the governor, the North Carolina Senate president pro tempore, or the North Carolina House of Representatives speaker of the house.[8]

Board of trustees membership

A 13-member board of trustees oversees the operation and administration of FRSWPF. The following individuals served on the board as of February 2024:[8]

  • Dale Folwell, chair, state treasurer
  • Clee Atkinson
  • Lentz Brewer
  • Tony Brown
  • Homer Dearmin
  • Vernon Gamin
  • Kevin Gordon
  • Brenda Howerton
  • Pat Hurley
  • Jeff Morse
  • Melody Reagan
  • Catherine Truitt
  • Nancy Vaughn

See also

External links

Footnotes