SC Pension System Proposal

COLUMBIA, S.C. (AP) – Legislators are advancing a proposal aimed at shoring up South Carolina’s pension system for current employees. But they warn additional fixes are coming that may drastically alter benefits offered to future employees. A House panel advanced a bill Tuesday that increases employers’ contribution rates by 7 percentage points over the next six years, requiring them to cumulatively put an additional $3.2 billion into the system.