Newspaper article Charleston Gazette Mail

Pensions ; Constant Crisis

Newspaper article Charleston Gazette Mail

Pensions ; Constant Crisis

Article excerpt

Politicians love to shower government benefits on groups of voters but they hate to raise taxes to pay for them. Thats why so many public pension and medical plans hover near bankruptcy: Goodies were promised, without raising money for them

Charleston Treasurer Victor Grigoraci has been warning responsible parties for years that old promises are coming due and various public pensions must be funded. A new audit found that Charleston's police and firefighter pension plan faces a $318 million deficit - up $40 million in a single year. And it covers a mere 300 retired and disabled first-responders.

Like other public systems around America, insolvency looms partly because retirees keep living longer, drawing more monthly checks.

Undoubtedly, the City Council will find ways to scrape up revenue in coming years to keep the fund solvent. …

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