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COLUMBIA, S.C. (AP) -- South Carolina voters don't want to take a gamble in the stock market.

With 79 percent of precincts reporting, 58 percent of voters rejected a constitutional amendment allowing the state to invest in stocks to pay for future retirees' health care and other benefits. Fifty-six percent voted no on a similar amendment for local governments.

Governments warned if the amendments didn't pass, taxes will have to be raised or spending trimmed to make sure they have enough money for the benefits.

Supporters say they will try again in two years. They say federal regulations require governments to set aside more money so they can pay the benefits of all employees at one time and stocks remained one of the best investments around.

(Copyright 2008 by The Associated Press. All Rights Reserved.)