South Carolina State Pension Debt at an All-Time High - DatelineCarolina

South Carolina state pension debt at all-time high

Posted:
State Treasurer Curtis Loftis Jr. is dissappointed with politicians who are unwilling to change policy to lower state pension debt. State Treasurer Curtis Loftis Jr. is dissappointed with politicians who are unwilling to change policy to lower state pension debt.
Julia Lusk is in favor of a bill to bring change to the pension system so that when she retires she will see her pension. Julia Lusk is in favor of a bill to bring change to the pension system so that when she retires she will see her pension.

By: Allison McHugh, Carolina News

The joint South Carolina legislature committee for the pension system review is proposing a bill to fix the state's pension system debt problem. The pension system is $23.4 billion in debt which is almost six times the debt accumulated by the rest of the state operations.

State Treasurer Curtis Loftis Jr. says he's appalled by how politicians are ignoring this issue.

"Everyday I have more confidence that the poor people of this state are being financially raped by politicians who could care less," Loftis says. 

Loftis says the state isn't collecting enough money to pay for future pensions.

Dr. Ford Mason who is a retired state employee is very worried for the future of his pension.

"We live on a fixed income now we're retired and we have to do everything we can to make sure our budget works. We have lots of expenses and it's increasing economy so if we don't that have that pension it's going to be a hard day for everybody, " said Mason.

The South Carolina State Employee Association came to South Carolina's State House Wednesday to support a change.

Clemson University employee Julia Lusk says, "I'm paying it now for the people who have gone before me, so I would like for there to be a plan when I retire."

There is no set date for when the bill will hit the House floor.

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