The S.C. Budget and Control Board heard from S.C. Comptroller General Richard Eckstrom Wednesday that S.C. public pension plans are “dying on the vine” due to declining funding levels.
A combination of factors including investment returns, contribution levels and benefit-allocation amounts all contribute to what amounts to a train wreck waiting to happen. Eckstrom said unfunded liabilities of the various pension funds are increasing.
According to the latest numbers we have seen, the state’s pension fund assets are approximately $26 billion with unfunded future liabilities of approximately $17 billion. According to Eckstrom, the unfunded liability grew by approximately $1.5 billion in the past year.
Who is on the hook for making up the shortfall? That’s easy, the state’s taxpayers.