Latest news with #BradBriner
Yahoo
6 days ago
- Business
- Yahoo
NC lawmakers, back from break, send bill overhauling state investments to governor
NC Treasurer Brad Briner tells the House Oversight Committee about the state pension plan deficit. (Screenshot from NCGA video feed) Back in Raleigh after a weeklong break, North Carolina lawmakers gave final approval Tuesday to a bill that changes how the state oversees its investments. House Bill 506 would create a five-person board to oversee the state's $127 billion pension fund. It marks an expansion of a responsibility currently held solely by the state treasurer. The House unanimously agreed to the Senate's changes to the bill Tuesday, sending it to Gov. Josh Stein's desk. Stein, a Democrat, has said he supports the measure; so has Treasurer Brad Briner, a Republican. It received bipartisan support from lawmakers. Four of the five members of the board would be appointees. Two will be appointed by the heads of the House and Senate. Stein and Briner will also appoint one member each; their appointees would be subject to approval of the legislature. Members of the board will serve staggered six-year terms. They must have 'expert knowledge of investments' and a minimum decade of experience in the field. The bill is one of multiple attempts by lawmakers to reform the state pension fund. The system has a $16 billion deficit, Briner has told lawmakers. Another bill, also backed by Briner, would allow the state to invest up to 5% of the pension fund in digital cryptocurrencies. Also in the Legislative Building on Tuesday, the Senate passed a bill requiring school boards to adopt internet access policies for students. House Bill 959 will go back to the House for final agreement or a conference committee.
Yahoo
20-05-2025
- Health
- Yahoo
State Health Plan Trustees advance benefit changes with employees shouldering higher costs
The State Health Plan Board of Trustees has a $500 million deficit to close. As a result, new premium hikes are on the way for employees, retirees and their families to close the gap.(Stock photo by) State Treasurer Brad Briner has been sounding the alarm for months. Faced with a $507 million deficit, North Carolina's State Health Plan will require a combination of strategies to address the fiscal cliff and ensure the long-term care of the plan's nearly 750,000 teachers and state employees. On Tuesday, the State Health Plan's Board of Trustees gave its initial approval to a series of actions that would reorient the plan, incentivizing members to use 'bundled' participating providers or facilities. State employees and teachers would also be asked to do their part by paying higher health insurance premiums starting in 2026. 'We began this conversation in January around premium increases for the first time in eight years, a tack that nobody wanted to take,' said state Treasurer Brad Briner. 'But buried in the materials here, you'll see that what was going to be a $20 (monthly) premium increase at the lowest tier. It's now a $5 premium increase at the lowest tier.' Briner said significant time has been spent trying to insulate North Carolina's lowest compensated employees from increases as much as possible, while determining the highest and best use of the dollars that are available. Out-of-pocket maximums would not change substantially, he pledged. The State Health Plan is also taking steps towards eliminating all prior authorizations for independent primary care, another incentive for plan participants. Thomas Friedman, executive administrator of the State Health Plan, said state employees who are members of the plan can expect several changes in the months ahead. For starters, the names of the most common plans will change. The 70/30 plan will become the 'Standard PPO plan' with annual deductibles rising from $1,500 to $3,000 for individuals, and families seeing their deductibles rise from $4,500 to $9,000. The average monthly premium would jump from $25 per month to $40 per month and could be adjusted higher based on the employee's salary. The 80/20 plan will be known as the 'Plus PPO Plan' with annual deductibles rising from $1,250 to $1,500 for individuals, and from $3,250 for families under the current plan rising to $4,500. Those on the 80/20 plan would see their premiums jump from an average of $50 per month to $100. Higher income earners could see a monthly premium of $130. While the numbers may not be popular with state workers or teachers, trustee Dr. Brad Miller noted that on the private insurance market, individuals are paying an average premium of $119 a month, with families paying a premium of $532. What members pay for prescription drugs would also rise next year and in some cases substantially. Specialty medications (Tier 5) would increase from $350 under the current 70/30 plan to $600 under the new Standard plan. Friedman noted that manufacturer coupons exist for many high-end, specialty drugs, allowing patients to pay little or nothing at all. 'Why not have the manufacturers pay more if they're willing to do it?' Friedman offered. Coverage of the popular GLP-1 weight loss drugs remains 'under development,' but nutrition and weight loss coaching would be available to everyone. Moving forward, the State Health Plan is working to make it attractive to members – both financially and in terms of access – to engage with preferred providers. Tuesday's meeting of the Board of Trustees came as members of the state House advanced their own budget blueprint. Friedman said that both the House and Senate budget proposals have fully funded the requests of the State Health Plan at a 5% premium increase per year. 'Given everything going on in the state and how little the budget increased, we are a substantial portion of that, and we are very grateful that they listened.' Treasurer Briner also offered praise for the budget proposal emerging from the House. 'The House proposal fully funds the pension plan and increases funding to the State Health Plan to help in our effort to provide affordable, high-quality health care for state workers. Investments made in salary increases and cost-of-living bonuses will help ensure that the state can retain top talent.' But Tamika Walker Kelly, president of the North Carolina Association of Educators, said that the legislature should step up its funding, rather than ask school employees and state workers to shoulder higher health care costs. 'It's not only unfair, but it is unsustainable,' Walker-Kelly told the trustees. 'We are already facing a critical staffing shortage, more than 8,000 school positions were vacant at the start of this year and one-in-five teachers left the classroom over the past two years. If we increase the cost for those who stay, how will we fill the gaps and who will be there for our students?' Walker-Kelly said the decision is not simply about numbers on a spreadsheet; it is about the people who keep our schools and state services running. A vote by the board to set the premiums for 2026 is set for Mid-August. Open enrollment with the new 2026 rates will be October 13-31. Click here to view the full presentation to the State Health Plan Board of Trustees.
Yahoo
30-04-2025
- Business
- Yahoo
NC House votes to appoint pension managers, allow state investment in crypto
(Photo illustration by Namthip Muanthongthae / Getty Images) The North Carolina House gave the green light to a pair of bills this week that would change how the state manages its pension fund and allow that fund's investments to include cryptocurrencies like Bitcoin. A five-member board of appointees would manage the state's $127 billion in investments under House Bill 506. And House Bill 92 would give that board the power to invest up to 5% of the state's portfolio in cryptocurrency. The measures represent a concentrated effort to shift the state's approach to investing. North Carolina's pension system has a $16 billion deficit, and the fund's investments have yielded lower returns in comparison to other states' portfolios in recent years. State Treasurer Brad Briner, a Republican elected in November, has thrown his support behind both bills. He currently serves as the sole final authority over the state investments. His GOP predecessor, Dale Folwell, had practiced a more conservative approach to the pension fund. The five-member North Carolina Investment Authority would include the treasurer and four other members. The treasurer, Speaker of the House, Senate President Pro Tem and governor would be able to appoint one member each. Appointees would be required to have 'expert knowledge of investments' and more than 10 years of 'successful management' of pensions, endowments or other investments. The board would appoint a chief investment officer — someone with similar, if not more extensive, qualifications to board appointees. That CIO would negotiate and execute third-party contracts on behalf of the board. HB 506 passed the House with little discussion Tuesday, 110-3. The bill to allow investment in cryptocurrency is backed by House Speaker Destin Hall (R-Caldwell). It limits the investments to the crypto equivalent of mutual funds, rather than direct investments in specific currencies. And it lays the groundwork for the treasurer and law enforcement to examine both a 'strategic reserve' of digital assets collected by the state, as well as allowing state employees to invest part of their portfolios in crypto. The bill's supporters view it as another plank of proactive and wise investing — arguing that the state should utilize a growing corner of the market. 'We need to spread the allocation around,' said Rep. Keith Kidwell (R-Beaufort). 'Just like any good investment broker would do for you.' But Democrats who opposed the measure warned of Bitcoin and other cryptocurrencies' volatility — and cautioned against betting part of state workers' pensions on them. 'I still have a lot of questions about this investment strategy and the level of commitment we're making to it,' said Rep. Maria Cervania (D-Wake). Opinions on the bill outside of the General Assembly have split. Gov. Josh Stein has said he supports the measure and allowing Briner to have more control over state investments. Representatives of the State Employees Association of North Carolina have expressed opposition. The measure passed 71-44 on Wednesday, and now heads to the Senate.
Yahoo
03-04-2025
- Business
- Yahoo
The state pension system has a $16 billion deficit, NC treasurer tells legislators
NC Treasurer Brad Briner tells the House Oversight Committee about the state pension plan deficit. (Screenshot from NCGA video feed) The state pension system has a $16 billion deficit, state Treasurer Brad Briner told a legislative committee Thursday morning, and the department's investment division needs a new strategic direction. Briner used his appearance before the House Oversight Committee to talk up his proposal for changing how investment decisions are made. He also faced pointed questions from Democrats on the committee about potential crypto investments. A bill moving through the state House, one backed by House Speaker Destin Hall, would allow the Treasurer's office to invest in Bitcoin. Right now, the state Treasurer makes all the investment decisions. The office has investment advisory boards, but the Treasurer doesn't have to listen to them. Briner wants the state to create a board, called the Investment Authority, that would make investment decisions. His proposal is in House Bill 506 and its Senate twin, Senate Bill 709. The Treasurer would sit on the board with appointees from the House Speaker, the Senate leader, the Governor and the Treasurer. Members would have a minimum of 10 years' experience in investment management. Coincidentally, Briner's committee appearance coincided with a sharp drop in stock market indexes triggered by President Donald Trump's tariffs. 'Today is going to be a very interesting day in U.S. capital markets history,' he said. 'The temptation for everyone is to do something, anything,' Briner said. 'The right answer is probably going to be to wait.' For a political office holder, the temptation is greater, he said. Having an investment board would be a guard against that temptation and still provide political accountability, he said. North Carolina is one of three states where one person is responsible for investment decisions, he said. 'I think more heads are better than one when it comes to having a disciplined, long-term investment strategy,' he said. 'I think having this kind of concentrated power in a single individual, elected or otherwise, doesn't really make sense.' Former Treasurer Dale Folwell had an unorthodox approach to investing that was out of step with other large public pension funds, NC Newsline has reported. The pension fund held a far greater percentage of its money in cash than other public pension plans, which was a drag on returns. Pension investments have fallen short of the 6.5% rate of return, Briner said, and the state pension fund ranks 49th or 50th in returns. With a sole fiduciary, 'it is easy to be overly conservative in that model, and hard to be appropriately risky in that model, because you get all of the blame, and you get none of the credit. And I understand from a human emotion perspective why you'd end up where we are, and that's not a good place.' Democrats on the committee asked repeated questions about investments in crypto currency. Rep. Allison Dahle (D-Wake) said constituents are wondering about it. Briner said Bitcoin is 'the best method to bet against the value of the U.S. dollar' but it's also extremely volatile. 'There probably is a role for them over time in a very modest proportion,' he said.
Yahoo
27-03-2025
- Business
- Yahoo
NC Treasurer to use OpenAI pilot program to improve government services
DURHAM, N.C. (WNCN) — North Carolina State Treasurer Brad Briner and OpenAI announced a pilot program on Thursday to use artificial intelligence to improve government services in the state. Over the next 12 weeks, the Department of State Treasurer and OpenAI will explore ways to responsibly use ChatGPT with publicly available data to increase operational efficiency and enhance public service to North Carolina residents. This one-of-a-kind partnership will also utilize artificial intelligence to enhance the way that the Department conducts business, discover process improvements and ensure that DST is delivering the best possible outcomes for the state. 'Innovation, particularly around data and technology, will allow our department to deliver better results for North Carolina,' said Treasurer Briner. 'I am grateful to our friends at OpenAI for partnering with us on this new endeavor and I am excited to explore the possibilities ahead.' DST and OpenAI are exploring several use cases to deploy AI effectively, including being able to identify businesses with unclaimed properties and analyzing the financial data of local government officials. DST will also share learnings and results of the pilot program after its conclusion. 'Artificial intelligence will transform how we live, work, interact and most importantly, help us solve problems to improve our lives,' said Chan Park, Head of U.S. and Canada Policy and Partnerships OpenAI. 'We believe the best way for the government to understand AI's potential is to use it directly, and we're excited to partner with the North Carolina Treasurer's Office to inform how AI can help improve the delivery of services to residents.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
