State pension plans that 1 in 9 SC residents rely on are short $25 billion in funding
The state pension plans that 12 percent of South Carolina residents are counting on gained $1.2 billion in the 2018 financial year, but they need $25.47 billion more to be fully funded.
South Carolina’s pension funds added billions to the bottom line over the past two years but also paid higher fees and produced lower investment returns than most other large public pension funds.
“It’s our job, ultimately, to earn a rate of return that makes our plan work, not to beat our peers,” said Mike Hitchcock, CEO of South Carolina’s Retirement Systems Investment Commission.
Although the state’s main pension fund has just 54 cents for every dollar needed to pay future benefits, retirees aren’t at risk of missing pension checks. The pension system has more than $31 billion invested and gets millions in contributions yearly from workers and the state and local governments that employ them.
Read more: https://www.postandcourier.com/news/state-pension-plans-that-in-sc-residents-rely-on-are/article_f280b374-2987-11e9-ae09-6b844cc175d1.html