Henry McMaster on Social Security

	Henry McMaster on Social Security

Shift pensions from defined benefit to defined contribution

We must maintain our commitment to the 11.5% of South Carolinians who rely on the state retirement systems and we must also protect the taxpayers from bearing any additional financial burden caused by inaction or indecision or anything else. The best answer is a date-certain transition away from "defined benefit" pension plans to "defined contribution" plans for new state employees. I am asking that we--at the end of this year--close enrollment in the current "defined-benefit" plan. Source: 2020 South Carolina State of the State address , Jan 22, 2020

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