{"id":5379,"date":"2011-08-22T08:59:44","date_gmt":"2011-08-22T13:59:44","guid":{"rendered":"http:\/\/kevinbryant.com\/?p=5379"},"modified":"2011-08-22T08:59:44","modified_gmt":"2011-08-22T13:59:44","slug":"i-found-more-to-our-drowning-debt","status":"publish","type":"post","link":"https:\/\/www.kevinbryant.com\/kbarchive\/i-found-more-to-our-drowning-debt\/","title":{"rendered":"I found more to our drowning debt :("},"content":{"rendered":"

\"debt\"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.<\/p>\n

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.<\/p>\n

We’re awaiting on a new actuarial study that will almost certainly show a larger hole.<\/p>\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":{"0":"post-5379","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2gEQ0-1oL","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts\/5379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/comments?post=5379"}],"version-history":[{"count":0,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts\/5379\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/media?parent=5379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/categories?post=5379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/tags?post=5379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}