HARMFUL “REFORM” LEGISLATION SHELVED … FOR NOW
|| By FITSNEWS || South Carolina Senators pushing a pension fund “reform” bill have shelved their efforts after this website exposed the proposed legislation as nothing more than a power grab on behalf of the fund’s corrupt leaders.
According to our sources this “reform” bill – which would have stripped away multiple layers of accountability – will not be favorably referred out of a Senate subcommittee anytime soon. And while it’s “not dead yet” (cue the old man from Monty Python and the Holy Grail), efforts to push the bill quietly through the legislative process have clearly failed.
South Carolina’s pension fund is a disaster. Each year its leaders hand out massive bonuses to the very bureaucrats who labor to produce some of the worst results of any large pension fund in America (at the highest price, too).
S.C. Treasurer Curtis Loftis has been dutifully exposing and opposing the incompetence and corruption of pension fund leaders for years … at great political risk to himself. He led the opposition to this legislation – and is reportedly planning to reach out to Senators this coming week with his thoughts on real reform.
We’ve consistently supported Loftis’ efforts … and are glad to see his enemies’ latest ruse against him come to naught.