THIS STORY IS PRESENTED IN PART BY DRAKE DENTISTRY
North Carolina State Treasurer Dale R. Folwell, CPA, appeared on WIZS Town Talk Wednesday at 11 a.m.
Folwell, who has served as NC State Treasurer since 2017, is recovering after being hospitalized for five days with COVID-19. “I am thankful for all the caregivers, God, my family, and the prayers and thoughts that got me through this,” Folwell said.
He also expressed appreciation for the healthcare workers who encouraged him through the recovery process. Folwell said doctors and nurses offered emotional support while he was separated from his family due to the strict no visitor policies currently implemented at many hospitals.
Cleared by doctors and health officials to resume his duties, Folwell reassured listeners that the state pension plan is “one of the most conservatively managed in the country, if not the world.”
“Last time we talked [WIZS Town Talk January 23, 2020], we were reassuring people that we were still in the check delivering business, and that’s still the case,” stated Folwell. “Obviously, we’ve had a lot of market volatility since then, but our state pension plan is in great shape, and we continue to be in the check delivering business.”
As of earlier this week, the state pension plan was down approximately 4.2% for the calendar year, while the S&P 500 was down by almost 14%. For the fiscal year that began June 2019, the state plan is up .6%, while the S&P is down approximately 5%. While down, Folwell said he is encouraged by the fact that the state plan is still currently outperforming the stock market.
To help offset some of the losses, Folwell said the state is “looking at some of our cash balances and taking advantage of some of the opportunities being presented to us. Those who depend on this – those that teach, those that protect and those who otherwise serve – will not have to think about this.”
Calling the current economic downturn a “combination of 9/11 and the Great Recession, all combined into one,” Folwell admitted, “Revenues are down, expenses are up, collections are down, and it’s just not a good circumstance for any business.”
Following today’s interview with WIZS, Folwell addressed the current state of the pension plan, among other treasury-related topics, in a monthly “Ask Me Anything” session open to media representatives.
The monthly calls are an opportunity for reporters to ask Folwell questions about N.C. Department of State Treasurer (DST) initiatives, including the Retirement Systems Division, the State Health Plan, the State and Local Government Finance Division and the Unclaimed Property Division.
Audio of the monthly “Ask Me Anything” calls is available by clicking here.
To hear the interview with Folwell in its entirety, go to WIZS.com and click on Town Talk.
