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News SC Politics Golden Parachutes and Politicians
News SC Politics Golden Parachutes and Politicians
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09 January 2012
By Deedee Vaughters
Comptroller General Richard Eckstrom recently gave a rousing speech educating those at the Aiken Republican Club on many of the issues that South Carolinians face with regards to the state budget and the economic outlook for the future. I was disturbed to hear during Comptroller General Eckstrom’s address that the state continues to have major issues with regards to unfunded liabilities in the state retirement plan that currently exceed $13 billion.
Equally as disturbing was a recent article by Rick Brundrett, investigative reporter for the South Carolina Policy Council. According to Mr. Brundrett’s research, our state legislators earn an average of $19, 605 in gross retirement benefits per year. He cites the July figures from the state retirement system as his source. From the same source Mr. Brundrett was able to determine that the total paid in benefits for all retired legislators annually is $6.5 million. The amount paid since the plans inception in 1966 is $89 million.
The amazing thing here is that the annual paid per year to retired legislators is more than the average amount paid to retired teachers and police officers. Interestingly, being a legislator is a part time job with the legislature meeting 3 days a week from January to June. This design was to ensure that legislators could remain gainfully employed while serving. In other words, being a legislator is not supposed to be a full time job or a career.
This begs the question, how does this happen? How do part-time legislators earn more in retirement than full-time state employees? The answer is actually quite simple. It happens when politicians are allowed to vote themselves benefits and salary increases. This is unacceptable.
Currently 9 states no longer offer retirement benefits to legislators. Rhode Island is one of the 9 states and also has a January to June legislative session.
The unfunded liabilities for the State of South Carolina should be of major concern to all South Carolinians. If the General Assembly continues to fail to fund the state retirement plan realistically, then a $13 billion unfunded liability with a 30 year shortfall is expected. Our legislators have only added to the problem with their own increasing retirement benefits rather than working to solve the issue. Each legislative session ends without the issue being addressed. Are they hoping it will go away or that it will eventually become the next politician’s problem? Are they counting on the fact that we are unaware of how dire the situation is?
It is time that we hold our elected officials responsible. Politicians who are looking at being elected as a career opportunity and a way to further their own personal interests must go. It is obvious that many of our elected officials have lost sight of the fact that government should be of the people, by the people and for the people. Cushy retirement plans for legislators illustrate how far removed our state government has gotten from the people they claim to serve.