A daily review of what’s making news in South Carolina state government.
Public employees in South Carolina would have to pay a bit more towards their retirements, while state agencies and local governments would contribute a lot more under a proposal that cleared a state House panel Tuesday.
A House budget subcommittee advanced a bill Tuesday that tries to infuse South Carolina’s struggling pension system — which has a $24 billion gap between what it has promised future retirees vs. what it has on hand. The plan would slightly raise employee contributions from 8.66 percent to 9 percent, but cap it there. Employers, however, would need to go from the current 11.56 percent to 18.56 percent by 2023. [Read more…]