Attorney General Opinion on Pension Methods in the Press

Wednesday, February 1, 2017

Columbia, SC - An Attorney General opinion states the method used to calculate the state pension’s ongoing unfunded liability and to set contribution rates are unconstitutional and in violation of state law. 

The opinion, released yesterday, got media coverage from across the state. 

WSPA covered the topic, saying "State Treasurer Curtis Loftis sought the ruling because he blames the accounting methods used for the system's $40 billion shortfall."

WSPA covers the opinion from the Attorney General about the South Carolina pension

State Treasurer Curtis Loftis has been saying for years the accounting system used to calculate the state pension system’s unfunded liability is reckless, unsound and deceives the public.

“PEBA’s failure to comply with state law and the State Constitution has placed our pension system and taxpayers at risk,” Loftis said. “The General Assembly must require that the pension system be in compliance with state law and the Constitution.”

WSPA Coverage: "SC pension calculations may be unconstitutional says AG"

See other coverage of the Attorney General opinion:

"S.C. treasurer, armed with attorney general opinion, blasts pension fund management" - The Post and Courier

"State treasurer assails lawmakers over pension payoff schedule" - The Greenwood Index-Journal

"Pension Debt Ballooning at $24 Billion" - WLTX

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Interim Media Contact:
Edward Frazier
edward.frazier@sto.sc.gov
803.734.2016

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