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Column: How did state’s pension system end up broken?

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Last month, a state House and Senate panel offered its solutions to fix South Carolina’s pension system, which is anywhere from $20 billion to $74 billion in debt, depending on whom you ask. What isn’t being discussed much now is how the pension system got this bad, likely because a lot of legislative leaders have overseen its decline.
There are a lot of reasons for this fiasco. Two of the biggest are poor investments and an unreasonably high assumed rate of return.


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The Lancaster News | circulation@thelancasternews.com | 803-283-1133
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