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SC lawmakers take on pension reform, $13B in debt - Live5News.com | Charleston, SC | News, Weather, Sports

SC lawmakers take on pension reform, $13B in debt

By SEANNA ADCOX
Associated Press

COLUMBIA, S.C. (AP) - South Carolina's public employees would need to work a little longer and contribute more toward their retirement under potential fixes to the state's pension system.

Legislators and the governor agree reforming the pension is a top priority for the session that resumes in January, as they look for ways to shave the state's $13 billion debt in benefits promised over the long term. A rough draft on how they could do that faces a vote Monday by a House panel.

Lawmakers will spend the next session debating the details.

Possibilities include requiring employees to work 30 years, up from 28, and setting a minimum age of 62 to collect benefits.

Employees would also see their take-home pay reduced, as their retirement contributions increase from 6.5% to 7.5%

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