Historical Newspapers of South Carolina

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USC St, S.C. RE Systen Spend akh get a orea featurino D~P1ON( AM-FM St Attention Grac Spend alot less and get a great.. Who says quality s fabulous Pioneer music reproductioi my price. The new~ performance and of everything. Th includes ... 2 PIONEEI GA RR AR[ L AY-A-A Wi CHRIS TV i CI 2714 Devine St. udy Finds tiremen t t Inferior ..ti. it less and it stereo system lhe new EE.R SX-424 eree Receiver luates COMPLETE "SYSTEM ONLY SX424 STEREO REC. $319"5 tereo has to be expensive? This stereo system has thc perfect you're looking for at an econo 50 watt SX-424 has the power, featurcs that give you more is great sterco package also R SPEAKERS & TURNTABLE YNOW FORr~ TMA S! L MUSIC 6 ENTER A. recent study has found the South Carolina State Retirement System to be inferior to those of most other Southeastern states for state employees and especially for university employees. In the study, USC business ad ministration Profs. Gary W. Eldred and John E. Stinton compare the South Carolina retirement system with the systems of 12 other Southeastern states as well as those of Indiana and Wisconsin. The professors also examined retirement systems for faculty and staff employees of state universities in 14 states. NONE OF the retirement systems studied, according to Eldred and Stinton, had age service requirements for normal retirement greater than those in South Carolina, which sets retirement at 65 years of age or 35 years of service. In addition the employe con tribution rate in the state, ac cording to the study, is higher than average while benefits are sower at t Pizza l BUY ONE GET ONI SPAGI $1 Served with Ga chef s Serving WE] 3 P.m. Till Located at the inter 126 across from i A MATTE AND I They tell us we' We're dying off to our environment. enough to keep up wi on around us. Yearbooks have a campuses- - they have to fill. But in ord need your help. We we need photographer we need your interes become extinct. The GA RNET & I Meetings at 7:30 1624 Pendl GARNET& BLACK Box 85132 Cam pus than average. In the present system employe contribution rates are 4 per cent for the first $4,800 of salary and 6 per cent for the ex cess. The report calls for the $4,800 base to be raised to the social security wage base. This would reduce the burden, especially for low and middle-income employes, of contribution rates that now frequently exceed 5 per cent of salary in addition to social security rates of nearly 6 per cent. THE STUDY recommends the benefit formula, be increased to 1.75 per cent of the final average salary, times years of service. Retired employes currently receive 1.25 per cent of the first $4,800 of salary plus 1.65 per cent of the excess of $4,800 of their final average salary times years of service. This increase would bring the benefits produced by the formula more in line with those in Ten nessee, Georgia and Alabama although they would still be slightly below the benefits produced by the Maryland for L UU1LIAV he louse DINNER FREE LETTI .95 rlic Bread and alad. )NESDAY Midnight section of 378 and the Ramada Inn R OF LIFE )EATH. re dying. because we can't adapt We can't change fast th the changes going place on college an important niche er to survive, we need staff members, s, but most of all t. Before yearbooks LACK Yearbook p.m. Tuesdays ?ton St. Fred Merritt, Ed. mula. THE STUDY found the 2 per cent annual rate of interest on with drawals from the South Carolina retirement system to be lower than that payable by all except two other state systems. Eldred and Stinton suggest this interest rate be increased to at least 5 per cent in light of current interest earnings of the retirement fund and rates available in the savings market. They also recommend an op tional private retirement plan be established for faculty members of institutions of higher learning. This would extend to the state faculties the advantages enjoyed by the faculties of the Universities of North Carolina, Texas and Virginia. IN ADDITION, the study calls for changes to allow employes the option of having taxes deferred on their retirement contributions. Employes would then have the option of paying income taxes on these funds after retirement when their income tax rates could be lower. The study also. reveals that the South Carolina Retirement System requires 15 years for full vesting, the longest vesting period for any plan examined. This period, ac cording to the USC professors, should be immediate in an optional retirement plan and five years in the state plan. Ten Named To Receive Scholarships Ten South Carolina high school seniors have been named Carolina Scholars by the University of South Carolina, granting them each a four-year $5,000 scholarship to USC. The 10 students selected and their respective high schools in clude William Michael Bond, Seneca High School, Seneca; Johnathan Werber Bryan, Sumter High School, Sumter; Wilson Werber Bryan, Cardinal Newman High School, Columbia, and Thomas Joseph Cooney, Sumter High School, Sumter. Also chosen were John Robert Jeffries, R. B. Stall High School, Charleston; Daniel Dale Hanle, Columbia High School, Columbia; William Lanier Laney, Spar tanburg High School, Spar tanburg; John Barron McArthur, Sumter High School, Sumter; Ann Ratliff Mootz, Spring Valley High School, Columbia, and Cynthia Pauline Youmans, North Augusta Senior High School, North Augusta. Alternates named to the Carolina Scholars program include Stephen Elliott Gonzales, North Charleston High School, North Charleston; Sherie Durham Macaulay, Lexington High School, Lexington; Timothy James O'Rourke, Keenan High School, Columbia; and Charlie Stephen Vinson, Dreher High School, Columbia. The 10 Carolina Scholars mark the sixth group of outstanding high school students to receive the four year scholarships. Initiated in 1969, the Carolina Scholars program is designed to bring ambitious and talented young South Carolina to the USC campus. The program is funded by contributions to the university's Educational Foundation from individuals, organization, and businesses. Selection is on the basis of character, leadership, and signs of future promise. Financial need is n*ot a consideration.