The South Carolina House Ways and Means Committee's Constitutional Subcommittee meeting on February 5, 2025, spotlighted the significant strides made in addressing the state's unfunded pension liabilities. A recent report highlighted the positive impact of the 2017 pension reform bill, which has been pivotal in improving the financial health of the retirement system.

During the meeting, officials praised the collaborative efforts of the General Assembly and the Public Employee Benefit Authority (PEBA) in reducing the unfunded liability, noting that the state is currently ahead of schedule by nearly a decade. The South Carolina retirement system is now on track to amortize its liabilities in 14 years, while the police officer retirement system is set for 13 years, significantly better than the mandated 20-year timeline.

Committee members expressed their appreciation for the legislative reforms, emphasizing that the funding changes have been the most beneficial fiscal legislation seen in decades. They acknowledged the need for continued support from the General Assembly to maintain this momentum.

Additionally, discussions touched on the potential costs and implications of reinstating the General Assembly Retirement System (GARS) for members who joined before the reforms. The committee plans to collaborate with PEBA to assess the actuarial impacts of such a move.

The meeting underscored the importance of ongoing funding and reform efforts to ensure the sustainability of South Carolina's retirement systems, with officials urging continued legislative support to build on the progress made thus far.