The North Carolina Senate gave unanimous approval on Feb. 9, 2018, to Senate Resolution 709, a resolution approving the appointment of Vernon Gammon to the Board of Trustees of the North Carolina Teachers’ and State Employees’ Retirement System. Gammon was nominated to the post by Gov. Roy Cooper in May 2017.
Gammon, 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 Gov. 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 Gov. Cooper entrusting in me this awesome responsibility,” 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 in Raleigh. His term ends May 31, 2021.
This is the second high profile appointment given to Local 391 by Gov. 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.