State pension fund posting 12.7 percent return
Thu, 13 Jun 2013 20:46:07 GMT —
COLUMBIA, S.C. (AP) -- South Carolina's pension fund investments are expected to post double-digit earnings for the current fiscal year.
According to the agency that oversees the fund, the latest report for the state's portfolio shows a net return of 12.7 percent.
The Retirement System Investment Commission said Thursday its investments earned $3 billion between last July 1 and April 30, pushing the fund's worth to almost $28 billion.
Chief Investment Officer Hershel Harper told state retirees in Columbia this week the portfolio should close June 30 with double-digit earnings despite choppier markets in recent months.
The state assumes a 7.5 percent annual return when calculating what it needs to keep the system solvent.
Last fiscal year closed with earnings of just 0.4 percent after fees, attributed to a rough last half of 2011.