COLUMBIA, S.C. — Employee advocacy groups are asking legislators not to “abandon” South Carolina’s pension system for public workers.
Carlton Washington with the State Employees Association told a legislative panel Tuesday that transitioning employees to 401K-style retirement accounts is “bad for employees and bad for the state.” The House-Senate panel has the task of recommending the next round of pension reforms.
Rep. Gilda Cobb-Hunter urged employee representatives to help create an acceptable alternative to the “status quo,” because “this train is moving.”
Legislators passed a law in April designed to shore up the system, but made clear then more changes are coming.
The law increased contributions for both employers and their workers starting July 1. While that’s supposed to be the last rate hikes for workers, employers’ rates will rise yearly through 2022.