North Carolina’s state treasurer has submitted the framework for a bill that would introduce a monthly 401K match for state employees, teachers, and retirees.
State Treasurer Dale Folwell said while the $25 per month match may seem like a small amount, it adds up to tens of millions of dollars in appropriations by the General Assembly.
Members of the state plan currently contribute 6% each month to the North Carolina Retirement Systems, which Folwell said is one of the strongest pensions in the country, but most people will need more to meet the recommended 80% of pre-retirement income.
