Bill > S0107

This bill modifies retirement earnings limitations for members of the South Carolina Retirement System and the Police Officers Retirement System by replacing the fixed $10,000 annual earnings cap with a more dynamic limit tied to the Social Security Administration's annual retirement earnings test exempt amount. Under the new provisions, retired members who have been retired for at least 30 consecutive calendar days can return to covered employment and earn up to the Social Security Administration's lower exempt amount (which was $22,320 in 2024) without affecting their monthly retirement allowance. If they earn more than this amount in a calendar year, their retirement allowance will be suspended for the remainder of that year. The bill maintains existing exceptions for members who retired before January 2, 2013, have reached specific age thresholds (62 for the general retirement system, 57 for police officers), or are serving in certain appointed or elected public offices. The Public Employee Benefit Authority will be responsible for notifying affected individuals of the specific earnings limitation each calendar year based on the Social Security Administration's annual determination. The bill will take effect upon the Governor's approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=107&session=126&summary=B