Treasurer Curtis Loftis Talks Pension Problems

Wednesday, September 7, 2016

Columbia, SC -- State Treasurer Curtis Loftis wants taxpayers to know what the debt in the state pension means for them.

Treasurer Loftis spoke to WSPA's Robert Kittle about fixing the state's pension problems

The Treasurer told WSPA “It’s bad news for taxpayers because there’s this huge cloud of debt that hangs over the state and they’ve got to pay that debt, and that’s going to affect every police station, every fire station, every school, every state agency. That money’s got to come from some place, and, as we all know, the money’s got to come from the taxpayer."

Treasurer Loftis says the debt has grown because state lawmakers have not put enough money into the system.

“The taxpayers ought to be told about this,” Loftis says. “The taxpayer can see a pothole, but they can’t see the pension debt, so we’ve got to talk to them. It’s not fair to the taxpayer. We’ve got to get out there and talk to them about, ‘This is going to cost you money and you need to be studying on this issue,” Treasurer Loftis told WSPA.

State lawmakers have formed a joint House and Senate committee to study the problem, but Loftis says lawmakers are the ones who underfunded the pension system to begin with. 

WSPA Screenshot

Read the full article from WSPA.

http://wspa.com/2016/09/06/sc-facing-tax-hike-says-state-treasurer/

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

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