State House of South Carolina

At a Glance

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

$30,812 Mil
SC Retirement System (SCRS)
568,356 members
$5,709 Mil
SC Police Officers Retirement System (PORS)
68,641 members
$216 Mil
Retirement System for Judges & Solicitors of SC (JSRS)
375 members
$46 Mil
Retirement System for General Assembly of SC (GARS)
438 members
$43 Mil
National Guard Retirement System (SCNG)
18,655 members

*Trust fund dollar values as of September 30, 2022
*Member numbers as of July 1, 2022

RSIC Pension Fund Structure

Investment income, employer contributions, and employee contributions are the largest sources of revenue to the trust funds.

Infographic showing the RSIC Pension Fund Structure. Employer and Employee Contribution (collected by PEBA) plus Investment Returns (managed by RSIC) equals Benefit Payments (by PEBA) to Beneficiaries (retiree)

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.

WITH SUPPORT FROM:
RSIC
Investment
Policy
RSIC Investment Team
_______________
Verus Advisory, Inc.
Allocates
Assets
RSIC Investment Team
_______________
Albourne America, LLC
_______________
Verus Advisory, Inc.
Hires Investment
Manager
RSIC Investment Team
_______________
RSIC Operational Due Diligence Team
_______________
RSIC Legal Team
Monitors
Performance
RSIC Investment Team
_______________
RSIC Reporting Team
_______________
RSIC Enterprise Risk Management
& Compliance Team

_______________
Verus Advisory, Inc.
_______________
Albourne America, LLC
_______________
BNY Mellon