COLUMBIA, S.C. (AP) — A bill meant to shore up South Carolina's pension system for roughly 220,000 public workers is heading to the House floor.
The Ways and Means Committee unanimously approved Tuesday a bill requiring newly hired employees to work an additional two years to collect full retirement benefits, while current employees could still retire after 28 years.
It would require workers to contribute more toward their retirement. The committee approved a phase-in, increasing the contribution from 6.5 percent of their salary to 7.5 percent over two years, instead of in one shot July 1.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
