NC Senate Approves Vernon Gammon as Retirement System Trustee
Updated On: Feb 09, 2018
Local 391 Secretary-Treasurer Vernon Gammon in the NC Senate gallery before he received a unanimous vote to serve as a Trustee to the NC Retirement System.
The NC Senate gave unanimous approval on February 9, 2018 to Senate Resolution 709, aresolution approving the appointment of Vernon Gammon to theBoard ofTrustees ofthe North Carolina Teachers' and State Employees' Retirement System. Gammon was nominated to the post by Governor Roy Cooper in May 2017.
Gammon, who serves as Secretary-Treasurer for Local 391, a Union he has served for 40 years as a member, steward, business agent and officer, was put through a six month process before gaining the Senate's approval. The process included a closed door interview with the Senate Retirement and Pensions Chairs, a Senate committee hearing and vote, and a Senate floor vote. In every step of the process, Gammon earned unanimous votes by senators and was heralded by legislators on both sides of the aisle for his honesty, understanding of the challenges facing pension plans, and his experience with defined benefits.
"Local 391 is very proud of Vernon's approval by the Senate today, and his nomination by Governor Cooper," said Local 391 President Mike McGaha. "Vernon will be a voice for workers in the plan who are counting on this defined benefit for income after they retire. He will continue to make this Union proud, and we know he will serve the state with honor."
The North Carolina Retirement System is the tenth largest public pension fund in the country and holds over $90 billion in investments. It provides retirement benefits and savings to more than 900,000 members, including Local 391's public school classified employees and police officers. Other employees in the plan includes state employees, judges, municipal workers, firefighters, teachers, and other public workers.
The North Carolina Retirement System is the primary responsibility of State Treasurer Dale Folwell, a Republican, who was elected in 2016 to administer the public retirement plans for North Carolina.
Gammon's role is to serve as an overseer of the Retirement Systems and supplemental retirement plans to ensure accountability, maintenance, and proper administration and operation of the systems and plans.
"I am humbled by this honor and appreciate the Senate and Governor Cooper entrusting in me this awesome responsiblity," said Gammon. "I will serve this state and its members in the Retirement System with everything I have."
Gammon's first Board Meeting is scheduled for April 26, 2018 in Raleigh. His term ends May 31, 2021.
This is the second high profile appointment given to Local 391 by Governor Cooper and the General Assembly. Raleigh Police Protective Association President Matt Cooper was appointed to the Governor's Crime Commission in 2017. RPPA is the law enforcement division of Local 391.
Below is video footage of the Senate vote today, including a public showing of gratitude to Gammon by Senate President Pro Tem Phil Berger (R-Rockingham).