Retirement Plan Legislation
In February 2011, public policy makers in South Carolina began discussion about the funding status of the state’s large
Previous Legislation Information Posts
Public Policy Discussion about Retirement Plan Funding Underway
In February 2011, public policy makers in South Carolina began discussion about the funding status of the state’s largest retirement plan for its public workforce, the South Carolina Retirement System (SCRS), as well as the four other systems (the Police Officers Retirement System, the General Assembly Retirement System, the Judges and Solicitors Retirement System, and the National Guard Retirement System). Special retirement subcommittees in both the House of Representatives and the Senate continue to meet and hold public hearings to solicit input and discuss the options available to put the plans on more solid fiscal ground, both now and in the future.
SCRS does not face an immediate liquidity crisis; the plan is currently funded at approximately 65 percent. This means that the plan has on hand 65 percent of the funds it needs to pay future benefits for service already earned. There are numerous options for public policy makers’ consideration. As part of the process, legislators are reviewing fiscal impact analyses provided by the Retirement Systems’ retained actuary, Gabriel, Roeder Smith and Company (GRS). The Retirement Systems’ staff and GRS will continue to provide information to the members of the Senate and House subcommittees so that they may make informed decisions about the plans. Provided in the links below are documents which have been presented to policy makers as well as responses to their requests for information.
Legislative Subcommittees
Presentations and Provided Information
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Overview of the Retirement Systems’ Funding Situation Presented at All Public Hearings – 9-11/2011
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Notebook Presentation of Information to House and Senate Committees – 9/12/2011
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Overview of the Retirement Systems Presented to the House Committee – 9/15/2011
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Current and Alternative Structures Presentation by the Systems’ Actuary – 10/18/2011
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GARS Comparison – 11/9/2011
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Structure of the Retirement Systems Presented to the Senate Subcommittee – 11/9/2011
Responses to Requests for Information
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Response to Follow Up Questions from House Committee's Public Hearing – 10/27/2011
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Response to Request from Senator Leventis – 10/28/2011
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Response to Request from Senator Alexander – 10/31/2011
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Response to Request from Senator Leventis – 11/7/2011
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Response to Senate Subcommittee Questions – 11/7/2011
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Response to Request from Representative Pitts – 11/15/2011
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Response to Request from House Committee – 11/16/2011
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TERI Example Spreadsheet Provided to House Committee – 11/16/2011
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TERI Example Narrative Provided to House Committee – 11/16/2011
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Response to Follow Up Questions from Senate Subcommittee's 11/9/11 Meeting – 11/17/2011
GASB-Related Information Presented to Senate Retirement Subcommittee
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GASB Fact Sheet – 11/9/2011
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GASB Presentation to the Senate – 11/9/2011
