The state pension system should be the citizens and taxpayers greatest fear in financial stability. It’s a debacle unaddressed by state lawmakers who keep kicking the can down the road.

The elected State Treasurer Curtis Loftis was removed as a member of the SC Retirement System Board. He must have been asking good questions. The state treasurer not on the board of a system tens of billions of dollars in unfunded liability?

Before the session started in 2018, I spoke to my House member and state Senator on adopting a 401-K retirement plan. Each agreed it would be a way to solve the liability issue. I’ve not read or heard anything of a change, even though it is for the better.

At least there is a state website-https://www.peba.sc.gov/sites/default/files/retirement_financials.pdf - where one can go to see the system’s poor investment results.

In the 1980s, someone who worked for Merrill Lynch told me his pension fund was frozen but he will get benefits in retirement.

Merrill Lynch, an investment firm, went to a 401-K Plan because they knew they couldn’t manage the pension fund anymore, with its guarantees.

So why do our state officials still think they can provide employees a pension? It may prove to be large burden on the taxpayers, in an unfunded-liability!

It’s time to change.

Tom Plowden, Edgefield County