COLUMBIA, S.C. (AP) — A bill meant to shore up South Carolina's pension system for roughly 220,000 public workers is heading to the House floor.
The Ways and Means Committee unanimously approved Tuesday a bill requiring newly hired employees to work an additional two years to collect full retirement benefits, while current employees could still retire after 28 years.
It would require workers to contribute more toward their retirement. The committee approved a phase-in, increasing the contribution from 6.5 percent of their salary to 7.5 percent over two years, instead of in one shot July 1.
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