Greensboro Reporter

Much like the rest of the nation in early March, North Carolina witnessed COVID-19's financial impact when the stock markets rapidly dropped.

The state's treasurer, Dale Folwell, however, said that the stock market crash would not harm pensions, while also announcing his COVID-19 positive test.

“I have quarantined myself and will follow the advice of my physician as to when I will be medically cleared to return to the office,” Folwell said in a press release on March 25 about his positive test. “Staff at the Department of State Treasurer has been notified and, starting today, only those absolutely necessary for continuing business services will be in our building.”

Although March showed signs of rough times potentially coming in the future for the stock market, Folwell said those investing in and receiving a pension from the North Carolina Retirement Systems won’t have to worry about a rough April. 

“We want to assure the nearly 950,000 members who are paying into or receiving pension payments from the North Carolina Retirement Systems that the stock market’s recent downturn will have no impact on their pension payments,” Folwell said in a press release. “As of today, the state pension plans are down less than 1%. This is because the plans have been conservatively managed under the Folwell administration and other administrations for the past 50 years.”