May 19, 2012 - South Carolina’s Senate has passed a kinder and gentler form of pension reform than that proposed by the state’s House.
Under the Senate’s bill, public workers can continue to factor unused vacation and sick days into their pension calculations, and to have benefits based on the final three years of pay.
The House bill sees benefits being calculated from a five-year average. With both bills, however, employees will need to work longer before collecting full benefits – age and years of service will have to total 90.
Employees will also have to contribute more to their pensions, with an additional 1.5 per cent of salary phased in over three years.
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