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S.C. Retirement System
State leaders in both the S.C. House and Senate have made overhauling the S.C. Retirement System, which has an estimated shortfall of between $13 to $17 billion dollars, their top priority this legislative session. The Big Picture sits down with the power players to talk about the options and what is being done to fix the system.
Response by: .(JavaScript must be enabled to view this email address) on 03/01/2012 at 10:39 AM
I would like to see something done to reduce the impact on working retirees. I retired from the state and am no longer a state employee. I will not be getting the 2% COLA or 1% bonus, unless the county gives one. However, since I now work for the county I will have to pay the additional 1% into the Retirement System. The only thing I get for these additional contributions is a COLA on my retirement. Now, that will probably be lost. Finally, I don't think closing the TERI program to new employees will have any financial impact on the Retirement System.
Response by: .(JavaScript must be enabled to view this email address) on 02/23/2012 at 02:44 PM
If any changes for service requirements are to be made, it should be effective for new hires only. I have 22 years and 4 months in the SC Retirement System. One of the problems with the retirement funding at CU is when new employees are allowed to choose an optional retirement instead of being required to join the SC Retirement System.
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