COLUMBIA, S.C. (AP) -- Experts are scheduled to brief South Carolina senators on a long-term shortfall for the South Carolina Retirement System.
Projections show the main pension plan for the state's public employees and teachers has a more than $17 billion gap between money on hand and what it is required to pay current and future retirees.
A Senate panel Wednesday will get an expert's update on the South Carolina Retirement System.
Legislators and others who have seen a draft of that report say its offers the same bad news contained in a report earlier this year. It would take more than 37 years to pay off all the benefits owed. Financial standards call for that funding gap to be 30 years or less.
State Comptroller General Richard Eckstrom says legislators have made the system too generous and they need to consider increasing retirement requirements.
Sen. Thomas Alexander of Walhalla says a variety of changes will be considered.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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