3 Pension Reforms from the Palmetto State.

The Palmetto State: South Carolina

The South Carolina Pension Reforms.

• More Contributions
  • State contributions will increase to 13.56%, that’s up 2 points
  • State conribution to law enforcement pensions will incrase to 16.24%, that’s up 2 points
  • Annual increases of 1% from 2018-2023
  • State employee contributions increase to 9% from 8.66%
  • State law enforcement contributions increase to 9.75% from 9.24%
• Shorter Amoritization. Over next 10 years, 20 year amoritization. 
• Lower assumed rate of return.   7.25% from 7.5%
  • After 2012, the assumed rate of return will be set every 4 years by the board of the South Carolina Public Employee Benefit Authority

Pensions & Investments | South Carolina Legislature passes pension reform bill