According to the National Institute on Retirement Security, state and local pension-fund benefits in South Carolina support a total of $3.8 billion in economic output in the state and $2.1 billion in value added in the state. Each $1 in taxpayer contributions to South Carolina’s state and local pension plans supports $4.65 in total output in the state.
Switching newly hired teachers and other public employees to 401-type pensions will directly harm our local economies. The average 401(k) account balance in South Carolina is only $20,630 — clearly not enough to retire with.
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