Wednesday, June 19, 2013

Latest local news, weather and high school sports from the Midlands

SC lawmakers take on pension reform, $13B in debt
Posted: 12.11.2011 at 5:57 PM Updated: 12.12.2011 at 2:35 PM
0
Photo

COLUMBIA, S.C. (AP) -- A legislative panel has initially approved a plan to fix South Carolina's pension system.

A House subcommittee unanimously approved the rough draft Monday. It includes increasing the number of years public employees must work to draw full retirement from 28 years to 30. Employees currently within five years of retirement would be exempt from the longer requirement.

The proposal would also tie retirement to age. Workers could not draw full retirement until age 62. They could start drawing a reduced benefit at age 60.

Full retirement is generally designed to be 55 percent of a person's working income.

See Related Stories
Boeing workers approve 4-year contract extension 
House panel to discuss retirement system shortfall 
High SC court to consider SLED retiree case 

The bill would also require employees to contribute more of their pay toward retirement, from 6.5 percent to 7.5 percent.

Legislators say pension reform will be a top priority in 2012.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

 

Popular Stories
Thumbnail
Arrest made in 'vicious beating' of teens in Richland County
WACH Fox News Center  |  Tuesday, June 18, 2013  |  1 comment
Thumbnail
Infant killed in crash - driver charged with felony DUI
Tyler Ryan  |  Yesterday at 2:20 PM
Thumbnail
Cops: SC homeowner shoots, kills alleged intruder
Yesterday at 3:50 PM  |  2 comments
Follow Midlands Connect
Get news and weather notifications on your phone by downloading the iPhone or Android app below
Sign up to get alerts and updates for breaking news, severe weather, and deals:
submit
ADVERTISEMENT
Special Features
MoneyWACH
Financial tips & tricks from Palmetto Citizens Federal Credit Union
Mission Midlands
A program from the Oliver Gospel Mission
MOJO Gallery
View and share your pictures from around the Midlands
ADVERTISEMENT