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Dale Folwell

Treasurer Folwell Recommends Improved COVID Vaccine Distribution Plan

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— from the office of North Carolina State Treasurer Dale Folwell

For weeks North Carolina lagged behind much of the nation in administering the doses of COVID-19 vaccinations it received, and state Treasurer Dale R. Folwell, CPA, will outline the consequences of the state not being prepared for the rollout during his monthly “Ask Me Anything” conference call for members of the media on Tuesday, Feb. 2.

Treasurer Folwell is advocating for a “PPP” approach to execute rapid, efficient supply chain delivery. Rather than concentrating immunizations in local health departments and more expensive hospitals, he believes it makes greater sense to expand availability of the shots to primary care physicians, pediatricians and pharmacies – the three Ps that have been reliably and professionally administering vaccines for more than 100 years.

The Department of State Treasurer has amassed about 26,000 health care providers in the State Health Plan’s Clear Pricing Project network. Many of them are willing and qualified to provide the shots but state health officials have kept them on the sidelines.

The treasurer contends the shaky rollout likely is contributing to more deaths, will increase poverty because business lockdowns will remain in effect until the vaccines can be more widely administered to contain spread of the virus, and students will continue to fall further behind in their education and suffer increased mental health problems because most schools remain closed.

Another topic the treasurer will discuss is the potential community harm from the pending sale of county-owned New Hanover Regional Medical Center to health care giant Novant Health.

Treasurer Folwell contends the acquisition is the latest in a series of hospital consolidations that have inflicted negative consequences on North Carolina taxpayers and health care consumers. An article in Fortune magazine supported his position that increased hospital concentration and monopolies lead to higher costs, lower quality and decreased access. The article noted 74% of North Carolina general hospitals belong to mega-health care systems. Only three other states have a higher percentage.

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State Treasurer Dale Folwell; Money, Drinks, Covid, Pension Plans on TownTalk

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For North Carolina Treasurer Dale Folwell, top issues on his radar continue to be the financial health of the state, as well as keeping fully funded the state employees’ pension plan, health-care concerns and understanding the effects of COVID-19.

Folwell, a Republican, won re-election in November to a second term as state treasurer. He spoke with John C. Rose on the Dec. 29 edition of Town Talk. “I think the people of North Carolina understand that when the money is right a lot of things are going to be ok eventually. But when the money is wrong, it’s hard to come back,” he said. “As the keeper of the public purse…our only loyalty is to the people who teach, protect and otherwise serve both at the state and the local level.”

Something that Folwell expressed concern about is the recent bill which allows bars and restaurants to sell mixed drinks to go. “I did not vote for that, nor did I vote for the original resolution about shutting down bars and restaurants back in April,” Folwell said. The additional regulations “are the last things (restaurants) need right now in order to comply with the new rule.” People who think that this will solve the restaurants’ problems, he said, “don’t really understand what the problem really is.”

For TownTalk audio click play…

Folwell spoke about the state’s employees and pension plan for retirees and how federal policy changes can affect a state’s policies. “We occasionally have to make changes to sort of gee-haw, so to speak, with the federal laws that are passed…that’s one thing that happened last year,” he said, noting recent changes in Congress regarding taxation of retirement plans.  A new Medicare Advantage contract goes into effect in January, which will involve savings to nearly 150,000 retirees on the state health plan, which “will result in a billion dollar savings to the state of North Carolina. “I want you to hear me clearly when I say this. For the Basic Plan, it’s zero premium to the member and zero cost to the state of North Carolina. It’s an unheard-of negotiation and we’re very pleased with this.” Humana is the health-care provider driving the business, he added.

“I think that the policy-makers in North Carolina need to be focused on how we flatten the economic curve of the state,” Folwell said in response to a question about the latest round of federal COVID-19 relief funds and those who have lost their jobs during the pandemic. Leaders need to figure out “how we put the joy of achievement back in the small- and medium-sized business owners,” especially noting how, especially restaurant owners, have been “decimated because of COVID…generations folks in these businesses that are going to shut down permanently. We can only do that as policy makers if we do it transparently, if we do it consistently, if we do it by willing to challenge assumptions and that’s just the biggest challenge we have right now.”

Folwell mentioned his concern for hospital consolidation and its effect on health care, especially during the pandemic and increased hospitalizations. “This is an issue not regarding the front-line people who provide health care, (but) it’s about these executives that run multi-billion dollar non-profits in North Carolina who make millions of dollars in salary.” When hospital consolidations occur, Folwell said they become like “cartels, they’re formed in order to restrict competition or raise prices and the people that suffer the most are those in our state who are lower- or fixed-income,” he added.

In addition to the political issues, however, Folwell encouraged everyone to check out nccash.com, a website that can help bring together residents with unclaimed money being held in the state’s Escheats Fund for safekeeping. That amount stands at $900 million, according to Folwell.

“We found $2,500 for the Carolina Panthers,” Folwell noted, adding that the Panthers’ organization gave the money to a domestic violence abuse shelter in Charlotte. The shelter, Folwell said, also had money in the fund, as well as three of the reporters covering the original donation to the shelter. “It’s amazing how much money is there,” Folwell said. “We’ve given out over $25 million out of nccash.com just since July 4.”

Be patient, he advised, since there is now a backlog for the process, which he attributes to more people being at home and researching whether they have money in the fund. “Once the money is there, it’s there forever. It’s not a gimmick. It’s the last paycheck that didn’t get delivered to you, it’s the rent deposit that didn’t deliver to you, small bank account or in one case, a $600,000 life insurance proceed to someone designated to a beneficiary and no one had ever told them.”

Treasurer Folwell Announces $2 Billion Received as Part of CARES Act

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-Press Release, NC Department of State Treasurer

State Treasurer Dale R. Folwell, CPA, and the Financial Operations Division (FOD) of the Department of State Treasurer (DST) announced on Thursday that North Carolina has received more than $2 billion from the federal government as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The CARES Act, as passed by Congress and signed by the President, will provide $150 billion for the Coronavirus Relief Fund including direct payments to states, the District of Columbia, U.S. Territories, and eligible units of local government based on population as provided in the CARES Act.

Office of State Budget and Management (OSBM) along with the Office of the State Controller and staff at DST completed the application on April 14 and the funds were received by the State Bank (DST/FOD) the next day. The money is the first disbursement from the federal government of more than $4 billion slated for North Carolina.

“As keepers of the public purse, we’re responsible for receiving money and putting it in interest-bearing accounts,” said Treasurer Folwell. “We’ll process the withdrawal when directed by the legislative and executive branches.”

The North Carolina General Assembly (NCGA) will decide how the state’s money will be spent as part of legislation expected near the end of the month. Once an agreement has been reached, OSBM will distribute the funds. In the interim, the Investment Management Division at DST will invest the money in a short-term investment fund (STIF) that is high quality, low risk and interest-bearing. The money will be held until the NCGA and/or OSBM directs where it will be spent.

DST serves the people of North Carolina through a variety of functions related to the financial health of the state and its citizens. Folwell serves as the state’s banker and chief investment officer and is responsible for approximately $200 billion in assets.

The department administers the employee retirement systems for more than 900,000 public workers, along with their 401(k), 457 and 403(b) plans. DST also oversees the State Health Plan, which provides health care coverage to more than 727,000 teachers, state employees, retirees, current and former lawmakers, state university and community college personnel, and their dependents.

Fiscal assistance and expertise are provided by the department to local governmental units by aiding them in the sale of local government debt obligations and in maintaining sound budgeting, accounting, and reporting procedures. The department also administers the NC Cash unclaimed property database.

State Treasurer Folwell To Address NC Pension Plan Performance

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-Press Release, NC Department of State Treasurer

The state pension plan is weathering the COVID-19-induced economic downturn better than many public pension plans while outperforming the stock market, and State Treasurer Dale R. Folwell, CPA, will explain why during his “Ask Me Anything” conference call for the media on Wednesday, April 15.

The monthly calls are an opportunity for reporters to ask the Treasurer anything 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.

As of Monday, the state pension plan was down about 4.2% for the calendar year, while the S&P 500 had tumbled about 14%. For the fiscal year, the plan is actually up .6% while the S&P is down almost 5%.

A stress test conducted by The Pew Charitable Trusts last year determined North Carolina’s pension plan is better positioned to remain solvent in tough economic times than most public pension plans. Research by Moody’s Investor Services determined, based on unfunded liabilities, that North Carolina’s pension plan was the best-funded among the 50 states, meaning it placed the lowest burden on taxpayers and members who pay into the system.

Meanwhile, emergency powers and other changes to the State Health Plan were implemented to help members respond to the coronavirus pandemic. The State and Local Government Commission is monitoring developments to determine whether cities and counties with bond debt and utility infrastructure needs might require assistance in dealing with declining taxes and fee revenue due to mandated business shutdowns.

Treasurer Folwell, who was hospitalized for five days due to complications from COVID-19, continued to engage in daily operations and decisions with DST staff throughout his illness. He has received the necessary medical clearances from his personal doctor and the Forsyth County Department of Health to return to work.

Among COVID-19 actions taken by DST were State Health Plan waivers for the costs of testing and treatment. Click here and here for more details of those steps.

Audio of previous “Ask Me Anything” calls is available here.

Dale Folwell

Town Talk 01/23/20: NC Treasurer Folwell Assures State Pension is Secure

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THIS STORY IS PRESENTED IN PART BY DRAKE DENTISTRY

NC State Treasurer Dale Folwell appeared on WIZS Town Talk Thursday at 11 a.m.

Folwell has served as the North Carolina State Treasurer since 2017 and is the former Speaker Pro Tempore of the North Carolina House of Representatives.

Overseeing the 26th largest public pool of money in the world, Folwell explained that his office manages retirement, healthcare and pharmaceutical benefits for 900,000 state and local employees in NC.

“At the end of the day, what I like to say is that we are in the check delivery business. Every 30 days we are spending nearly $750 million. We manage an amount of money eight times that of the state budget.”

Acknowledging that, statistically speaking, 2 out of 10 Town Talk listeners most likely have something to do with the State’s pension, health and/or pharmacy benefit plan, Folwell said those involved in the system can rest assured that employee retirement plans are secure.

“The pension plan is one of the five most solvent and secure pension plans in the United States, if not the world,” said Folwell. “A rating agency just posted us as number one in the country in terms of the ability to fund the pension plan during an economic downtown.”

Reminding listeners that economic downturns are historically “when not if” occurrences, Folwell said he was confident in the strength of the State’s pension system.

On the other end of the spectrum, Folwell said the State’s health plan is “one of the most insolvent in the US. All of our efforts right now are on state healthcare costs.”

Despite rising costs, Folwell said the State is committed to keeping insurance rates as affordable as possible for employees and retirees. “We have frozen all premiums for the second straight year even in light of the fact that costs are increasing at a faster pace than the governor’s budget and legislature’s budget appropriates money to us.”

Folwell said listeners may also be interested to know that the State currently has $700 million in unclaimed property, mostly in stocks and bonds, that can be viewed at any time, by first and last name free of charge at www.nccash.com. To learn more about the Treasurer’s Office, visit www.nctreasurer.com.

To hear the interview with Folwell in its entirety, go to WIZS.com and click on Town Talk.