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South Carolina National Guard Supplemental Retirement Plan
The South Carolina National Guard Supplemental Retirement Plan provides deferred compensation to members of the state's Army and Air National Guard.
South Carolina National Guard Supplemental Retirement Plan
The South Carolina National Guard Supplemental Retirement Plan provides deferred compensation to members of the state's Army and Air National Guard. Established by the South Carolina General Assembly, the plan operates as a distinct benefit program administered by the South Carolina Public Employee Benefit Authority (PEBA). The South Carolina Retirement System Investment Commission (RSIC), led by CEO Michael Hitchcock, holds exclusive statutory authority to invest the plan's assets. RSIC invests SCNG assets alongside the much larger South Carolina Retirement Systems pool, allowing the guard plan to access institutional-grade private-market strategies. Confirmed real estate commitments include Carlyle Realty Partners X, Brookfield Strategic Real Estate Partners, and Sculptor Real Estate V. This pooled structure provides the guard plan with diversification across commercial and mixed-use properties globally that would be unattainable at its individual scale. The plan receives annual appropriations from the state legislature to fund employer contributions. The plan's administrative functions sit with PEBA under Executive Director Peggy Boykin, while investment decisions rest exclusively with RSIC and its professional staff. Plan membership is limited to active South Carolina Army and Air National Guard personnel, making it one of the few state-level pension structures purpose-built for a military reserve component. Member advocacy groups including the National Guard Association of South Carolina and its national counterparts represent participant interests before the legislature. Unlike large municipal or state pension systems that maintain dedicated internal investment teams, SCNG's structural differentiator is its integration into a pooling architecture — a small, narrowly defined benefit plan that gains institutional impact by riding the coattails of South Carolina's $40-plus billion retirement system. This eliminates the expense and complexity of a standalone investment office while still placing guard members' retirement capital into institutional real assets and private equity commitments negotiated by RSIC's full-scale investment team.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Columbia
Corporate office
Columbia, SC, United States
Principals
Michael Hitchcock
CEO, South Carolina Retirement System Investment Commission
Peggy Boykin
Executive Director, South Carolina Public Employee Benefit Authority
Sector focus
Frequently asked questions
Who manages the investments for the South Carolina National Guard Supplemental Retirement Plan?
The South Carolina Retirement System Investment Commission (RSIC) holds exclusive statutory authority to invest the plan's assets. RSIC's CEO, Michael Hitchcock, leads the professional investment staff that manages the guard plan's portfolio alongside the broader state retirement system. RSIC operates independently from the administrative agency, PEBA.
Is the guard plan's money kept separate from the main state pension fund?
The plan's assets are pooled with those of the South Carolina Retirement Systems for investment purposes, though the benefit obligations remain legally distinct. This pooling structure gives the guard plan access to institutional private-market commitments it could not achieve as a standalone fund. The South Carolina Public Employee Benefit Authority tracks contributions and benefit entitlements separately for each plan.
How is the SCNG plan funded?
The South Carolina General Assembly provides annual appropriations to fund employer contributions to the plan. State statutes define the contribution rate and benefit formula for participating National Guard members. Funding levels are subject to legislative budget cycles, unlike the actuarially required contributions that govern the main state pension system.
Who is eligible to participate in the SCNG Supplemental Retirement Plan?
Active members of the South Carolina Army National Guard and South Carolina Air National Guard are eligible to participate. The plan is specifically designed as a supplemental benefit for part-time reserve-component service members, distinct from the main South Carolina Retirement Systems that cover state employees and teachers.
What types of investments does the SCNG plan hold?
Through its pooled relationship with RSIC, the SCNG plan gains exposure to a diversified institutional portfolio that includes public equities, fixed income, and private-market assets. Confirmed real estate commitments disclosed by RSIC include Carlyle Realty Partners X, Brookfield Strategic Real Estate Partners, and Sculptor Real Estate V. The exact asset allocation for the guard plan alone is not separately published.
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