The House approved a bill that would give state Treasurer Janet Cowell greater flexibility in investing the state's pension fund.
The treasurer oversees the fund, a $55.9 billion pool of money, that pays retirement benefits for teachers and state and local government employees.
Cowell's office was pushing the bill. The target for return on investments in the fund is 7.25 percent. Without the bill, Cowell's office estimates a return of 6.92 percent, which would translate to a $1.3 billion annual shortfall.
Opponents said the bill would allow risky speculation.
"We need to reduce the risk," said Rep. Bill McGee, a Clemmons Republican.
Rep. Pryor Gibson, a Wadesboro Democrat who fended off multiple amendments meant to limit investment options, said the legislature should trust the Treasurer's office to make the right decisions.
"We hire professionals to do a job over there," Gibson said.
The bill must now return to the Senate before it would go to the governor.
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Re: House votes for Treasurer options
It is Hypocrisy!
Democrats across this nation and state are AGAINST you investing up to 2% of your Social Security. But then they are for this? Oh come on Democrats, stop saying it is ok for you but not the rest of us. Your arrogance is showing!