North Carolina has officially launched a new agency to oversee $200 billion in public funds, marking one of the most significant changes to state financial management in decades.

The North Carolina Investment Authority (NCIA), created through legislation earlier this year, held its first meeting this week.

“Today was a big day for North Carolina’s future,” said Treasurer Brad Briner in a press release. “The shift toward board governance and away from the sole fiduciary model will allow us to maximize returns for the people of North Carolina.”

The agency consolidates oversight of the North Carolina Retirement Systems, cash management, and other public funds, which currently serve over one million members and distribute about $640 million in monthly benefits.

Leadership and Structure

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