SC House approves bill reforming pension system

COLUMBIA, S.C. (AP) — The South Carolina House has approved a bill requiring all public employees to contribute more toward their retirement and new hires to work longer.

The House voted 86-27 on a bill designed to shore up the state’s retirement system, to ensure workers get their benefit checks decades from now.

The measure requires workers hired after July 1 to work an additional two years to collect full retirement. Current employees could still retire after 28 years. Workers’ contributions toward their retirement will rise from 6.5 percent of their salary to 7.5 percent over two years.

The bill makes some changes in how benefits are calculated. That includes basing benefits on employees’ last five years of pay, rather than three.

Some Democrats unsuccessfully tried to grandfather workers within five years of retirement.