SC House panel could tweak draft on pension reform

COLUMBIA, S.C. (AP) — New age and service-length requirements in a proposal to reform South Carolina’s pension system may not apply to current employees after all.

A House panel on Wednesday directed a consultant to re-calculate how changes to its proposal would affect the system’s solvency. Their effect on the state’s long-term liability will be presented in a couple of weeks.

Last month, the subcommittee approved a draft proposal to require public employees to work 30 years and be at least 62 years old to draw full retirement benefits. Employees currently have to work 28 years for full retirement, and there are no age requirements.

The panel may apply the changes only to new hires. It may also let workers either work 30 years or retire at age 62, rather than meet both qualifications.