North Carolina SRP Board Approves $3.1M Budget for Fiscal Year 2026-27

North Carolina Supplemental Retirement Plans Board Approves New Budget

In a significant development for North Carolina’s public servants, the Supplemental Retirement Plans (SRP) Board of Trustees has sanctioned a new budget for the fiscal year 2026-2027. The decision underscores the board’s commitment to maintaining and enhancing the financial health of the state’s 401(k) and NC 457 plans.

The approved budget of $3.1 million predominantly covers essential expenses such as staff salaries, legal fees, audits, investment consulting, and various administrative costs. These expenditures are crucial for the efficient management of the retirement plans, which boast a market value of approximately $20 billion and encompass 326,488 participants.

Treasurer Brad Briner and RSD Executive Director Sam Watts listen in for budget presentation.

During the meeting, the board reviewed agenda items including a presentation from Callan, an institutional investment consultancy. Callan affirmed the stability of the SRP’s investment menu, which has effectively served its participants. In a bid to optimize portfolio diversity, Callan recommended the removal of the N.C. Inflation Sensitive Fund, citing its low usage among participants. The fund, which includes U.S. government bonds and real estate investments, will be phased out following the board’s approval.

In addition to these changes, the board received performance evaluations and administrative reports from various vendors, ensuring ongoing transparency and accountability in managing the retirement plans.

The NC 401(k) and NC 457 plans are tailored for public employees in North Carolina, making them some of the largest and most cost-effective public plans nationwide. Managed by the North Carolina Department of State Treasurer (DST) and the SRP Board, these plans are available through over 1,100 public employers, including state agencies, local governments, schools, and community colleges. Notably, more than 550 employers contribute to these plans, promoting retirement readiness among participants. For further details on the NC 401(k) and NC 457 plans, visit myNCPlans.com.