South Carolina State Retirement Systems

  • 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.

Mercatus Center South Carolina State Fiscal Health Report
Urban Institute Pension Fund Health Report
State Treasurer Report on Pension Fund Health