S.C. Gov. Henry McMaster wants to end South Carolina’s pension system for new state workers and only offer a 401(k)-style retirement plan.
McMaster sent his proposal in a letter to a special House-Senate panel tasked with making changes to the state’s public workers retirement options. He also asked that panel of state senators and S.C. House members consider offering the 401(k)-style plan only to state workers.
The state’s retirement options are currently offered to employees of cities, counties and S.C. schools in addition to state workers.
The panel of House members and senators is meeting Tuesday to consider changing South Carolina’s retirement options for the state’s public employees and teachers.