Board Approves Employer Rate Increases
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Date Posted: July 2, 2010
Category: Employers
At its June 30, 2010, meeting, the SC Budget and Control Board approved the following contribution rate increases for employers participating in the South Carolina Retirement System (SCRS) and the Police Officers Retirement System (PORS).
Effective July 1, 2011, the SCRS employer contribution rate will increase 0.145 percent and the PORS employer contribution rate will increase 0.2325 percent. Effective July 1, 2012, the contribution rates for SCRS and PORS employers will increase another 0.145 percent and 0.2325 percent, respectively.
The Board approved the increases based on the recommendations of the actuaries who conducted the annual valuations of the two retirement plans.
The rate increases are illustrated in the following table:
System |
July 1, 2010 |
July 1, 2011 |
July 1, 2012 |
SCRS |
9.24% |
9.385% |
9.53% |
PORS |
11.13% |
11.363% |
11.595% |
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