Pension Benefits to Rise Again for Public Workers, Employers
COLUMBIA, S.C. (AP) – Pension costs will dig into the paychecks of South Carolina’s public workers for a sixth consecutive year, and state officials warned deeper cuts are coming.
The State Fiscal Accountability Authority on Tuesday approved increasing how much workers and their employers pay for retirement benefits.
On July 1, both will pay an additional half of a percent.
That means workers in the main plan will contribute 9.2 percent of their salaries. Officers and firefighters in the smaller, law enforcement plan will contribute 9.7 percent.
Meanwhile, the rates paid by their taxpayer-funded employers will increase to 12.1 percent and 14.7 percent, respectively.
A legislative panel is studying how to fix the pension system.
State Treasurer Curtis Loftis warns costs will continue to rise, forcing state and local governments to lay off workers.