SC Retirement System Another Billion in the Hole

Here's a stat that will open your eyes about the severity of South Carolina's retirement problem:  in just the past year, the state retirement system's deficit has grown from $13-Billion to $14-Billion and the clock continues ticking.  State lawmakers are working on a plan to bring the system back to black by 2041.  But as The Nerve investigative reporter Rick Brundrett uncovered, lawmakers' efforts have been questioned because of their insistence on protecting their personal retirement from any changes.   Brundrett  reports that lawmakers refused to "grandfather in"state workers who are close to retirement, yet protected many senior senators and state representatives from the changes being proposed.  Among the changes being considered: having workers pay  more into the system while taking out less and increasing the years of service necessary to withdraw retirement to 30.  Also, The State newspaper reports  that lawmakers are considering eliminating the TERI program, that allows state workers to retire and then keep on working-- in essence drawing two salaries!  It was a program designed to keep teachers in classrooms longer, but has since ballooned out of control when it was opened up to all state workers.  Watch The Savage Report all this week for more, on Comcast C2, all local... all the time.