SC officers to again pay more for pensions in 2014
Wed, 08 May 2013 19:04:09 GMT —
COLUMBIA, S.C. (AP) -- South Carolina's law enforcement officers and firefighters will again be required to put a higher percentage of their salaries toward their retirement benefits than other public workers.
The Budget and Control Board approved recommendations Wednesday that mean officers and firefighters will put 8.41 percent of their paychecks toward their pensions starting in July 2014.
Officers and firefighters will begin paying 7.84 percent this July. That's already higher than the 7.5 percent teachers and employees of state and local governments will pay. Their rate will rise to 8 percent in 2014.
A pension reform law passed last year increased employees' contribution rates as part of efforts to keep state pension systems solvent. But consultants say the law's scheduled increases aren't enough to keep the Police Officers Retirement System sustainable.