Thursday, June 19, 2014
COLUMBIA, S.C. (AP) -- South Carolina's public workers will again pay slightly more of their salary to maintain their retirement benefits.
The Budget and Control Board this week unanimously approved increasing the contribution rates for both employees and their public employers, starting July 1, 2015.
Workers in the state's main retirement system will see 8.16 percent of their salaries deducted, up from 8 percent. The agencies and local governments they work for also must contribute an additional 0.16 percent, to 11.06 percent. Those increases are funded by taxpayers.
Contribution rates for law enforcement officers and firefighters, and their employers, will rise by 0.33 percent. First responders will see 8.74 percent of the salaries deducted.
A 2012 law reforming South Carolina's pension systems increased contributions, but the scheduled increases weren't enough to sustain the systems.
(Copyright 2014. The Associated Press.)