Pension Forecast: Still Stormy

Tax & Budget
Blog · September 8, 2017

Transitioning to a defined contribution retirement plan for new state employees would be wise public policy for South Carolina taxpayers and would help us keep our promises to past, present and future state employees.

Other states are figuring it out…will SC?

Tax & Budget
Blog · June 16, 2017

Add Pennsylvania to the list of states which have substantively reformed their pension system. Will South Carolina follow the Keystone State’s lead? Though governor McMaster signed a pension “fix” into law this past session, the truth of the matter is that the pension system is unsustainable because of its structure as a defined-benefit model, not

Not Finished with Pension Reform Yet

Tax & Budget
Blog · May 12, 2017

One in nine South Carolina residents are served by the Palmetto State’s public pension plans. The woefully underfunded system was the topic of much debate in the General Assembly and at the end of April, Governor McMaster signed a bill raising contribution rates into the system for both employees and employers. Because taxpayers are the

Public Pension Peril

Tax & Budget
Blog · November 2, 2016

When it comes to funding its public pension program, South Carolina is short $74,095,092,870 according to a new American Legislative Exchange Council (ALEC) report.