State Treasurer Janet Cowell is meeting with legislators this short session to push her proposed pension investment reforms. But the reforms don’t include who runs the pension fund.
This is what Treasurer Janet Cowell says she’s been hearing in the state senate.
“Because some people say if it’s not broken, don’t fix it.”
Cowell says in the short session, she’s pushing for an independent audit and greater transparency, but talk of moving the $86 billion pension fund from a sole fiduciary investment system to a board-of-trustee model should wait until next year.
“This is a big change, this is one of the largest pension systems in the country," said Cowell. "It’s one of the strongest pensions in the country, and if we do make a change I want it to be done right.”
There are only four states in the U.S. with sole fiduciary run pension fund models – North Carolina, Michigan, New York and Connecticut.
