US. Lawmakers could end state pension plan for new employees
S.C. lawmakers eventually could walk away from the state’s pension plan.
In passing a fix to the state’s underfunded pension system, the state Senate last week approved closing the current retirement system to new employees once it is made financially whole. But that could take about 30 years, officials estimate.
Still, lawmakers are planning to explore changing the retirement options for state and local government employees, including teachers. A special panel already has agreed to look at who is eligible to join the pension system and possibly change the plan.
Advocates for state employees oppose closing the retirement system to new employees. They say public-sector workers covered by the pension system — state, city, county and school system employees — do not make enough to benefit from a 401(k) style plan, used by many businesses.
Full Content: The State
