SC legislators briefed on retirement system cash

COLUMBIA, S.C. (AP) — Experts have begun briefing 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. The experts said Wednesday it would take up to 60 years to cover that gap and that’s more than twice the accepted standard.

A state Senate panel will work on changes to the pension system.

The experts are recommending limiting cost of living pension increases to 1 percent.

The system previously had an estimated $13 billion gap. That was increased mostly because expectations are lower for investment returns and higher for how long retirees will live.