Purpose & Duties
The Retirement System Investment Commission (RSIC) has exclusive authority for investing and managing all assets held in trust for the participants and beneficiaries of the five state defined benefit plans, collectively referred to as the (“Retirement System”) or (Systems).
The RSIC has an unwavering commitment to financial security. The long-term nature of the Retirement System reflects the long-term investing horizon strategy. Each of the defined benefit plans provide lifetime retirement annuities, disability benefits, and death benefits to eligible members and their beneficiaries.
Pension Trust Funds
SC Retirement System (SCRS)
587,070 members
SC Police Officers Retirement System (PORS)
71,694 members
Retirement System for Judges & Solicitors of SC (JSRS)
386 members
Retirement System for General Assembly of SC (GARS)
425 members
National Guard Retirement System (SCNG)
18,632 members
*Trust fund dollar values as of September 30, 2024
*Member numbers as of July 1, 2023
RSIC Pension Fund Structure
Investment income, employer contributions, and employee contributions are the largest sources of revenue to the trust funds.
PEBA administers the state's public pension plan while the RSIC manages the assets of the Retirement System.
Oversight
The statutes governing the RSIC are found in the Title 9, Chapter 16 South Carolina Code of Laws.
While the RSIC has exclusive authority to manage and invest the assets held in trust for the Retirement System's participants and beneficiaries, other fiduciaries and trustees also exercise authority and have oversight roles.
Retirement System Investment Commission (RSIC)
Named Trustee and Fiduciary Responsibilities:
- Invests and manages pension funds
- Manage custodial banking relationship
Public Employee Benefit Authority (PEBA)
Named Trustee and Fiduciary Responsibilities:
- Manages Custodial Banking Relationship
- Sets the RSIC accounting policies
- Provides investment accounting and financial reporting
- Directs external auditing
- Provides the RSIC IT support
State Fiscal Accountability Authority (SFAA)
Legal Framework:
- Approves the RSIC purchasing policy
- Members appoint 6 of 8 Commissioners
State Legislature
Policy and Legal Framework:
- Sets the RSIC legal authorities
- Sets fund assumed rate of return
- Members appoint 2 of 8 Commissioners
Oversight:
- Approves budget annually
- Approves headcount annually
State Auditor
Oversight:
- Selects fiduciary audit firm
- Conducts fiduciary performance reviews every four years
Attorney General
Oversight:
- Approves retention and rates for non-investment related matters
- Approves hiring of temporary internal counsel
Comptroller General
Oversight:
- Conducts accounts payable and payroll procedures audit
Standards
The pension fund investments are managed by our experienced RSIC (agency) team and the
Commission (governing body). They are supported by hired industry-leading consultants and
external managers. We all work together to make informed, responsible decisions about the
RSIC
investments.
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WITH SUPPORT FROM:
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