Latest news with #Briner
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
N.C. Treasurer names conservative climate skeptic to state Utilities Commission
Image: NC Utilities Commission - This article originally appeared on Inside Climate News, a nonprofit, non-partisan news organization that covers climate, energy and the environment. Sign up for their newsletter here. Donald van der Vaart—the state's former environment secretary and a climate skeptic who was shortlisted for EPA administrator during the first Trump administration—has been appointed to the North Carolina Utilities Commission by Republican Treasurer Brad Briner. Van der Vaart started his career in state government as a 20-year employee in the Division of Air Quality and was promoted to secretary of the Department of Environmental Quality by Republican Gov. Pat McCrory in 2015. He was a proponent of offshore drilling and fracking. The Utilities Commission regulates the rates and services of utilities like Duke Energy and companies that provide gas, electricity and drinking water. In that role, the commission oversees the state's transition to renewable energy and is also responsible for ensuring the safety of natural gas pipelines. 'North Carolinians need a strong voice on the North Carolina Utilities Commission,' Briner said in a press release. 'Don provides that voice, and his expertise and leadership will ensure that the citizens of North Carolina have access to low-cost, reliable energy.' The appointment still must be approved by the state House and Senate. Many environmental advocates oppose the appointment. Dan Crawford, director of government relations for the North Carolina League of Conservation Voters, called van der Vaart's appointment 'short sighted and a violation of the public trust. This appointment flies in the face of science and clean energy progress. It's like letting an arsonist guard the fire station.' Van der Vaart would earn roughly $150,000 as a utilities commissioner. 'I am deeply honored by Treasurer Briner's confidence in me,' van der Vaart said in the press release. 'I look forward to working to ensure that North Carolina's energy future remains reliable, affordable, and ever cleaner—safeguarding both our prosperity and our environment.' The treasurer did not have appointment power to the Utilities Commission until December, when the state legislature passed Senate Bill 382. The measure was ostensibly a disaster relief bill for communities devastated by Hurricane Helene, but also contained unrelated provisions that conservative lawmakers favored. Then-Gov. Roy Cooper, a Democrat, vetoed the bill, but the Republican-controlled legislature overrode it. Before SB 382, the governor appointed the majority of the Utilities Commission—three seats. After the bill became law, one of those appointments went to the state treasurer. The bill also shrunk the membership from seven to five, starting in July: two appointments by the governor, one by the state treasurer and one each to the House and Senate leadership. The treasurer and legislative leaders are all Republicans, meaning the GOP will have control of the new five-member commission. Earlier this month Gov. Josh Stein, a Democrat elected in November, petitioned a Wake County court for a temporary restraining order to thwart the treasurer's appointment power, arguing it violates the state Constitution. The filing names House Speaker Destin Hall and Senate President Pro Temp Phil Berger as defendants. A spokesperson for the governor's office told Inside Climate News that 'the parties are currently trying to work out a briefing schedule to get this dispute resolved as expeditiously as possible so that the Governor can continue the work that voters elected him to do.' When Cooper was elected governor in 2016, van der Vaart could have lost his job as a political appointee. Instead, van der Vaart used his statutory authority to demote himself to a middle management position in the Division of Air Quality. He held that post for a year until he co-authored a lengthy opinion piece in a national environmental law journal calling for the elimination of a key air quality rule, an opinion that contradicted the stance of the agency. Shortly after then-DEQ Secretary Michael Regan placed van der Vaart on administrative leave, he resigned. When Donald Trump won election in 2016, van der Vaart wrote him a congratulatory letter that earned him consideration for EPA administrator. In part, the letter read: 'We must put an end to the idea that more regulation is always good, and instead allow state and local experts to improve the environment.' The top EPA post went instead to Scott Pruitt, who named van der Vaart to the EPA's Science Advisory Board. In a 2018 opinion piece for The Hill, van der Vaart wrote that some environmental groups were 'serving as proxies for the Russians,' and to protect the environment Trump should investigate those allegations. Van der Vaart returned to state government in 2019 when Berger, the State Senate leader, appointed him to the Environmental Management Commission. The EMC makes environmental rules that DEQ must follow. His ascent continued when the chief justice of the state Supreme Court named him the chief administrative law judge for the Office of Administrative Hearings. The quasi-judicial agency presides over contested cases of administrative law. He has commonly assigned himself cases involving DEQ and has often ruled against the agency. If van der Vaart joins the Utilities Commission, he would resign his judgeship.
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 announces 12-week artificial intelligence pilot
Ronnie Chatterji of OpenAI, NC Treasurer Brad Briner, and Chan Park of OpenAI announce the treasurer's' office is using ChatGPT in a 12-week pilot program. (Photo: Lynn Bonner) The state Treasurer's Office is using ChatGPT in a 12-week artificial intelligence pilot program. State Treasurer Brad Briner said the department is using the OpenAI product to identify businesses with unclaimed property and analyze local government financial data. The office is a repository for unclaimed money from bank accounts, insurance policies and other sources, and seeks to find the people and institutions who own it. The department's State and Local Government Finance Division monitors the fiscal health of local governments and government entities and approves their requests to borrow money. ChatGPT won't replace employees, Briner said, and the agency is using OpenAI's product at no cost. 'Imagine the time saved when ChatGPT can help summarize reports, identify warning signs in local government financial audits, or do deep data searches for unclaimed property,' he said. 'This allows our team of dedicated professionals to focus on higher-level strategic decision making and financial stewardship. ChatGPT is not replacing human expertise. It is augmenting our capabilities and enabling us to make more informed data-driven decisions.' ChatGPT won't have access to private, personal data, Briner said. His office oversees the health plan for state employees. Briner made the announcement at NC Central University, which has an Institute for Artificial Intelligence and Equity Research. Chan Park, head of U.S. and Canada Policy and Partnerships at OpenAI, Ronnie Chatterji, OpenAI's chief economist, and NCCU Provost Ontario Wooden joined Briner at the announcement. Chatterji was once a candidate for state Treasurer and worked for former President Barack Obama. Pennsylvania announced a ChatGPT Enterprise pilot program last year, and Minnesota is using ChatGPT in its translation office. The treasurer and people working at the department have important jobs serving the public, Chatterji said. 'If these tools can help them better deliver those services, and if leaders like Brad have the courage to implement these things, we're going to get better results, and it's going to be a better place to do business,' he said.
