Group says pensions vital for South Carolina workers

By: Associated Press | AP
Published: February 22, 2012

» Comments | Post a Comment

COLUMBIA, S.C. (AP) - A group of public employees in South Carolina is asking legislators not to drastically change the state pension system.

Legislators say reforming the retirement system for public workers is a top priority this year, in order to shore up the system and ensure workers get their checks decades from now. A bi-partisan House panel has drafted a plan after months of meetings but has not yet introduced the expected bill.

The SC Public Pension Coalition on Wednesday stressed the importance of maintaining employees' pensions.

State Education Association director Roger Smith said legislators should continue to guarantee cost-of-living adjustments in retirees' checks. Smith had few issues with the plan as drafted.

It would give automatic increases if the pension portfolio's rate of return averaged above 7.5 percent over five years.