North Carolina shifts pension control to new board

• Up until now, North Carolina was one of the few remaining states where the state treasurer made the final investment decisions on all public investment funds in the state.

Driving the news: House Bill 506 creates the North Carolina Investment Authority, which will be made of a board of five people: the state treasurer and four other members appointed by the House speaker, the Senate leader, the governor and the treasurer.

• Board members, who will need at least 10 years of experience in pension, endowment or investment management, will make final decisions on investments and risk tolerance.

What they're saying: "This bill puts North Carolina in line with the rest of the nation and allows us to make responsible decisions investing our state employees' hard-earned pensions. I applaud Treasurer Briner for his leadership in modernizing our state's investment system," Stein, a Democrat, said of the bill in a statement.