COLUMBIA, SC (WIS) - A bill designed to stabilize South Carolina's pension system for public workers is heading to Gov. Henry McMaster's desk.
The House and Senate gave final approval Wednesday.
It requires employers and their workers to pay more starting July 1.
The legislation specifies workers' rates won't rise again. But their taxpayer-supported employers will pay increasingly more through 2022. Employers' contribution rates will rise by 7 percentage points over the next six years, requiring them to cumulatively put an additional $3.2 billion into the system.
Legislators' budget plan for the upcoming fiscal year includes $150 million for pensions. That fully covers next year's rate hike for state agencies primarily funded by state taxes. It also covers half the increase for other employers in the system, including colleges and local governments.