The State presents investments of its Pension Trust Funds at fair (market) value, in accordance with Governmental Accounting Standard's Board Statement 25, "Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans", and Statement 27, "Accounting for Pensions by State and Local Governmental Employers." The State has met all actuarially determined funding requirements for the four plans administered by the South Carolina Retirement Systems in the current period and in past periods. Under Statement 27, the State has no pension liability for those plans at June 30, 1998.
The South Carolina Adjutant General's Office administers the National Guard Pension System. The State recorded a $5.122 million pension liability for that plan in the General Long-Term Obligations Account Group at June 30, 1998. See Note 7, "Retirement Plans," in the Notes to the Financial Statements for more information.