Treasurer Curtis Loftis Talks Pension Solutions
Friday, December 30, 2016
With $24.5 billion of unfunded obligations that are retirement benefits for state workers such as firefighters and teachers, Treasurer Loftis knows the importance of bringing the problem to the public eye.
"State legislators need to find a way to fix the broken pension system," said Treasurer Loftis. "Session is starting in two weeks, and the lawmakers are going to have to make the hard decisions when it comes to fixing the pension for the citizens of South Carolina."
Treasurer Loftis told WIS that the state will keep its promise of the retirement benefits but at a cost. Loftis is not calling for a tax, but said lawmakers may see it as a possible option. He emphasized that the pension crisis is a result of 15 years of mismanagement.
Additionally, he said raising the employee contributions isn't the answer. Loftis told WIS in an interview, "Our state employees already pay 50 percent more than the national average, and they’re going to have to pay more. So what we’re trying to do is keep the interest cost and other costs in the pension system down, so we can afford it.”
See all of what Treasurer Loftis said, and the full story on WIS: Treasurer says legislature must address pension issue