November 28, 2011
South Carolina moves on pension reforms for public workers
South Carolina is joining a group of states grappling with how to handle shortfalls in their state retirement systems. The state currently faces a $17 billion gap between investments and long-term pension promises. In addition to the gap, a proposed new rule would require local municipalities to disclose this shortfall on their balance sheets which may endanger some municipal credit ratings.
Two weeks ago, the House committee tasked with finding recommendations on how to bridge the investment gap canceled its plans to discuss the issue. Republican Rep. Jim Merrill of Daniel Island, the committee chairman said that officials were weeks away from having any kind of plan in place. In the interim the state has started looking for an investment professional to act as a consultant for the $26.2 billion pension fund. The state is expected to post RFP’s online for both this position and a global custodian for the fund within the next few weeks...
LINK - CIVSourceOnline.com
