A Review of the Public Pensions Administered by the State of South Carolina
Members of the S.C. General Assembly asked the Legislative Audit Council to review the operations of South Carolina’s state-administered pension funds.
We reviewed federal and state law, accounting and actuarial standards, investment returns, funded status, contributions, asset allocation, transparency, and conflicts of interest.
The pension system is administered by the Public Employee Benefit Authority (PEBA), while the assets are invested by the Retirement System Investment Commission (RSIC).
As of FY 13-14, the five state-administered pensions reported $29.9 billion in assets and $49.2 billion in liabilities.
The system is comprised of approximately 70% local public employees and 30% state employees.