Tags: Economic- Crisis | Carolina | retirees | increases | state

S.C. to Cut Increases for State Retirees

By Andra Varin   |   Thursday, 03 Nov 2011 05:05 PM

Retired state workers in South Carolina may have to tighten their belts. And so will taxpayers.

The South Carolina Budget and Control Board voted Thursday to lower the annual cost-of-living increases that retired workers get, and to increase the amount that taxpayers pay into the retirement system, The State newspaper reported.

The measures are set to got into effect July 1, which gives the Legislature time to vote to reinstate the cost-of-living increases if lawmakers want to do so.

State retirees have objected strenuously, and some critics have suggested cutting legislators’ pensions before going after other retirees’ money.

“We've all known this year was going to hurt,” Gov. Nikki Haley said just before the vote. “I have full faith that the Legislature is committed to a solution.”

© 2015 Newsmax. All rights reserved.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved