Lawmakers aim for proposal to fix ailing pension system by January
A proposal to fix the state’s ailing pension system is expected in January, a co-chairman of a legislative panel said Wednesday.
"We need to offer a solution that fixes the problem," said state Sen. Kevin Bryant, R-Anderson, a co-chairman of the committee. Bryant said he hopes a panel of House and Senate members will have a solution to offer by the end of the first week of the legislative session.
Lawmakers were told Tuesday the state’s unfunded pension debt could be nearly $40 billion, twice previous estimates. That debt is the difference between the amount the pension fund has on hand to pay for the retirement benefits of state and local government workers, including teachers, and the amount it has promised to pay current employees and retirees.
In an effort to close that gap, lawmakers are looking at whether to put more taxpayer money into the pension system or take more money out of the paychecks of government workers.
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