Tar Heel State Senate Approves Pension Diversification Measure

June 3, 2009 (PLANSPONSOR.com) - North Carolina Treasurer Janet Cowell is one step closer to enjoying more leeway in how she invests state pension money.

An Associated Press news report said the state Senate approved a measure allowing Cowell’s office to put up to 10% of retirement funds in asset classes such as timberland, commodities and securities rated below investment grade.

The state House agreed to the changes last week so the bill now heads to the desk of Governor Beverly Perdue (see  Tar Heel State Treasurer Seeks Pension Investment Diversification )

Cowell’s office has said she needs more flexibility to keep returns at or above what’s needed to meet long-term retiree obligations.