The House has approved a compromise on reforming South Carolina's pension systems for public workers.
COLUMBIA, S.C. (AP) -- The House has approved a compromise on reforming South Carolina's pension systems for public workers.
The House voted 88-9 on Thursday on a compromise agreed to hours earlier by a six-member conference committee. The agreement is largely the Senate's version of the bill.
Current employees could still retire with full benefits after 28 years of work. Workers hired after July 1 would face a more complex requirement.
Employees' contributions would increase by 1.5 percentage points over three years, from 6 percent to 8 percent. The Teachers and Employee Retention Incentive program would phase out in 2018.
A limit on return-to-work employees takes effect Jan. 1. Employees who officially retire then return to work would stop getting two checks once their regular pay for the year reaches $10,000.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
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