Feature
News From the N.C. State Treasurer
Ready. Set. Grow!
At the North Carolina Department of State Treasurer (DST), our vision is to sustain and advance performance Dale Folwell and efficiency, always focusing on our loyalty and duty of care to participants. In doing this, we work to preserve, protect and sustain the state’s retirement pension funds. In fact, I stand on the shoulders of the treasurers who came before me who
believed in sustained, conservative strategies for the funds that will support our members in retirement. Early in my role as state treasurer, I declared my commitment to reducing fees and creating a culture of transparency. DST staff has worked diligently to negotiate fees and costs, support strategic investments and maintain a high level of value for our members. This led to being nationally recognized in studies and research by the Pew Charitable Trusts as a state that is “doing things right” and a surge in the pension fund balance which
reached record highs this past quarter. As a firefighter or rescue squad worker in the state of North Carolina, you may be a member of the Local Governmental Employees Retirement System (LGERS). As a member, you contribute six percent monthly towards the LGERS pension fund and this is supported by your employer’s contributions (on average 13 percent) and investment returns. All firefighters and rescue squad workers in the state of North Carolina are eligible to become a member of the Firefighters’ and Rescue Squad Workers’ Pension Fund (FRSWPF) if they meet certain criteria. To be an “eligible firefighter,” you must be 18 or older and belong to a fire department that: • i s rated by the Fire Insurance Rating Bureau and is certified by the Department of Insurance as not less than a Class “9S” department; • files a roster annually with the North Carolina State Firemen’s Association, which is forwarded to the Pension Fund by January 31 each year; and • h olds training sessions at least four hours monthly for which members are required to attend at least 36 hours per year To be an “eligible rescue squad worker,” you must be 18 or older and belong to a rescue squad that: • i s eligible for membership in the North Carolina Association of Rescue and Emergency Medical Services Inc.; • files a roster annually with the
18 Summer • 2021
www.carolinafirejournal.com
North Carolina Association of Rescue and Emergency Medical Services Inc., which is forwarded to the Pension Fund by January 31 each year; and • a ttend a minimum of 36 hours of training sessions each year. To become a member of the FRSWPF, you must: • c omplete an enrollment application (Form 350, Enrolling in the Firefighters’ and Rescue Squad Workers’ Pension Fund) through your department or squad, and; • m ail it with your first payment (contributions are $10 per month) to: Firefighters’ and Rescue Squad Workers’ Pension Fund Department of State Treasurer 3200 Atlantic Avenue Raleigh, NC 27604 Your enrollment date will be effective in the month in which the pension fund receives both your application and first contribution. Your pension is a foundational part of your retirement savings, but you may need to do more. It is often recommended that you have at least 80 percent of your current salary as income in retirement. You should consider your potential pension benefit, and social security benefit and outside accounts. Saving for retirement is unique and personal for everyone and not necessarily an automatic or intuitive process. We start saving at different times, we save different amounts and we have different comfort levels with risk versus see READY. SET. GROW. page 34
Carolina Fire Rescue EMS Journal
