Newmark's Door

Ardis Watkins, legislative affairs director of the State Employees Association of North Carolina:

The contention that the system is outperforming its benchmark is misleading. The system sets its own benchmark, so to beat it is meaningless.

See also the post by my former colleague, NCSU finance professor Richard Warr, "NC Pension Fund Returns - what is the benchmark?" It ends, alas, this way: "We are bleeding money to Wall Street."