RALEIGH — New North Carolina State Treasurer Brett Briner discussed the State Health Plan and the status of the pension fund during his first “Open Access” call with media on Jan. 27.
In his initial remarks, Briner said his department is responsible for managing approximately $250 billion in assets, distributing 375,000 pension checks monthly and providing health benefits to 760,000 individuals.
The treasurer said the State Health Plan (SHP) is facing a $507 million deficit in 2026 and will “require belt-tightening,” which may include increased premiums.
Briner was asked if an increase might be $15 or $20, responding that a $20 premium increase was “not far off from” what’s been communicated publicly already. He added the increase would be “at the bottom end of the income distribution,” and a premium increase would be more for those with higher incomes. He added that the SHP board would look at its options at an upcoming meeting.
Briner mentioned that the health plan board is considering the ability to charge differential premiums based on income, allowing for a more equitable distribution of costs among SHP members. He added he thinks that the idea “enjoys substantial support across the entire board.”
“We aspire to make this health plan better for all the members over time,” Briner said.
Briner also indicated he was open to revisiting GLP-1 weight loss drugs being covered under the SHP in 2026.
Briner also highlighted issues with the pension plan’s performance and said it is facing a $16 billion deficit.
“On the investment management side, if you look at the Boston College Center for Retirement Research, they provide this data that North Carolina is either 49th or 50th in investment performance over any period,” said Briner. “That challenge manifests the inability to provide cost-of-living adjustments to our retirees over time. That is something that we are actively seeking to change.”
Briner indicated he plans to adjust the pension’s asset allocation from its current 48% equity/52% cash and fixed income split closer to the national average of 70/30. He said he’s also hired four new Investment Advisory Committee members to work on the issues.
As chair of the Local Government Commission, Briner said he’d like to address restrictions municipalities face in seeking funding by modernizing bond-selling practices and making the process more flexible.
Addressing the SHP’s Clear Pricing Project (CPP), Briner noted the program was up for review in 2026 and that though there were multiple deadlines for providers to enroll, many failed to comply.
CPP was created in 2018 under former Treasurer Dale Folwell with the aim of getting health providers to be transparent in their pricing and billing. SHP members enjoyed no or low copays for providers who joined the CPP. The CPP was voluntary and had no enforcement functions.
“We have to work with all stakeholders,” Briner said of pricing transparency and finding a better long-term solution.
