Board increases state pension fund contribution rates starting in July

COLUMBIA — Beginning in July, employees enrolled in the state pension plan will contribute another half-percent of their paychecks toward shoring up the massive pension shortfall.

Total contributions for state and local public employees — including teachers — will rise to 9.16 percent. Police officers will pay 9.74 percent if they're enrolled in the retirement plan.

Agencies and departments will match the 0.5 percent contribution rate increase with a collective $56 million in taxpayer dollars from the state budget.

The State Fiscal Accountability Authority approved the increases Tuesday by a 3-2 vote at the recommendation of the Public Employees Benefit Authority board. It is the sixth year in a row that employee rates have increased, representing a 2.66 percent jump since 2012.

Read more: http://www.postandcourier.com/politics/board-increases-state-pension-fund-contribution-rates-starting-in-july/article_60795e6c-c148-11e6-9f1c-9fd04a8e38b4.html