NC Treasurer wants Russia to pay for economic damages to state pension plan

ASHEVILLE, N.C. (WLOS) — North Carolina's State Treasurer, Dale Folwell, is urging Congress to pass a bill to allow treasurers across the country to sue Russian-based entities. He said he would like to see a provision in its next aid package to Ukraine to allow treasurers across the country to take action.

Folwell said he wants to amend the Foreign Sovereign Immunities Act (FSIA) of 1976, because of the impact the invasion of Ukraine is having on state pension funds.

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He says the state's $120 billion retirement plan includes some assets with ties to Russia. Folwell says losses stand at about $80 million and changing the law would help get some of that money back.

“At least we have an opportunity, with some really brilliant subject matter experts who were trained to actually prosecute a terrorist like this, to actually recoup our money back into the plan,” Folwell told News 13 on Tuesday.

About one million state residents participate in the state retirement plan.

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Folwell says about two dozen other state treasurers are considering joining the effort to change this law.

Click here to read the state treasurer's press release.