Future of state pension being studied months after lawmakers voted to save retirement system
COLUMBIA — Only weeks after passing a bill to shore up South Carolina's troubled pension system, state lawmakers are looking to make more changes to public employee retirement benefits.
A joint committee of House and Senate members met Tuesday to schedule more meetings where they could decide how to further repair a state retirement system that impacts one in nine South Carolinians.
The same committee was responsible for recommending changes to the state pension this year by requiring public employees, school districts, hospitals, police departments and state agencies to pay more into the system underfunded by an estimated $24 billion.
While the successful legislative effort this year is expected to help save the ailing pension plan moving forward, many conservative lawmakers believe the state needs to go further by moving public employees toward a 401(k) type system.