SEANC ad pushes pension bill

The State Employees Association of North Carolina has taken its case to the newspapers, again.

In a full-page color ad in the front section of today's N&O, the state workers group promotes a House bill that would transfer control of the state pension away from the state treasurer to a board appointed by the governor and legislative leaders.

"Q: Why does the North Carolina retirement system need reform?" the ad says, above a photo of a mournful-looking couple. "A: $4 billion lost in 4 months."

The ad cites a May 30 story in the Triangle Business Journal that noted the value of the pension fund for state workers and teachers dropped from $43 to $38 billion in the first quarter of 2008 due to the drop in the stock market.

In an interview, SEANC spokeswoman Toni Davis would not say whether the pension fund lost value because of mismanagement by Moore or just a poor economy.

"All that we are saying with that ad is that we woud like for the General Assembly to consider legislation that would have an investment board rather than a state treasurer," she said.

State Treasurer Richard Moore's office said that the ad was "irresponsible scare tactics."

"It is unfortunate that SEANC continues to scare retirees and public workers about their pension fund," said spokeswoman Sara Lang in a statement. "North Carolina's pension fund is one of the best in the country, and our conservative investment strategy means that members can count on their benefits to be there for them."

It cost around $9,500 to run the ad.