State pension fund posting 12.7% return
COLUMBIA, S.C. (AP) - South Carolina's pension fund investments are expected to post double-digit earnings for the fiscal year.
According to the agency that oversees the fund, the state's portfolio finished the third quarter with a net return of 12.7 percent.
The Retirement System Investment Commission said Thursday its investments earned $3 billion between last July and April 30, pushing the fund's worth to almost $28 billion.
Chief investment officer Hershel Harper told retirees gathered in Columbia this week the portfolio should close June 30 with double-digit earnings despite choppier markets in the last few 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, attributing to a rough last half of 2011.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.