Bill > H4620

This bill amends the South Carolina retirement allowance adjustment law by modifying the annual cost-of-living increase for retirees and their surviving annuitants. Currently, the law provides for an annual increase of the lesser of one percent or five hundred dollars, effective July 1, 2012. The proposed bill changes this to increase the annual adjustment to the greater of two percent or one thousand dollars, starting July 1, 2026. Only retirees and surviving annuitants who are receiving an allowance on July 1st prior to the effective date will be eligible for the increase. Any increase granted will be included in calculating future increases. The bill will take effect upon the Governor's approval, potentially providing a more generous annual retirement benefit adjustment for eligible South Carolina retirees and their surviving family members.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4620&session=126&summary=B