Financial board balks at pension system report
Tue, 22 Mar 2011 19:51:53 GMT —
COLUMBIA, S.C. (AP) -- South Carolina's financial oversight board has balked at accepting a report that shows unfunded liabilities in the state's pension system.
Experts completed the report recently and Gov. Nikki Haley has cited it when talking about the pension system's $13 billion in unfunded benefit promises. Haley chairs the Budget and Control Board, which on Tuesday wouldn't accept the report.
State Treasure Curtis Loftis said that makes it more likely taxpayers will pick up an $88 million tab to put the system on firmer financial footing later this year.
Loftis tried to get the report on the board's agenda as it met. But Haley and other board members wouldn't go along with him.
Haley and some board members said the pension system's shortfall needs another review before taking action later this year.
(Copyright 2011 by The Associated Press. All Rights Reserved.)