- South Carolina Retirement Systems currently hold $24 billion in pension debt and unfunded liabilities
- The South Carolina pension crisis has been accredited to bad investing- the fund has underperformed their target returns by $10 billion while the state has paid more than $3 billion to Wall Street money managers
- South Carolina allows for early retirements, 28 year retirements and high cost of living adjustments, adding to the already underfunded pension system debt.
- For the past 15 years the South Carolina Retirement Systems fund has failed to make the full interest payment, leaving the state an additional $4 billion in debt
- The total unfunded liability has grown by 6,686% since 1999 and shows no sign of slowing that upward trend.
Resources:
Mercatus Center South Carolina State Fiscal Health Report
Urban Institute Pension Fund Health Report
State Treasurer Report on Pension Fund Health