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.
State statute requires that PEBA have a fiduciary audit. As such, the State Auditor hired Funston Advisory Services to conduct a fiduciary audit of PEBA during 2019. Funston previously conducted a fiduciary audit in 2014. In its final report, Funston noted, “The progress made by PEBA over the past four years in addressing its challenges is very impressive. PEBA has made improvements in almost every aspect of its functioning. The General Assembly, the Board and staff are to be commended for their collective commitment and their success. The Board is now focused on direction and policy matters and oversees delegated authorities for day-to-day operations. PEBA is operating more effectively in providing low cost, responsive member and employer services. It has become an innovative leader in health insurance and has achieved a level of stability which has, in turn, fostered a culture of continuous improvement. PEBA’s stakeholders recognize and applaud the improvements in the organization’s performance.” The final report is available here.
Prior years’ financial and other reports are located in the agency’s archives.