South Carolina state Treasurer Curtis Loftis recently called for reform to the state pension system.
“You have probably heard that the mismanaged pension system wants the General Assembly to remove me as their watchdog,” Loftis said in his statement. “They want to remove your advocate. They want the power for themselves. Their pension debt is $25 billion. It is as large as the state budget and the state doesn’t have enough money to pay it.”
Loftis noted that the pension’s debt is larger than the entire state budget. He believes the debt issue will lead to higher taxes and less funding for education, law enforcement and essential services.
“I work for you, not the establishment,” Loftis said. “I have spoken out about the unethical conduct surrounding the pension system and now the establishment wants to silence me. We need to stop it. I’m asking you to take action. Now!”
Loftis detailed a three-step plan for South Carolinians, saying citizens should call their legislators and voice their support for keeping the treasurer on the Retirement System Investment Commission; leave the treasurer as the custodian of the state’s retirement funds; and make fixing the pension system the state's top legislative priority for 2017.