The investment board was created by legislation passed this year in an attempt to curb the growth of the pension system’s debt (See SC Senate Approves Pension Overhaul ). According to the AP, the system has a portfolio of almost $26 billion, covers around 300,000 members, and has an unfunded liability around $8 billion.
The board has five members appointed by Governor Mark Sanford and the Budget and Control Board, the AP reports. The sixth member will be appointed by the other five.
The recent legislation also removed a cap of 40% of investments allowed in stock and increased employee contributions to the system.