Former Gov. Mark Sanford once described the unfunded liabilities in South Carolina’s state retirement system as a ticking time bomb. The system’s unfunded liabilities total anywhere from $13 billion to as much as $53 billion.
Whatever the number, it would appear there’s a disaster in the making because at some point, SC taxpayers are going to have to cough up the coin to cover the costs.
Earlier this week, state Treasurer Curtis Loftis attempted to delve into the retirement system’s latest actuarial report during a meeting of the state’s Budget and Control Board meeting. He didn’t get very far.
According to The Nerve (full disclosure: my employer), the report for the last fiscal year recent arrive and the news, evidently, was not good.