A recent report released by two Maryland public policy think tanks lists SC pension fund at the top of the list of 10 states paying the most money management fees over the last five years.

The report by the Maryland Public Policy Institute and Maryland Tax Education Foundation looked at average fees paid versus average investment return for fiscal years 2008-2012 inclusive.

South Carolina paid the most fees across the study span with an average of 1.3% of pension fund assets. For that, South Carolina’s average rate of return over the five years was 1.5%, according to the study.