Governor again asks legislators to move new workers to 401K


By SEANNA ADCOX
Related Press

COLUMBIA, S.C. (AP) – Legislators working to provide you with the subsequent spherical of modifications to South Carolina’s pension system for public staff will hear from worker advocacy teams.

Gov. Henry McMaster despatched the Home-Senate panel a letter earlier than Tuesday’s assembly asking members to think about setting a date for shifting newly employed staff to an outlined contribution plan, comparable to 401K retirement accounts.

The letter repeats what the Republican governor stated in April when he signed a regulation designed to shore up the present system, saying he was disenchanted it did not go additional.

Legislators made clear then extra modifications are coming.

The regulation elevated contributions for each employers and their staff beginning July 1. Whereas that is purported to be the final price hikes for staff, employers’ charges will rise yearly via 2022.

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