The State Treasurer is the custodian of the Plan assets and serves as the Chief Investment Officer. Equity assets (e.g., common stock, preferred stock, and debentures convertible into common stock) are invested in conjunction with policies adopted by the Investment Advisory Committee. 

Committee members are: 

• State Treasurer Dale R. Folwell, CPA, Chair
• John Aneralla 
• Lentz Brewer 
• Loris Colclough 
• David Hartzell 
• Michael Mebane 
• Greg Patterson

The state expects to continue the Firefighters’ and Rescue Squad Workers’ Pension Fund indefinitely. However, because future conditions cannot be foreseen, the N.C. General Assembly reserves the right to modify the provisions of the fund.

These pages summarize the main features of the Firefighters’ and Rescue Squad Workers’ Pension fund. 

The official text governing the operations of the fund and the payment of all benefits is found in Chapter 58 of the General Statutes and Title 20 of the North Carolina Administrative Code.

Members currently contribute $10 each month to the fund.

The Firefighters’ and Rescue Squad Workers’ Pension Fund has been labeled as “actuarially sound” because of the consistent use over the years of: 

• Actuarial assumptions based on experience 
• An approved actuarial funding method 
• The recognition of all promised benefits in the actuarial liabilities 

A generally accepted measure of the soundness of any retirement system is to relate the total assets to the total accrued liabilities. This determines the funded ratio or percentage of the system. The total of the accrued liabilities is found by adding the total assets and the unfunded accrued liabilities.