SC Governor Signs Pension Bill

COLUMBIA, S.C. (AP) – Gov. Henry McMaster has signed a bill designed to stabilize South Carolina’s pension system for public workers.

The Republican governor called the law signed Tuesday “just the first step of many” needed to secure long-term stability. He’s particularly disappointed it doesn’t address moving new hires to a defined contribution plan such as a 401K.

Under the law, employers and their workers will pay more starting July 1. But workers’ rates won’t rise again, while their taxpayer-supported employers will pay increasingly more through 2022.

Legislators have already pledged more changes are coming. A House-Senate study panel is set to start meeting next month on the next round.

Its co-chairman, Rep. Bill Herbkersman, has said other possibilities to explore include closing the system to employers that aren’t state agencies and school districts.