SC lawmakers take on pension reform, $13B in debt

COLUMBIA, S.C. (AP) — South Carolina’s public employees would need to work a little longer and contribute more toward their retirement under potential fixes to the state’s pension system.

Legislators and the governor agree reforming the pension is a top priority for the session that resumes in January, as they look for ways to shave the state’s $13 billion debt in benefits promised over the long term. A rough draft on how they could do that faces a vote Monday by a House panel.

Lawmakers will spend the next session debating the details.

Possibilities include requiring employees to work 30 years, up from 28, and setting a minimum age of 62 to collect benefits.

Employees would also see their take-home pay reduced, as their retirement contributions increase from 6.5 percent to 7.5 percent