State Retiree Benefits Fact Sheet – South Carolina

Fact Sheet Read time:
State Retiree Benefits Fact Sheet – South Carolina

South Carolina's pension systems are funded below the 50-state average—but the state has been making a yeoman's effort to improve its status. It is one of 16 states that has consistently paid 100% (or close to 100%) of its annual required contribution during the past 10 years. On the non-pensions side, the state faces a $10 billion bill coming due for retiree health care and other benefits, $4.2 billion of which is for state employees. The state had not set aside any funds toward this long-term obligation as of the end of fiscal year 2006. But in fiscal year 2007-2008 legislation, the General Assembly appropriated $113 million, awaiting an established formal trust fund. If South Carolina consistently funds its annual required contribution, the state's total unfunded liability will drop to $2.9 billion for state employees and to $6.4 billion total. This is because the interest the state is likely to earn when it invests more money over the long term can be applied to paying down the bill.

Spotlight on Mental Health

MORE FROM PEW

Four flowers with yellow petals on a single stem are surrounded by tall dry grasses and blown by a gentle breeze. A brown sign in the background reads “Big Stone National Wildlife Refuge.” Indigenous-Led Conservation Wins Key Protections Nationwide
A transmission tower with power lines extending from it rises above a field of yellow and red flowers, with cloudy skies overhead. Advanced Tech Can Help Ease Energy Transmission Gridlock
A large cypress tree, surrounded by several smaller trees, grows in the murky water of a wetland. Wetland Protection Shift Poses Challenge for States
iStock Tax Revenue Volatility Is Increasing in Most States
Composite image of modern city network communication concept

Learn the Basics of Broadband from Our Limited Series

Sign up for our four-week email course on Broadband Basics
Quick View

How does broadband internet reach our homes, phones, and tablets? What kind of infrastructure connects us all together? What are the major barriers to broadband access for American communities?

Pills illustration
Pills illustration

What Is Antibiotic Resistance—and How Can We Fight It?

Sign up for our four-week email series The Race Against Resistance.
Quick View
Pills illustration

Antibiotic-resistant bacteria, also known as “superbugs,” are a major threat to modern medicine. But how does resistance work, and what can we do to slow the spread? Read personal stories, expert accounts, and more for the answers to those questions in our four-week email series: Slowing Superbugs.

Explore Pew’s new and improved
Fiscal 50 interactive

Your state's stats are more accessible than ever with our new and improved Fiscal 50 interactive:

  • Maps, trends, and customizable charts
  • 50-state rankings
  • Analysis of what it all means
  • Shareable graphics and downloadable data
  • Proven fiscal policy strategies

Explore

Welcome to the new Fiscal 50

Key changes include:

  • State pages that help you keep track of trends in your home state and provide national and regional context.
  • Interactive indicator pages with highly customizable and shareable data visualizations.
  • A Budget Threads feature that offers Pew’s read on the latest state fiscal news.

Learn more about the new and improved Fiscal 50.