Bill > S709

This bill establishes the North Carolina Investment Authority (NCIA) as an independent state agency responsible for managing various state investment funds, including retirement systems, the General Fund, and special funds. The bill creates a new governance structure with a five-member Board of Directors, including the State Treasurer as an ex officio chair, and establishes a Chief Investment Officer to manage investments. Key provisions include expanding investment authorities, allowing more flexible investment strategies across asset classes, and implementing stricter governance and reporting requirements. The bill introduces provisions for digital asset investments, limits on illiquid investments, and enhanced transparency through monthly and annual reporting. The NCIA will have operational independence from other state agencies, with the ability to set market-competitive compensation for investment professionals and establish its own procurement and staffing processes. The transition will occur in stages, with the agency formally beginning to manage investments on January 1, 2026, while maintaining existing investment policies and rules during the transition period. The bill aims to modernize state investment management by providing more flexibility, professional oversight, and strategic investment capabilities.

https://www.ncleg.gov/BillLookUp/2025/S709