SC officers to again pay more for pensions in 2014
By SEANNA ADCOXAssociated Press
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% of their paychecks toward their pensions starting in July 2014.
Officers and firefighters will begin paying 7.84% this July. That's already higher than the 7.5% teachers and employees of state and local governments will pay. Their rate will rise to 8% 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.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.