North Carolina 2025 Session Status: In Committee 5 R cosponsors

SB 709 — 2025 State Investment Modernization Act.-AB

Last action — Passed 1st Reading

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the Senate. Introduced March 25, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Senate.

Prognosis

Stalled 24% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 5 sponsors

    2 primary, 3 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (5 R).

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

83 added · 84 removed

Plain-language change summary

The latest version of Senate Bill 709 includes a few significant changes. Key provisions about the governance and operational methods of the North Carolina Investment Authority have been clarified and updated, including how the Chief Investment Officer (CIO) will be appointed and can be dismissed by the Board of Directors. Additionally, there's a focus on enhancing transparency, as the Authority is now required to report salaries and bonuses to oversight committees. These changes are important because they aim to improve accountability and ensure responsible management of investment funds within the state.

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FILED SENATE GENERAL ASSEMBLY OF NORTH CAROLINA Mar 25, 2025 S.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2025 S 1 SENATE BILL 709 Short Title:
709 SESSION 2025 PRINCIPAL CLERK S D SENATE BILL DRS45360-MRp-94D Short Title:
A BILL TO BE ENTITLED AN ACT TO ENACT THE 2025 STATE INVESTMENT MODERNIZATION ACT, AS RECOMMENDED BY THE STATE TREASURER.
Rules and Operations of the Senate March 26, 2025 A BILL TO BE ENTITLED AN ACT TO ENACT THE 2025 STATE INVESTMENT MODERNIZATION ACT, AS RECOMMENDED BY THE STATE TREASURER.
CREATION OF THE NORTH CAROLINA INVESTMENT AUTHORITY *DRS45360-MRp-94D* General Assembly Of North Carolina Session 2025 SECTION 2.1.
CREATION OF THE NORTH CAROLINA INVESTMENT AUTHORITY *S709-v-1* General Assembly Of North Carolina Session 2025 SECTION 2.1.
(1) BoardofDirectors.–TheBoardofDirectorsofthe NorthCarolinaInvestment Authority.
(1) BoardofDirectors.–TheBoardofDirectorsofthe NorthCarolina Investment Authority.
Page 2 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 (c) Fiduciary Funds.
Page 2 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 (c) Fiduciary Funds.
– In order for the Investment Authority to effectively operate the investmentprogramsunderitsmanagement,allfundswhileundermanagementofthe Investment Authority areFiduciary Funds describedunder subdivisions (8)through(10)ofG.S.
– In order for the Investment Authority to effectively operate the investmentprogramsunderitsmanagement,allfundswhileundermanagementofthe Investment AuthorityareFiduciaryFunds described undersubdivisions (8)through (10)ofG.S.
(a) Property owned or acquired by the Authority is exempt from all taxes imposed by the State or any political subdivision of the State.
(a) Property owned or acquired by the Authorityis exempt from all taxes imposed by the State or any political subdivision of the State.
(5) Anyotherindividualotherwiseengagedbythe Investment Authority whowill have access to health or financial information or data maintained by the Investment Authority that is confidential or otherwise nonpublic.
(5) Anyotherindividualotherwiseengagedbythe Investment Authoritywhowill have access to health or financial information or data maintained by the Investment Authority that is confidential or otherwise nonpublic.
DRS45360-MRp-94D Page 3 General Assembly Of North Carolina Session 2025 (c) The Investment Authority may extend a conditional offer of employment pending the results of a criminal history record check authorized by this section.
Senate Bill 709-First Edition Page 3 General Assembly Of North Carolina Session 2025 (c) The Investment Authority mayextend a conditional offer of employment pending the results of a criminal history record check authorized by this section.
Page 4 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 (e) Vacancies.
Page 4 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 (e) Vacancies.
A vacancy automatically occursupon thedeath or resignation ofamemberofthe Board ofDirectors orupon the failure of a member of the Board of Directors to do any of the following:
A vacancy automaticallyoccursupon thedeath or resignation ofamemberofthe Board ofDirectors orupon the failure of a member of the Board of Directors to do any of the following:
The secretary shall keep a record of the proceedings of the Board of Directors.
The secretaryshall keep a record of the proceedings of the Board of Directors.
The secretary has the authority to make copies of all minutes and other records and documents of the Board of Directors.
The secretaryhas the authorityto make copies of all minutes and other records and documents of the Board of Directors.
DRS45360-MRp-94D Page 5 General Assembly Of North Carolina Session 2025 (1) The Board of Directors has the authority to approve all of the following:
Senate Bill 709-First Edition Page 5 General Assembly Of North Carolina Session 2025 (1) The Board of Directors has the authority to approve all of the following:
–TheBoardof Directors shall not approvean annual internal budget fortheInvestment Authoritythatexceeds threebasis points ofarolling three-yearaverage of total assets invested by the Investment Authority, unless the Investment Authority reasonably determines that, because of special circumstances, including applicable investment restrictions, it is clearly not prudent to do so.
–TheBoardof Directors shall not approvean annual internal budget forthe Investment Authoritythatexceeds threebasis points ofarollingthree-yearaverage of total assets invested by the Investment Authority, unless the Investment Authority reasonably determines that, because of special circumstances, including applicable investment restrictions, it is clearly not prudent to do so.
Page 6 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 (c) Authority to Contract for Services.
Page 6 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 (c) Authority to Contract for Services.
The Investment Authority shall report the salaries and bonuses paid to the Joint Legislative Oversight Committee on General Government annually.
The Investment Authorityshall report the salaries and bonuses paid to the Joint Legislative Oversight Committee on General Government annually.
– The CIO shall be appointed by a majority vote of the Board ofDirectors,andanyvacancymaybeso filledbytheBoardofDirectors.Anindividualappointed as the CIO shall have expert knowledge of investments and a minimum of a 15-year track record of successful management in pension, endowment, or other relevant investment management arenas.
– The CIO shall be appointed bya majorityvote of the Board ofDirectors,andanyvacancymaybeso filledbytheBoardofDirectors.Anindividualappointed as the CIO shall have expert knowledge of investments and a minimum of a 15-year track record of successful management in pension, endowment, or other relevant investment management arenas.
The CIO may be removed from office by the Board of Directors.
The CIO maybe removed from office by the Board of Directors.
– The Chief Investment Officer shall employ staff necessary to assist the CIO and the Board of Directors in carrying out duties and responsibilities under this Articleorasprescribedin anyotherlaw.Unlessotherwiseprovidedbylaw, InvestmentAuthority employees shall serve at the pleasure of the CIO and any vacancies in these positions may be filled by the CIO.
– The Chief Investment Officer shall employ staff necessary to assist the CIO and the Board of Directors in carrying out duties and responsibilities under this Articleorasprescribedin anyotherlaw.Unlessotherwiseprovidedbylaw, InvestmentAuthority employees shall serve at the pleasure of the CIO and any vacancies in these positions may be filled bythe CIO.
The CIO may designate managerial, professional, and policy-making positions as exempt from the North Carolina Human Resources Act, in accordance with G.S.
The CIO maydesignate managerial, professional, and policy-making positions as exempt from the North Carolina Human Resources Act, in accordance with G.S.
DRS45360-MRp-94D Page 7 General Assembly Of North Carolina Session 2025 Any delegation of authority by the Board of Directors shall require Board of Directors approval and shall reserve certain strategic decisions and extraordinary investment decisions to the Board of Directors.
Senate Bill 709-First Edition Page 7 General Assembly Of North Carolina Session 2025 Any delegation of authority by the Board of Directors shall require Board of Directors approval and shall reserve certain strategic decisions and extraordinary investment decisions to the Board of Directors.
To ensure that the State Treasurer's Investment Authority investment programs operate under a strong governance framework with rigorous internal controls and a high degree of operational transparency and are managed with the highest ethical and professional standards and in the most efficient and effective manner possible, the State Treasurer, after consultation with the Investment Advisory Committee, is authorized and required to Board of Directors shall adopt policies and procedures on the following topics:
To ensure that the State Treasurer's Investment Authorityinvestment programs operate under a strong governance framework with rigorous internal controls and a high degree of operational transparencyand are managed with the highest ethical and professional standards and in the most efficient and effective manner possible, the State Treasurer, after consultation with the Investment Advisory Committee, is authorized and required to Board of Directors shall adopt policies and procedures on the following topics:
(5) Asacomponent oftheinvestment duediligence, negotiations, andcontracting process, requiring an independent assessment of whether circumstances exist that create a material risk that professional judgement or actions regarding a potential investment arrangement's recommendation, approval, or execution have been or will be unduly influenced by a direct or indirect personal interest." SECTION 2.3.(a) Rules, codes of ethics, policies, and procedures adopted by the State Treasurer in effect on June 30, 2025, that are impacted by the change in authority from the StateTreasureror Department ofStateTreasurertothe Investment Authorityunderthis Partshall remain in effect until amended by law, amended by the Investment Authority, or repealed.
(5) Asacomponent oftheinvestment duediligence, negotiations, and contracting process, requiring an independent assessment of whether circumstances exist that create a material risk that professional judgement or actions regarding a potential investment arrangement's recommendation, approval, or execution have been or will be unduly influenced by a direct or indirect personal interest." SECTION 2.3.(a) Rules, codes of ethics, policies, and procedures adopted by the State Treasurer in effect on June 30, 2025, that are impacted by the change in authority from the StateTreasureror Department ofStateTreasurertothe Investment Authorityunderthis Partshall remain in effect until amended by law, amended by the Investment Authority, or repealed.
Page 8 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 (b) This section applies to funds held by deposited with the State Treasurer to the credit of:of all of the following:
Page 8 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 (b) This section applies to funds held by deposited with the State Treasurer to the credit of:of all of the following:
The funds are initially deposited through a bank or savings and loan association in the State that is an official depository and that is selected by the State Treasurer, provided that the rate of return or investment yield shall not be less than that available in the market on United States government or agency obligations of comparable maturity.
The funds are initiallydeposited through a bank or savings and loan association in the State that is an official depository and that is selected by the State Treasurer, provided that the rate of return or investment yield shall not be less than that available in the market on United States government or agency obligations of comparable maturity.
DRS45360-MRp-94D Page 9 General Assembly Of North Carolina Session 2025 3.
Senate Bill 709-First Edition Page 9 General Assembly Of North Carolina Session 2025 3.
(8) Bills of exchange or time drafts drawn on and accepted by a commercial bank and eligible for use as collateral by member banks in borrowing from a federal reserve bank, provided that when bills or drafts are acquired, the accepting bank or its holding company is either (i) incorporated in the State of North Carolina or (ii) has outstanding publicly held obligations that bear the highest rating, such as a minimum of "P1," "A1," or "F1," of at least one nationally recognized rating service designated by the U.S.
(8) Bills of exchange or time drafts drawn on and accepted by a commercial bank and eligible for use as collateral bymember banks in borrowingfrom a federal reserve bank, provided that when bills or drafts are acquired, the accepting bank or its holding company is either (i) incorporated in the State of North Carolina or (ii) has outstanding publicly held obligations that bear the highest rating, such as a minimum of "P1," "A1," or "F1," of at least one nationally recognized rating service designated by the U.S.
Securities and Exchange Commission, and do not bear a rating below the highest by any nationally recognized rating service which rates the particular obligation.
Securities and Exchange Commission, and do not bear a rating below the highest byanynationallyrecognized ratingservice which rates the particular obligation.
Page 10 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 (1) The Teachers' and State Employees' Retirement System of North Carolina.
Page 10 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 (1) The Teachers' and State Employees' Retirement System of North Carolina.
The State Treasurer Investment Authority may DRS45360-MRp-94D Page 11 General Assembly Of North Carolina Session 2025 invest the funds as provided in this subsection in the manner authorized by subsection (e) of this section.
The State Treasurer Investment Authority may Senate Bill 709-First Edition Page 11 General Assembly Of North Carolina Session 2025 invest the funds as provided in this subsection in the manner authorized by subsection (e) of this section.
If an investment was authorized by this subsection at the time the investment was made or contractually committed to be made, then that investment shall continue to be authorized by this subsection, and none of the percentage or other limitation on investments set forth in this subsection shall be construed to require the State Treasurer Investment Authority to subsequently dispose of the investment or fail to honor any contractual commitments as a result of changes in market values, ratings, or other investment qualifications.
If an investment was authorized by this subsection at the time the investment was made or contractually committed to be made, then that investment shall continue to be authorized by this subsection, and none of the percentage or other limitation on investments set forth in this subsection shall be construed to require the State Treasurer Investment Authorityto subsequently dispose of the investment or fail to honor any contractual commitments as a result of changes in market values, ratings, or other investment qualifications.
(7) Retirement Systems' assets referred to in subdivision (8) of this subsection may be invested in strategies managed primarily for the purpose of owning Page 12 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 real estate or related debt financing, excluding asset-backed financing and timberlands, located within or outside the United States.
(7) Retirement Systems' assets referred to in subdivision (8) of this subsection may be invested in strategies managed primarily for the purpose of owning Page 12 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 real estate or related debt financing, excluding asset-backed financing and timberlands, located within or outside the United States.
… (9) With respect to Retirement Systems' assets, as defined in subdivision (b)(8) of this subsection, they assets may be invested in (i) a strategy composed primarily of private equity, or corporate buyout transactions, within or outside the United States or (ii)an arrangement authorized under subsection (e) of this section with the primary purpose to engage in other strategies not expressly authorized by any other subdivision of this subsection.
… (9) With respect to Retirement Systems' assets, as defined in subdivision (b)(8) of this subsection, they assets may be invested in (i) a strategy composed primarilyof private equity, or corporate buyout transactions, within or outside the United States or (ii)an arrangement authorized under subsection (e) of this section with the primary purpose to engage in other strategies not expressly authorized by any other subdivision of this subsection.
… (10a) With respect to Retirement Systems' assets, as defined in subdivision (8) of this subsection, the market value of any of subdivision (6c) or (7), DRS45360-MRp-94D Page 13 General Assembly Of North Carolina Session 2025 sub-subdivision b.
… (10a) With respect to Retirement Systems' assets, as defined in subdivision (8) of this subsection, the market value of any of subdivision (6c) or (7), Senate Bill 709-First Edition Page 13 General Assembly Of North Carolina Session 2025 sub-subdivision b.
… (12) It is the intent of the General Assembly that the Escheat Fund provide a perpetual and sustainable source of funding for the purposes authorized by the State Constitution.
… (12) It is the intent of the General Assembly that the Escheat Fund provide a perpetual and sustainable source of fundingfor the purposes authorized bythe State Constitution.
(b2) The State Treasurer Investment Authority may invest funds deposited pursuant to subdivision (a)(17f) of this section in any of the investments authorized under subdivisions (b)(1) through (6), subdivision (b)(6c), and subdivision (b)(8) of this section, notwithstanding the percentage limitations imposed on the Retirement Systems' investments therein.
(b2) The State Treasurer Investment Authority may invest funds deposited pursuant to subdivision (a)(17f) of this section in anyof the investments authorized under subdivisions (b)(1) through (6), subdivision (b)(6c), and subdivision (b)(8) of this section, notwithstanding the percentage limitations imposed on the Retirement Systems' investments therein.
Funds deposited pursuant to Page 14 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 this subsection by a hospital shall remain the funds of that hospital, and interest or other investment income earned thereon shall be prorated and credited to the contributing hospital on the basis of the amounts thereof contributed, figured according to sound accounting principles.
Funds deposited pursuant to Page 14 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 this subsection by a hospital shall remain the funds of that hospital, and interest or other investment income earned thereon shall be prorated and credited to the contributing hospital on the basis of the amounts thereof contributed, figured according to sound accounting principles.
Fees assessed by the State Treasurer Investment Authority maybe used to defray the cost of administeringinvestments pursuant to this subsection and expenditures authorized under this section.
Fees assessed by the State Treasurer Investment Authoritymaybe used to defraythe cost of administeringinvestments pursuant to this subsection and expenditures authorized under this section.
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Fees assessed by the State Treasurer Investment Authority may beused to defray the costs ofadministeringthe Fundand expenditures authorized under this section.
Fees assessed by the State Treasurer Investment Authoritymaybeused to defraythe costs ofadministeringthe Fundand expenditures authorized under this section.
For investments from the Funds made under subdivisions (b)(6c) and (b)(8) of this section, the State Treasurer Investment Authority may require a minimum deposit of up to DRS45360-MRp-94D Page 15 General Assembly Of North Carolina Session 2025 one hundred thousand dollars ($100,000) and may assess reasonable fees of up to 15 basis points per annum as a condition of making the investment.
For investments from the Funds made under subdivisions (b)(6c) and (b)(8) of this section, the State Treasurer Investment Authority may require a minimum deposit of up to Senate Bill 709-First Edition Page 15 General Assembly Of North Carolina Session 2025 one hundred thousand dollars ($100,000) and may assess reasonable fees of up to 15 basis points per annum as a condition of making the investment.
The State Treasurer Investment Authority may require a minimum deposit, up to onehundred thousand dollars ($100,000), andmay assess a reasonable fee, not to exceed 15basis points, as a condition of participation pursuant to this subsection.
The State Treasurer Investment Authority may require a minimum deposit, up to onehundred thousand dollars ($100,000), andmayassessa reasonable fee, not to exceed15basis points, as a condition of participation pursuant to this subsection.
147-70.6, including financial, operational, and investment expertise and resources, alignment of interests Page 16 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 andinvestorprotections,transparencyandrepeatabilityofinvestmentprocess, risk controls, and cost-effectiveness.
147-70.6, including financial, operational, and investment expertise and resources, alignment of interests Page 16 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 andinvestorprotections,transparencyandrepeatabilityofinvestmentprocess, risk controls, and cost-effectiveness.
– All documents of the Governor or the State Treasurer concerning the Fund are public records governed by Chapter 132 of the General Statutes and any applicable provisions of the General Statutes protecting confidential information.
– All documents of the Governor or the State Treasurer concerning the Fund are public records governed byChapter 132 of the General Statutes and any applicable provisions of the General Statutes protecting confidential information.
DRS45360-MRp-94D Page 17 General Assembly Of North Carolina Session 2025 The State Treasurer and the Governor shall jointly The Investment Authority shall develop and adopt an investment policy statement for the Venture Capital Multiplier Fund.
Senate Bill 709-First Edition Page 17 General Assembly Of North Carolina Session 2025 The State Treasurer and the Governor shall jointly The Investment Authority shall develop and adopt an investment policy statement for the Venture Capital Multiplier Fund.
The State Treasurer and Governor shall jointly adopt a common policy to prevent conflicts of interests such that (i) the designees of the State Treasurer and Governor who selected the third-party investment management firm, (ii) the staff of the State Treasurer overseeing the Fund, and (iii) the third-party investment management firm's employees selecting or overseeing Fund investments do not provideservices forcompensation (as an employee, consultant, orotherwise), within two years after the end of their service to the Fund, to any entity in which an investment from the Fund was made.
The State Treasurer and Governor shall jointly adopt a common policy to prevent conflicts of interests such that (i) the designees of the State Treasurer and Governor who selected the third-partyinvestment management firm, (ii) the staff of the State Treasurer overseeingthe Fund, and (iii) the third-party investment management firm's employees selecting or overseeing Fund investments do not provideservices forcompensation (as an employee,consultant, orotherwise), within two years after the end of their service to the Fund, to any entity in which an investment from the Fund was made.
– The Investment Authority shall adopt a policy to prevent conflicts of interest.
– The Investment Authorityshall adopt a policy to prevent conflicts of interest.
A third-party professional consultant may be engaged to conduct the required assessment.
A third-party professional consultant maybe engaged to conduct the required assessment.
Page 18 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 (3) Private key.
Page 18 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 (3) Private key.
(b) The Investment Authority may invest the cash of the designated funds in digital assets only after approval by the Board of Directors.
(b) The Investment Authoritymayinvest the cash of the designated funds in digital assets only after approval by the Board of Directors.
(3) The control environment meets institutional investment industry requirements for independent risk and compliance oversight, operational robustness, and regulatory compliance.
(3) The control environment meets institutional investment industryrequirements for independent risk and compliance oversight, operational robustness, and regulatory compliance.
(c) An investment in digital assets from any of the designated funds shall not exceed, in the aggregate, five percent (5%) of the balance of the designated fund for an initial period of time that is set by the Board of Directors.
(c) An investment in digital assets from any of the designated funds shall not exceed, in the aggregate, five percent (5%) of the balance of the designated fund for an initial period of time that is set bythe Board of Directors.
(b) Any official, board, commission, other public authority, local government, school administrative unit, charter school, local ABC board, or community college of the State having custody of any funds not required by law to be deposited with and invested by the State Treasurer orthe Investment Authority maydeposit all or any portion ofthosefunds with the StateTreasurer Investment Authority for investment in one of the investment programs established pursuant to authorized under this section, subject to any provisions of law with respect to eligible investments, provided that any investments.
(b) Any official, board, commission, other public authority, local government, school administrative unit, charter school, local ABC board, or community college of the State having custodyof anyfunds not required bylaw to be deposited with and invested bythe State Treasurer orthe Investment Authoritymaydeposit all or anyportion ofthosefunds with the StateTreasurer Investment Authority for investment in one of the investment programs established pursuant to authorized under this section, subject to any provisions of law with respect to eligible investments, provided that any investments.
93B-1 may participate in one of the investment programs established pursuant to authorized under this section regardless of whether or not the funds were required by law to be deposited with and invested by the State Treasurer.
93B-1 mayparticipate in one of the investment programs established pursuant to authorized under this section regardless of whether or not the funds were required by law to be deposited with and invested by the State Treasurer.
DRS45360-MRp-94D Page 19 General Assembly Of North Carolina Session 2025 (e) The State Treasurer Investment Authority has full powers as a fiduciary to hold, purchase, sell, assign, transfer, lend and dispose of any of the securities or investments in which any of the investment programs created pursuant to this section have been invested, and may reinvest the proceeds from the sale of those securities or investments and any other investable assets of the program.
Senate Bill 709-First Edition Page 19 General Assembly Of North Carolina Session 2025 (e) The State Treasurer Investment Authority has full powers as a fiduciary to hold, purchase, sell, assign, transfer, lend and dispose of any of the securities or investments in which any of the investment programs created pursuant to this section have been invested, and may reinvest the proceeds from the sale of those securities or investments and any other investable assets of the program.
Investment Authority, including through administrative fees if approved by the Board of Directors.
Investment Authority, including through administrative fees if approved bythe Board of Directors.
(4) A designated attorney under this subsection includes any attorney employed or retained by the Investment Authority to review contracts as required by this subsection.
(4) A designated attorney under this subsection includes any attorney employed or retained bythe Investment Authorityto review contracts as required bythis subsection.
Page 20 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 … "§ 147-69.4A.
Page 20 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 … "§ 147-69.4A.
(c) In providing any support or assistance under this section, the Investment Authority shall discharge its duties as a fiduciary to the participants in theSupplemental Retirement Income Plan of North Carolina and the North Carolina Public Employee Deferred Compensation Plan.
(c) In providing any support or assistance under this section, the Investment Authority shall discharge its duties as a fiduciaryto the participants in theSupplemental Retirement Income Plan of North Carolina and the North Carolina Public Employee Deferred Compensation Plan.
(a) The Swain County Settlement Trust Fund is established as a special fund in the Office of the State Treasurer under the management of the Treasurer.
(a) The Swain CountySettlement Trust Fund is established as a special fund in the Office of the State Treasurer under the management of the Treasurer.
Whenever the General Assembly broadens the investment authority of the State Treasurer Investment Authority as to the General Fund, the Teachers' and State Employees' Retirement System, the Consolidated Judicial Retirement System, the Firefighters' and Rescue Squad Workers' Pension Fund, the Local Governmental Employees' Retirement System, the Legislative Retirement System, the North Carolina National Guard Pension Fund, or any idle funds, the State Treasurer Investment Authority shall annually report in detail to the General Assembly the investmentsmadeundersuchnewauthority,includingthereturnsonthoseinvestments,earnings, changes to value, and gains and losses in disposition of such investments.
Whenever the General Assembly broadens the investment authority of the State Treasurer Investment Authority as to the General Fund, the Teachers' and State Employees' Retirement System, the Consolidated Judicial Retirement System, the Firefighters' and Rescue Squad Workers' Pension Fund, the Local Governmental Employees' Retirement System, the Legislative Retirement System, the North Carolina National Guard Pension Fund, or anyidle funds, the State Treasurer Investment Authority shall annually report in detail to the General Assembly the investmentsmadeundersuchnewauthority,includingthereturnsonthoseinvestments,earnings, changes to value, and gains and losses in disposition of such investments.
DRS45360-MRp-94D Page 21 General Assembly Of North Carolina Session 2025 (a) In addition to all other audits and reports required by the law, the State Treasurer Treasurer, with the active assistance of the Investment Authority, shall prepare and issue, at the end of each fiscal year beginning with the 2015-2016 fiscal year, year, a set of consolidated stand-alone financial statements regarding investments authorized in G.S.
Senate Bill 709-First Edition Page 21 General Assembly Of North Carolina Session 2025 (a) In addition to all other audits and reports required by the law, the State Treasurer Treasurer, with the active assistance of the Investment Authority, shall prepare and issue, at the end of each fiscal year beginning with the 2015-2016 fiscal year, year, a set of consolidated stand-alone financial statements regarding investments authorized in G.S.
(a) On at least a biennial basis, the State Treasurer Chief Investment Officer shall present an investment policy statement to the Investment Advisory Committee Board of Directors for the Committee's consultation.
(a) On at least a biennial basis, the State Treasurer Chief Investment Officer shall present an investment policystatement to the Investment AdvisoryCommittee Board of Directors for the Committee's consultation.
147-69.2 increases during a fiscal year by an amount greater than three percent (3%) of the market value of all invested assets of the Retirement Systems as of the prior fiscal year end, then the quarterly report provided shall describe how that increase complies with the duties described in G.S.
147-69.2 increases during a fiscal year by an amount greater than three percent (3%) of the market value of all invested assets of the Retirement Systems as of the prior fiscal year end, then the quarterlyreport provided shall describe how that increase complies with the duties described in G.S.
Page 22 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 (2) A specific listing of all investments made with certified green managers and companies and funds that support sustainable practices, including the names of the companies, managers, and funds, the amount invested, and the State's return on investment.
Page 22 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 (2) A specific listing of all investments made with certified green managers and companies and funds that support sustainable practices, including the names of the companies, managers, and funds, the amount invested, and the State's return on investment.
DRS45360-MRp-94D Page 23 General Assembly Of North Carolina Session 2025 (1) The beginning and ending market value of each investment program and deposits or withdrawals.
Senate Bill 709-First Edition Page 23 General Assembly Of North Carolina Session 2025 (1) The beginning and ending market value of each investment program and deposits or withdrawals.
(2) Either a statement that the investment is managed internally by the staff of the State Treasurer Investment Authority or the names of the external investment manager and the investment vehicle for that investment.
(2) Either a statement that the investment is managed internally bythe staff of the State Treasurer Investment Authority or the names of the external investment manager and the investment vehicle for that investment.
Page 24 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 (c) The Treasurer shall report to the Governor annually the exact balance in the treasury to the credit of the State, with a summary of the receipts and payments of the treasury during the preceding fiscal year, and so far as practicable an account of the same down to the termination of the current calendar year.
Page 24 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 (c) The Treasurer shall report to the Governor annually the exact balance in the treasury to the credit of the State, with a summary of the receipts and payments of the treasury during the preceding fiscal year, and so far as practicable an account of the same down to the termination of the current calendar year.
With respect to theRetirementSystems definedinG.S.
With respect to theRetirementSystems definedin G.S.
(2) Shall diversify Diversify the investments of the fund fund, unless the State Treasurer Investment Authority reasonably determines that, because of DRS45360-MRp-94D Page 25 General Assembly Of North Carolina Session 2025 special circumstances, including applicable investment restrictions, it is clearly prudent not to do so.
(2) Shall diversify Diversify the investments of the fund fund, unless the State Treasurer Investment Authority reasonably determines that, because of Senate Bill 709-First Edition Page 25 General Assembly Of North Carolina Session 2025 special circumstances, including applicable investment restrictions, it is clearly prudent not to do so.
147-71.2(a), as enactedbySection 2.2 ofthis act, is amended by adding a new subdivision to read:
147-71.2(a), as enactedbySection2.2ofthis act, is amended by adding a new subdivision to read:
Page 26 DRS45360-MRp-94D General Assembly Of North Carolina Session 2025 a.
Page 26 Senate Bill 709-First Edition General Assembly Of North Carolina Session 2025 a.
… (c1) Except as to Articles 6 and 7 of this Chapter, this Chapter does not apply to any of the following:
… (c1) Except as to Articles 6 and 7 of this Chapter, this Chapter does not apply to anyof the following:
… DRS45360-MRp-94D Page 27 General Assembly Of North Carolina Session 2025 (23) The Executive Administrator of the State Health Plan for Teachers and State Employees.
… Senate Bill 709-First Edition Page 27 General Assembly Of North Carolina Session 2025 (23) The Executive Administrator of the State Health Plan for Teachers and State Employees.
(41) Employees of the North Carolina Investment Authority established under Part 5 of Article 6 of Chapter 147 of the General Statutes who possess specialized skills or knowledge necessary for the proper administration of investment programs and who are employed in a position designated by the Chief Investment Officer as exempt in accordance with G.S.
(41) Employees of the North Carolina Investment Authorityestablished under Part 5 of Article 6 of Chapter 147 of the General Statutes who possess specialized skills or knowledge necessary for the proper administration of investment programs and who are employed in a position designated by the Chief Investment Officer as exempt in accordance with G.S.
Page 28 DRS45360-MRp-94D
Page 28 Senate Bill 709-First Edition
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Action History

  1. Passed 1st Reading

  2. Ref To Com On Rules and Operations of the Senate

  3. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 3 co-sponsors · 174 not signed on

Sponsors (2)

Co-sponsors (3)

Not signed on (174)

174 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance transportation technology
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Frequently asked questions

Who sponsors SB 709?
SB 709 is sponsored by Timothy D. Moffitt (Republican), Tom McInnis (Republican), Michael V. Lee (Republican), David W. Craven, Jr. (Republican), and Ralph Hise (Republican).
What is the current status of SB 709?
This bill is in committee in the Senate. Introduced March 25, 2025. It must pass committee before a floor vote.
Where can I track SB 709?
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