Over 500,000 current and former state employees and teachers across the state depend on the state pension system for their financial security in retirement. The North Carolina Teachers’ and State Employees’ Retirement System (TSERS) is one of the most well-funded pension systems in the country, but investment returns have not met expectations for most of the past 20 years. In this presentation, co-authors of a new policy report produced by the John Locke Foundation and Reason Foundation will discuss the strengths of the pension system, challenges ahead, and reforms to ensure its sustainability.