North Carolina State Treasurer Dale Folwell recently addressed concerns about the state pension plan and State Health Plan during a Council of State meeting. He mentioned that the pension plan is facing financial struggles, with a lower assumed rate of return and fewer state employees paying into the plan. The State Health Plan is also under pressure, with a projected $106.3 million income loss for the 2023-24 fiscal year. Folwell highlighted the unfunded liability of $30 billion, currently only 9% funded and rising. He proposed a five-point plan to address these issues in the long term. Additionally, he called for transparency in hospital pricing and criticized hospital billing practices.
Folwell also requested Governor Roy Cooper to sign on to a letter regarding the price of GLP-1 weight loss drugs, questioning the high costs paid by State Health Plan members. He expressed concern about major hospitals in the state buying out smaller hospitals, referring to their practices as “immoral.” Regarding his efforts to address these issues, he emphasized the importance of holding hospital executives and boards accountable for putting profits over patients.
In conclusion, Folwell urged for changes in hospital billing practices and transparency, along with measures to ensure fair pricing for medications. He called for Governor Cooper’s support in addressing high drug costs and questioned the actions of major hospitals in the state. The ongoing financial struggles of the state pension plan and State Health Plan remain a point of concern, with Folwell advocating for long-term solutions to ensure financial stability in both plans.
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