SC legislators to discuss retirement system repair
Sep 13, 2011 9:21:00 AM - thestate.com
South Carolina lawmakers plan to begin weeks of discussions about how to repair long-term cash shortfalls in the state's main retirement system.
A Senate panel Wednesday will get an expert's update on the South Carolina Retirement System.
Legislators and others who have seen a draft of that report say its offers the same bad news contained in a report earlier this year. It would take more than 37 years to pay off all the benefits owed. Financial standards call for that funding gap to be 30 years or less.
State Comptroller General Richard Eckstrom says legislators have made the system too generous and they need to consider increasing retirement requirements.
Sen. Thomas Alexander of Walhalla says a variety of changes will be considered.
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