We’ve found more bad news to the ever increasing debt figure for South Carolinians. The SC Police Retirement System (includes most law enforcement and Summary Court Judges) is $1.9 billion off. So we are now at $32 billion.
Some say this system is “actuarially sound”. You can throw that term out there if you want to, but the non-debatable figure is $1.9 billion. Remember this $1.9 is assuming the investments will earn 8% return. The 10-year annualized return of the investments of the System fund (which invests for all of the 5 separate systems, including PORS) is 3.95%, and that include the FY 2010 return of 14.62%. So in reality, the $1.9 billion (and all the other figures) is overly optimistic.
We’re awaiting on a new actuarial study that will almost certainly show a larger hole.
That’s on top of these: $ 9.5 billion-OPEB unfunded liability (other post employment benefits); $ 13 billion-SCRS unfunded liability (South Carolina retirement system); $ 10.4 billion-Local debt (municipalities, counties, school districts, & special purpose districts); $ 1.4 billion-Higher Education debt; $ 750 million -Unemployment Insurance Federal debt
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