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Associated Press: Gov. Haley says pension reform is paying off
COLUMBIA, S.C. (AP) - Gov. Nikki Haley says South Carolina’s 11-day-old law reforming the pension system for public workers is already paying off.
The Republican governor pointed Tuesday to a weekly report by Moody’s Investors Service, which features the law she signed June 29.
Moody’s noted in its Weekly Credit Outlook on Monday that the reform measures will reduce the state’s long-term unfunded liability by $2 billion. Moody’s called it a credit positive for the state and local governments.
Legislators passed a compromise of the House’s and Senate’s separate reform measures on the last day of an extended legislative session.
The law limits employees’ ability to officially retire, return to work and collect two checks.
For those hired after July 1, it also changes how benefits are calculated and how long they must work.