Benefits & Executive Compensation News

South Carolina Governor Calls for End to State Pension Plan

Jan. 23, 2020, 3:47 AM

South Carolina Gov. Henry McMaster (R) wants to end the state employee pension plan and shift all new state workers into a defined contribution plan.

“I’m asking that at we, at the end of this year, close enrollment in our current defined benefit plan,” McMaster said Wednesday in his State of the State address. “Putting money into an open system like that is like trying to fill a bathtub with the drain open.”

The governor also said he wants state employees to get their pay raises this year based on their performance.

“I’m convinced that across the board pay raises...

To read the full article log in. To learn more about a subscription click here.