SC pension fund's worth rises to $30 billion following 15.3 percent return rate in 2013-14



We also have more stories about:
(click the phrases to see a list)

Subjects:

 


COLUMBIA, South Carolina — The director of the agency that invests South Carolina's pension portfolio says investments earned $4 billion last fiscal year, pushing the fund's worth to nearly $30 billion.

Retirement System Investment Commission Director Michael Hitchcock told a Senate panel Thursday that amounted to a 15.3 percent return for the fiscal year ending June 30, after all management fees were paid. That's more than double the 7.5 percent annual return lawmakers say is needed to keep the system solvent.

While investments earned $4 billion, the fund's value increased $3 billion. That's because the system paid $1 billion to retirees.

The five-year average on investments' earnings is 11.5 percent. But the average since the agency's creation in 2005 is 5.4 percent.

Treasurer Curtis Loftis, an agency critic, says the fund continues to underperform.

All content copyright ©2014 Daily Reporter, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Click here to read our privacy policy.
Daily Reporter • 22 W. New Road • Greenfield, IN 46140 • (317) 462-5528