NC H404

Requires the State Treasurer to prepare audited financial statements for the Retirement Systems' investment programs as of the end of each fiscal year.

Mandates that a commercial, independent third-party audit firm selected by the State Auditor conduct the audit, with selection criteria developed in consultation with the State Treasurer.

Requires the audit firm's report and financial statements to be provided to the General Assembly no later than six months after the close of the reporting period.

Requires supplementary information including discussions of risk and returns compared to benchmarks, total management fees and incentives paid, and comparisons to peer cost benchmarks.

Designates all audit costs as subject to existing provisions in G.S. 147-69.3(f) without requiring additional appropriations to the State Auditor or State Treasurer.