A joint committee of South Carolina House and Senate members took testimony Tuesday on a potenial fix to state’s financially-troubled pension system.
Rockefller Institure of Government Director of Fiscal Studies Don Boyd testified before the panel and said that the current system is in turmoil. “What I would say is that you have a deeply troubling situation,” he told members of the Joint Committee on Pension Systems Review on Tuesday..
Boyd told the committee there is a way to fix it. “If you want to honor your obligations you need more money,” Boyd said.
South Carolina State Employees Association president Carlton Washington urged lawmakers not to get rid of the current plan. “On behalf of the 32,000 men and women who serve South Carolina as state employees I appeal to you to stay the course with the defined plan, better known as a pension plan,” he said.
Gov. Henry McMaster sent the committee a letter before Tuesday’s meeting asking members to consider setting a date for moving newly hired employees to a defined contribution plan, such as a 401(k).
The state’s retirement system is available to employees of cities, towns, counties, public schools and state workers.