N.C. Supplemental Retirement Plans Hit Record High

This week, North Carolina State Treasurer Brade Briner announced that for the first time since its creation in 1985, North Carolina’s Supplemental Retirement Plans’ (SRP) 401(k) Plan and NC 457 Plan topped $20 billion in investment assets. The market value of investments increased from $17.7 billion at the end of 2024 to close to $20 billion at the end of 2025. The assets have more than doubled in the past seven years. Currently there are 325,714 participants in 401(k) and 457 plans. 

“Today marks an important day in Supplemental Retirement Plans history. It’s obviously a testament to the hardworking men and women of North Carolina and their commitment to being retirement ready in their savings, but it’s also a compliment to the team,” Treasurer Briner said, while citing the leadership of SRP Director Jeff Hancock. 

Additionally, the board voted in favor of an administrative fee waiver, which will reduce recordkeeping costs paid by participants in the plan about $1.7 million over the next year. On top of the fee holiday, the board voted to reduce reserves by another $2.25 million, which represents bout a quarter’s worth of recordkeeping fees. 

Among other items on the agenda, the board voted unanimously to streamline the GoalMaker asset allocation tool participants use to set their 401(k) and 457 retirement plans. The change was recommended by the North Carolina Investment Authority (NCIA), which manages the plans’ investments, and representatives of the Callan investment consulting firm.