NC S878

Requires State Treasurer to prepare audited financial statements for retirement system investment programs annually, with independent third-party audits selected by State Auditor and reported to General Assembly within six months of fiscal year end.

Mandates State Treasurer conduct independent performance reviews of investment governance, operations, and practices at least every four years, with reports provided to General Assembly.

Establishes comprehensive public reporting requirements for external investment manager fees, performance metrics, cash flows, and other investment details, while maintaining confidentiality on proprietary information for 10 years after investment vehicle termination.

Authorizes State Treasurer to create specialized investment positions and implement market-oriented compensation plans including performance bonuses, exempt from standard state human resources rules, with costs charged directly to investment programs.

Requires placement agents working with State Treasurer investments to register as lobbyists and mandates adoption of written investment policy statements for each investment program.