US - State and local North Carolina governments will have to increase their contribution rate into the North Carolina Retirement Systems to 6.71% to make up for an underfunded status, the state treasurer said.
Treasurer Janet Cowell said the funded status of the scheme fell to 99.3% at the end of 2008, down from 104.7% the previous year.
She said: "Even if we achieve investment target returns as the economy recovers, it is very likely that the funded status will continue to decline as losses from the 2008 downturn are distributed over the next several years. State and local governments will need to continue to budget for increased contributions to the system."
The contribution from the government next year will have to increase to 6.71% from 3.57%. Cowell said the normal contribution rate is 6.3%, but the General Assembly had decreased the rate because of strong investment returns.
Some 11% of the scheme's funding comes from the General Assembly, 30% comes from employee contributions of 6% of earnings and the rest is funded through investment returns.
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