For Christmas, many of us expect gifts. And State Treasurer Dale Folwell says he has a gift for state employees coming in 2019.
The treasurer has announced a "fee holiday" for public employees investing in 401k and 457 supplemental retirement plans. Normally participants are charged an administrative fee. But the treasurer says the department has become more efficient and they have now gained a reserve. With the reserve, they will manage the retirement funds throughout all of 2019 without the administrative fee. The plan is predicted to save state employees $2 million.
According to the treasurer, North Carolina's plans are some of the most competitive in the country. Both types of retirement plans are offered by the state treasurer's department. More than 1,000 state employers offer the plans across the state.