(RALEIGH) -- The pension plan for state employees and teachers is well funded and its benefits are less generous than other states, according to a new study released Monday.

The Program Evaluation Division report suggests North Carolina ranks among the top states in terms of meetings its obligation to retirees. The North Carolina Teachers’ and State Employees’ Retirement System (TSERS) has a balance of nearly $55 billion and provides benefits for more than 570,000 employees.

“The state employees of North Carolina can be proud that we have taken care of their retirement,” said Rep. Edgar Starnes, R-Catawba. “If you come to work for the state, you can be assured that not only do you get a good retirement benefit, but there’s enough money in the bank that it will be able to pay you every month.”

In addition, the study says it’s unclear whether moving from a defined benefit plan to a defined contribution plan would result in long-term savings for the state. However, it notes that such a change could hurt the state’s ability to recruit and retain quality workers.