COPY-Lawmakers propose SC employees pay more to retire - wistv.com - Columbia, South Carolina

COPY-Lawmakers propose SC employees pay more to retire

COLUMBIA, S.C. (AP) - A legislative panel is recommending that state workers pay more into the retirement system as part of an effort to cover a funding shortfall.

The State newspaper reported (http://bit.ly/sLY8n8) that lawmakers recommended Tuesday that state workers put 7.5% of their salary into the retirement system, instead of the 6.5% they now pay.

The retirement system is facing a $13 billion shortfall.

The committee also recommends that state employees be required to work for 30 years before retiring with full benefits, rather than the current 28 years.

The panel also recommends doing away with a retirement incentive program that allows employees to retire but continue working for five years, accumulating benefits before actually stepping down.

The recommendations will go to lawmakers in January.

Information from: The State, http://www.thestate.com

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