APP - NC Treasurer saves big dollars

[MAGA MAN]

Folwell is from my town, was a state rep for a while then ran successfully for treasurer. Super competent with a ton of common sense. Local newspapers are of course not reporting, but he's already reduced the fees charged by outside managers of the state employees retirement fund by 90%. He reduced the number of managers from 65 to 6.5.

http://www.wral.com/new-nc-treasure...or-management-of-state-pension-fund/16632550/

 

[MAGA MAN]

My wife and I spent the weekend with another couple who's son is currently studying for his PhD in physics. He works for Dale Folwell as a consultant part time. Dale tasked him with designing a system to determine how best to finance state assets, everything from cars, trucks, computers, printers, office furniture, etc. For example, does it make sense to lease equipment, sell it, replace it, and at what intervals, in order to reduce overall ownership costs. All this stuff was on a 300,000 line spreadsheet- too much for Excel, so he requested a database program. (He has the program on his personal computer but the state does not allow its use in their offices, nor removal of any data from state offices.)

Going through the required requisition channels, delivery of the software took 8 weeks. During that time, he planned out all the regression analyses and had all the input ready to go. Thirty minutes after installing the new software, he had the final product for Folwell's use. I forget the exact annual dollar amount of projected savings, but it was in the hundred million dollar range.

 

[midcan5]

Sensible thinking, investment advisors can be good bad and everything in between. With that much money invested, they need to be very careful and the 7.5 growth was way too high and something that can later cause trouble when payout time comes. A friend told me recently their retirement funds are going to Vanguard of which I've heard good things. Fidelity also has a good rep. But when the money is placed in all sort of funds and whatnot beware.

 

[MAGA MAN]

7.5 is low. My portfolio has grown on average over 10%. And it's well-balanced, consistent with Cambridge Advisors guidelines.

 

[MAGA MAN]

One of Folwell's first bills as a representative was the vertical format license for drivers under age 21. It cost the state nothing, makes it super easy for a bouncer to verify over 21, and makes the license impossible to doctor up. This is the kind of outside the box thinking that GovCo needs.