Three S.C. lawmakers who have pleaded guilty to public corruption charges still are picking up a major retirement perk after leaving office – paid for by state taxpayers.
Those same retirement benefits cover three other lawmakers – a suspended state senator and two retired House representatives – who now face trial as part of the same State House corruption investigation, led by special prosecutor David Pascoe.
In total, retirement benefits for the six legislators will cost S.C. taxpayers about $200,000 a year, according to the state’s pension agency.
By Dallas Salisbury, EBRI
This week marks the 40th Labor Day since President Ford signed the Employee Retirement Income Security Act of 1974 into law. ERISA has been amended many times since then—as have Internal Revenue Code provisions that relate to ERISA-covered employee benefit plans. Private-sector regulatory change has come as well, via the Financial Accounting Standards Board. The U.S. and global economies, trade and employment have changed continuously over this 40 years, as has the general societal view of individual responsibility
I will leave to others conclusions on why things have gone as they have, but will provide four data pictures of the 40 years of ERISA—and by coincidence, my entire career in the benefits world—which has revolved around ERISA and employee benefits.
Chart 1 shows income sources in 1975 as reported by the Current Population Survey. Many describe the 70’s and earlier as the…
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