Legislature approves compromise on pension reform

COLUMBIA, S.C. (AP) — A bill reforming South Carolina’s pension systems for public workers is heading to the governor’s desk.

The House voted 88-9 and the Senate voted 43-0 on Thursday on a compromise agreed to hours earlier by a six-member conference committee. The agreement is largely the Senate’s version of the bill.

Current employees could still retire with full benefits after 28 years of work, and would be exempt from changes in benefit calculations.

Employees’ contributions would increase by 1.5 percentage points over three years, from 6.5 percent to 8 percent. The Teachers and Employee Retention Incentive program phases out in 2018.

A limit on return-to-work employees takes effect Jan. 2. Employees who officially retire then return to work would stop getting two checks once their regular pay for the year reaches $10,000.