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North Carolina's public employees retirement system is underfunded, bled more than $2 billion in red ink in the most recent 12-month period reported, and is outperformed by most other states, data show
After paying off a $2.8 billion debt to the federal government in May 2015, Governor Pat McCrory and the Division of Employment Security (DES) announced that the unemployment trust fund reserve has reached a $1 billion. It's the first time that the trust fund has exceeded $1 billion since May 2001.
The controversy over who will make future appointments to the state Board of Review, which rules on appeals of unemployment board decisions, has gotten personal.
Contrary to recent media reports, North Carolina has taken out federal loans to operate its underfunded unemployment insurance system, and it is the state's obligation to see that $2.5 billion debt is repaid, said Dale Folwell, state assistant secretary of employment security.
This is the final week 70,000 jobless workers in North Carolina will receive a federal emergency unemployment compensation check. But Dale Folwell, the state official in charge of jobless benefits, says reports claiming that as many as 170,000 unemployed state residents might lose federal...