We work really hard to provide services in the most efficient and cost-effective manner possible. We also know there’s always more to learn and better ways of getting the job done. Learn more about how we’re doing our job and how we compare to other organizations doing the same tasks.
PEBA’s Board of Directors goes through a rigorous annual strategic planning process. The result is a big-picture plan that guides the agency’s direction for the year. Our current Strategic Plan is available here.
The South Carolina General Assembly requires all state agencies to complete and submit an annual accountability report. The accountability process provides PEBA with an opportunity to take another close look at the work that we have done in the past fiscal year and to consider opportunities for improvement in the way we do business. Our current Accountability Report is available here.
PEBA is required to produce financial reports for its insurance programs and retirement systems. Our annual financial statements, which are produced on a fiscal year basis (July 1 – June 30), are also thoroughly reviewed by independent auditors to ensure that our accounting activity and financial reporting for the year are accurate.
The retirement systems we administer are complex, and there are many factors that go into determining the cost of and funding for the systems. Some of the most important factors involve the projection of future behavior and plan experience. PEBA is required to have an actuarial valuation conducted each year for the five defined benefit retirement plans we administer. A valuation is also conducted each year of the liabilities associated with the employer-financed retiree health benefits and long term disability benefits provided by PEBA. These reports are conducted by independent actuarial firms and reported to the Board once finalized.
The State Health Plan is an incredible value to South Carolina’s public workforce. PEBA produces the annual 50-state Survey and quarterly Trends newsletter, publications which give you an insider’s look into how the plan is performing.
Beginning in October 2014, Funston Advisory Services (FAS), with oversight from the South Carolina Office of the State Inspector General (SIG), conducted a fiduciary performance audit of the South Carolina Public Employee Benefit Authority (PEBA). The purpose of the audit was to critically evaluate the fiduciary roles and responsibilities of PEBA and staff; the relationship with other fiduciaries of the Retirement Systems; and the operational policies and practices of PEBA. The goal of the audit was to identify areas of strengths and weaknesses, provide comparison with leading practices of other retirement agencies and make improvement recommendations. At the links below are a summary of the audit and PEBA's progress concerning the recommendations as well as the complete fiduciary audit report.
Prior years’ financial and other reports are located in the agency’s archives.