http://www.retirement.sc.gov/ News and updates on your retirement. jprickett@retirement.sc.gov en-us (c) Copyright 2009 , South Carolina Retirement Systems RSS Feed Creator V.1 - Ebookadvertising.biz http://www.retirement.sc.gov/ Premiering on the South Carolina Retirement Systems's website today is a new video in our Retirement Tips Series. This five-minute video provides a glance at the State Optional Retirement Program (State ORP). Check it out! - http://retirement.sc.gov/video/videos/tips/orpoverview.htm http://retirement.sc.gov/news/default.htm The South Carolina Retirement Systems is mailing 1099-R forms today to recipients of payments from the Systems. http://retirement.sc.gov/news/default.htm The South Carolina Retirement Systems withholds state and federal income taxes from all taxable distributions in accordance with the rules and guidelines set forth by the Internal Revenue Service (IRS). As a result of recent changes to the federal tax withholding tables required for calendar year 2012, the net amount of the monthly benefit that is deposited into your bank account or issued to you in the form of a paper check may have changed from the prior month. If you wish to make changes to your income tax withholdings, please complete and submit a <a href="https://forms.retirement.sc.gov/formGenericGet.do?formNum=web7202.xdp">Withholding Certificate for Monthly Annuity Payments (Form 7202)</a> which is available on our website. If you have any questions or need additional information, please contact our office at 803-737-6800, toll free at 800-868-9002, or http://retirement.sc.gov. http://www.retirement.sc.gov/ If you are considering retirement, the Employee Insurance Program (EIP) and the South Carolina Retirement Systems are working together to help you explore your options in retirement. As part of a pilot project, a benefits counselor from EIP will be available at the South Carolina Retirement Systems' office December 28-30 during normal business hours (8:30 a.m. - 5 p.m.) to meet with prospective retirees. During these individual counseling sessions, representatives from both divisions will help you determine your eligibility for retirement and for insurance. No appointment is required. For more information, contact the Retirement Systems at 803-737-6800 or 800-868-9002 (within S.C. only). <br> <br> Please bring a completed <a href="http://www.eip.sc.gov/publications/employment_record.pdf">Employment Verification Record</a> with you, along with: <br> <br> • A loss of coverage letter with effective and termination dates if you are not currently covered under an EIP program; <br> <br> • Documentation to verify the eligibility of any family members you plan to add to your insurance coverage when you retire. A list of acceptable documents can be found <a href="http://www.eip.sc.gov/resource_library/enrollment_documentation.pdf">here</a>; <br> <br> • A copy of your Medicare card if you will be enrolling in Medicare within the next 90 days; <br> <br> • Your Social Security card; <br> <br> • Your birth certificate; and <br> <br> • Birth certificates for anyone you plan to name as a beneficiary of your retirement benefit. http://www.retirement.sc.gov/ If you are considering retirement, the Employee Insurance Program (EIP) and the South Carolina Retirement Systems are working together to help you explore your options in retirement. As part of a pilot project, a benefits counselor from EIP will be available at the South Carolina Retirement Systems's office December 28-30 during normal business hours (8:30 a.m. - 5 p.m.) to meet with prospective retirees. During these meetings, representatives from both divisions will help you determine your eligibility for retirement and for insurance. No appointment is required. For more information, contact the Retirement Systems at 803-737-6800 or 800-868-9002 (within S.C. only). <br> <br> Please bring a completed <a href="http://www.eip.sc.gov/publications/employment_record.pdf">Employment Verification Record</a> with you to the meeting, along with: <br> <br> • A loss of coverage letter with effective and termination dates if you are not currently covered under an EIP program; <br> <br> • Documentation to verify the eligibility of any family members you plan to add to your insurance coverage when you retire. A list of acceptable documents can be found <a href="http://www.eip.sc.gov/resource_library/enrollment_documentation.pdf">here</a>; <br> <br> • A copy of your Medicare card if you will be enrolling in Medicare within the next 90 days; <br> <br> • Your Social Security card; <br> <br> • Your birth certificate; and <br> <br> • Birth certificates for anyone you plan to name as a beneficiary of your retirement benefit. http://www.retirement.sc.gov/ Premiering on the South Carolina Retirement Systems's website today is a new video in our Retirement Tips Series. This four-minute video provides a glance at the Police Officers Retirement System (PORS). Check it out! - http://retirement.sc.gov/video/videos/tips/porsbenefits.htm http://www.retirement.sc.gov/ In a recent poll a few of our fans let us know that they would like to see more information regarding retirement calculation factors covered in our next video. We appreciate your input! <br> <br> Premiering today on our website is the first video in a new series we have launched called whiteboard videos. These short, educational videos will provide an overview of some key terms related to retirement. The first video is a description of "average final compensation" and provides an overview of one of the factors used to calculate a member's AFC. http://retirement.sc.gov/video/videos/whiteboard/default.htm http://www.retirement.sc.gov/ The Retirement Systems' website has been updated with the latest information we have provided to the House Retirement Ad Hoc Study Committee. To view this information, please visit http://www.retirement.sc.gov/legislative/default.htm. http://www.retirement.sc.gov/ In February 2011, public policy makers in South Carolina began discussion about the funding status of the state's largest retirement plan for its public workforce, the South Carolina Retirement System (SCRS), as well as the four other systems (the Police Officers Retirement System, the General Assembly Retirement System, the Judges and Solicitors Retirement System, and the National Guard Retirement System. Special retirement subcommittees in both the House of Representatives and the Senate continue to meet and hold public hearings to solicit input and discuss the options available to put the plans on more solid fiscal ground, both now and in the future. <br> <br> SCRS does not face an immediate liquidity crisis; the plan is currently funded at approximately 65 percent. This means that the plan has on hand 65 percent of the funds it needs to pay future benefits for service already earned. There are numerous options for public policy makers' consideration. As part of the process, legislators are reviewing fiscal impact analyses provided by the Retirement Systems' retained actuary, Gabriel, Roeder Smith and Company (GRS). The Retirement Systems' staff and GRS will continue to provide information to the members of the Senate and House subcommittees so that they may make informed decisions about the plans. To view the documents which have been presented to policy makers as well as responses to their requests for information, please visit http://www.retirement.sc.gov/legislative/default.htm. http://www.retirement.sc.gov/ At its November 3, 2011, meeting, the SC Budget and Control Board adopted the July 1, 2010, actuarial valuations prepared by Cavanaugh Macdonald for the South Carolina Retirement Systems' five defined benefit plans. <br> <br> The valuations for the South Carolina Retirement System (SCRS) and the Police Officers Retirement System (PORS) included employer contribution rate increases to maintain the recommended funding periods for the plans. Effective July 1, 2012, the SCRS employer contribution rate will increase to 10.45 percent of covered payroll and the PORS employer contribution rate will increase to 11.90 percent of covered payroll. View the current and scheduled contribution rates at http://www.retirement.sc.gov/news/default.htm. <br> <br> Also adopted by the Board was an experience study of SCRS and PORS completed by Gabriel Roeder Smith and Company, which included actuarial assumption recommendations to strengthen the plans. As a result of the Board's adoption of the experience study, the actuarial assumed rate of return will be reduced to 7.5 percent from the current 8 percent rate. This action reverts the statute governing the provision of cost-of-living adjustments (COLAs) to SCRS retirees to the law as amended in 2005, which provided for an automatic 1 percent COLA for eligible SCRS retirees. The statute governing the provision of COLAs to PORS members reverts to the pre-2008 law, which provided for ad hoc COLAs only. <br> <br> For information about the other actuarial assumptions that were adopted by the Board, please review the Gabriel Roeder Smith and Company <a href="http://www.retirement.sc.gov/financial/GRS%20Experience%20Study.pdf">experience study here. http://www.retirement.sc.gov/ We have completed a redesign and content reorganization of our website. It is our hope that these tabs will better help our members, employers and the public navigate our site to find the information they need. Along the right side of the page you will find some of our most frequently used resources and links. We are always looking for ways to improve and better serve our customers, so if you have any suggestions please let us know! http://www.retirement.sc.gov/ http://www.retirement.sc.gov/contact/ The South Carolina Retirement Systems’ office hours are 8:30 a.m. to 5:00 p.m. Members needing retirement consultations are asked to arrive at our office no later than 4:15 p.m. to ensure ample time is available for our consultants to provide a comprehensive consultation. Members needing to change their addresses, complete direct deposit forms, apply for refunds, etc., will be seen until the close of business each day. https://online.retirement.sc.gov/MemberAccess/welcome Today, you’ll notice a new look and a new feature on the Retirement Systems’ home page. In addition to making our home page easier to use, we launched the initial phase of our member access project. This new program allows our members to view and print their annual statement. To learn more, please select the Member Login button at the top of our website, or visit https://online.retirement.sc.gov/MemberAccess/welcome . http://www.retirement.sc.gov/gasb/default.htm The Governmental Accounting Standards Board (GASB) recently released two proposals for revised accounting and financial reporting standards related to public pension plans. These “exposure drafts” would change the way public pension plans calculate and report the costs and obligations of the plans and would require employers participating in the plans to report in their financial statements their share of the pension plan costs and obligations. Retirement Systems staff is reviewing the exposure drafts and will be prepared to provide education and guidance to its participating employers to ensure smooth implementation of the proposed standards if approved by GASB. Visit our GASB Resource Center at http://www.retirement.sc.gov/gasb/ for more information about these proposals. http://www.retirement.sc.gov/survey/customersatisfaction.htm Time is running out to voice your opinion! Be sure to take a moment to complete our customer satisfaction survey and let us know what you think about the services the South Carolina Retirement Systems provides. <br> <br> The survey is located on our website at http://www.retirement.sc.gov/survey/customersatisfaction.htm. This survey is completely anonymous. Your responses will be used for the sole purpose of improving the services we provide. <br> <br> The South Carolina Retirement Systems is committed to providing our customers with the best service possible. We believe that our effectiveness can best be measured through your satisfaction with our services. Thank you for taking a few moments to complete our survey. http://www.retirement.sc.gov/survey/customersatisfaction.htm The South Carolina Retirement Systems is committed to providing our customers with the best service possible. We believe that our effectiveness can best be measured through your satisfaction with our services. To that end, we would like to get your unique perspective in evaluating the services we provide. <br> <br> We ask that you please take a moment to complete our customer satisfaction survey which is located on our website at http://www.retirement.sc.gov/survey/customersatisfaction.htm. This survey is completely anonymous. Your responses will be used for the sole purpose of improving the services we provide. <br> <br> Thank you for taking a few moments to complete this survey. http://www.retirement.sc.gov/news/headlines/2011cola.htm Eligible retirees of the South Carolina Retirement System (SCRS) and the Police Officers Retirement System (PORS) are expected to receive a 1.7 percent cost-of-living adjustment (COLA) in their benefit checks effective July 1, 2011. <br> <br> Current state law provides that each July 1, eligible SCRS and PORS retirees will receive an automatic COLA equal to the percentage of the annual increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W) as of the previous December 31, up to an increase of 2 percent. As of December 31, 2010, the CPI-W increased by 1.7 percent from December 2009 to December 2010. <br> <br> Retired PORS members are eligible for COLAs the second July 1 after their date of retirement. Retired SCRS members who retired with 28 years of service or on or after their 60th birthday are eligible for COLAs the second July 1 after their date of retirement. However, SCRS members who retired under early retirement provisions at age 55 with 25 years of service are not eligible for COLAs until the second July 1 after they reach age 60 or the second July 1 after the date they would have attained 28 years of service credit had they not retired. <br> <br> Automatic COLAs are triggered only during periods of inflation. http://www.retirement.sc.gov/news/headlines/installmentrate.htm The interest rate for the Installment Service Purchase Program will remain at 5.25 percent for the fiscal year beginning July 1, 2011. The 5.25 percent rate applies to new accounts activated July 1, 2011, through June 30, 2012. <br> <br> The Installment Service Purchase Program allows active contributing members to establish eligible service credit through installment payments. For more information, contact Customer Services at (800) 868-9002, (803) 737-6800, or cs@retirement.sc.gov. http://www.facebook.com/SCRetirementSystems The South Carolina Retirement Systems is now on Facebook at http://www.facebook.com/SCRetirementSystems ! "Like" us on Facebook for all of the latest updates. - Don't forget to follow us on Twitter too at http://www.twitter.com/scretirement . http://www.retirement.sc.gov/events/events.asp?key=2 If you are one year or less away from being eligible to apply for retirement, the South Carolina Retirement Systems wants to help make sure you have all of the information you need to make the decisions that are best for you. We offer a one day seminar designed to answer all of your questions and more. Presenters from the Retirement Systems, the South Carolina Deferred Compensation Program, the Social Security Administration, and the Employee Insurance Program will provide you with the information needed to successfully navigate the retirement process. Go to www.retirement.sc.gov/events to see the list of the fall 2011 regional retirement seminars. Scroll through the list until you find a seminar that is near your area and then click “register” to enroll. http://www.retirement.sc.gov/news/headlines/ahrensarnoldruling.htm Today, May 2, 2011, the Supreme Court of South Carolina issued a ruling in the Ahrens/Arnold vs. SCRS/PORS law suit in which working retirees who retired and returned to work prior to July 1, 2005 challenged the requirement that they make employee contributions to the Retirement Systems. The Supreme Court determined that the statutes which initially allowed retired members to return to work without making contributions did not create a contract and could therefore be amended to require the working retirees to make such contributions. As such, the Court also determined that the Legislature was not estopped or prohibited from changing the law in 2005 to provide that retired members employed in positions covered by the Retirement Systems must make the same employee contributions as active members occupying the same or similar positions. As a result, the Retirement Systems will continue to collect and retain employee contributions from working retirees. The plaintiffs have fifteen days to seek reconsideration or rehearing and the decision will not be final until the time for rehearing or reconsideration ends. http://www.retirement.sc.gov/news/headlines/socialmedia.htm The South Carolina Retirement Systems is now on Twitter. Stay informed by following us on Twitter for the most recent news and educational updates from the Retirement Systems. http://www.twitter.com/scretirement/ http://www.retirement.sc.gov/news/headlines/attentionretirees.htm The South Carolina Retirement Systems is required to withhold state and federal income taxes from all taxable distributions in accordance with rules and guidelines set forth by the Internal Revenue Service (IRS). As a result of recent changes to the federal tax withholding tables required for calendar year 2011, the net amount of the monthly benefit that is deposited into your bank account or issued to you in the form of a paper check may have changed from the prior month. A paper check stub summarizing the various amounts was mailed to members participating in direct deposit; however, there may be a timing delay between when the time in which funds are deposited into your bank account and when the post office delivers your pay stub. If you wish to make any changes to your tax withholdings, please complete and submit a Withholding Certificate for Monthly Benefit Payments (Form 7202). If you have any questions or need additional information, please contact our office at 803-737-6800, toll free at 800-868-9002 or www.retirement.sc.gov/contact. http://www.retirement.sc.gov/publications/ “Next Steps” includes a list of resources to consider in the event of a death of an active member or retiree of the South Carolina Retirement Systems. We hope that this new brochure will be a helpful tool to families of our members and retirees following the passing of a loved one. Click the link above to be taken to our Publications area where you can find the brochure under the "Additional Resources" header. http://www.retirement.sc.gov/publications/ The Annual Summary Report for Fiscal Year 2010 is now available in the publications area of our website. http://www.retirement.sc.gov/publications/ http://www.retirement.sc.gov/news The open enrollment period for all State Optional Retirement Program (ORP) participants is from January 1 through March 1 of each year. http://www.retirement.sc.gov/video/memberspotlight/joyce.htm There are nearly 528,000 members of the retirement plans administered by the South Carolina Retirement Systems. We would like to begin introducing you to some of these South Carolinians who are working or have worked to make our state a better place. In this premiere episode, we meet Joyce, a retired school teacher from Gaffney, South Carolina. Joyce shares with us stories about her love for teaching and gives advice to new members coming into the system. Watch it now at http://www.retirement.sc.gov/video/memberspotlight/joyce.htm ! http://www.retirement.sc.gov/publications/default.htm Redesigned and updated Select Your Retirement Plan handbook as well as SCRS, PORS, and TERI brochures have been added to the Retirement Systems' website. You can find these publications at http://www.retirement.sc.gov/publications/. We have also added a new “Retirement Tips” video, “Your SCRS Benefits at a Glance.” You can find the video at http://www.retirement.sc.gov/video/. http://www.retirement.sc.gov/publications/default.htm The July 2010 edition of the SCRS Member Handbook has been added to the Retirement Systems' website. You can find this publication at http://www.retirement.sc.gov/publications/. http://retirement.sc.gov/systemsupdate/july2010/default.htm The July 2010 edition of the South Carolina Retirement Systems’ Systems Update is now available on our website. This online edition of Systems Update has the most recent information concerning issues affecting the Retirement Systems and, quite possibly, you. The July edition includes our annual legislative update as well. http://retirement.sc.gov/events/events.asp?key=2 If you are one year or less away from being eligible to apply for retirement, the South Carolina Retirement Systems wants to help make sure you have all of the information you need to make the decisions that are best for you. We offer a one day seminar designed to answer all of your questions and more. Presenters from the Retirement Systems, the South Carolina Deferred Compensation Program, the Social Security Administration, and the Employee Insurance Program will provide you with the information needed to successfully navigate the retirement process. Click the link above or go to http://www.retirement.sc.gov/events and click on "Employee Events" to see the list of the fall 2010 regional retirement seminars. Scroll through the list until you find a seminar that is near your area and then click “register” to enroll. http://www.retirement.sc.gov/survey/customersatisfaction.htm The South Carolina Retirement Systems is committed to providing our customers with the best service possible. We believe that our effectiveness can best be measured through your satisfaction with our services. To that end, we would like to get your unique perspective in evaluating the services we provide. <br> <br> We ask that you please take a moment to complete our customer satisfaction survey which is located on our website at http://www.retirement.sc.gov/survey/customersatisfaction.htm. This survey is completely anonymous. Your responses will be used for the sole purpose of improving the services we provide. <br> <br> Thank you for taking a few moments to complete this survey. http://www.retirement.sc.gov/news/headlines/disabilitynotices.htm Legislation has been enacted to allow the South Carolina Retirement Systems to accept a disability retirement application from an otherwise eligible member if the application is received by the Retirement Systems within 90 days of the member’s date of termination from employment. <br> <br> Active contributing members of the South Carolina Retirement System (SCRS) and the Police Officers Retirement System (PORS) may apply for disability retirement if they meet certain eligibility requirements, one of which is that they still be in service with an employer covered by the South Carolina Retirement Systems. For disability application purposes, a member is considered to be in service on the date the application is received by the Retirement Systems if he is not retired and the last day he was employed by an employer covered by the Retirement Systems occurred not more than 90 days prior to the date of filing. <br> <br> The Retirement Systems historically accepted disability applications from members if the application was received within 90 days of the member’s date of termination from employment until a May 12, 2008, decision handed down by the South Carolina Supreme Court decision eliminated the 90-day window. <br> <br> Senate bill 1145, which was ratified by the South Carolina General Assembly May 6, 2010, and signed by Governor Mark Sanford May 12, 2010, provides that the 90-day window applies to any disability application received by the Retirement Systems on or after May 12, 2008. <br> <br> A member’s disability retirement application will be rejected if it is received by the Retirement Systems more than 90 days after the member’s last day of employment with an employer covered by the Retirement Systems. http://www.retirement.sc.gov/news/headlines/incidentaldeath.htm The South Carolina General Assembly recently passed legislation that modifies the group life insurance benefit provided by the South Carolina Retirement Systems effective July 1, 2010. Essentially, the legislation changes the group life distribution from being considered life insurance proceeds to being considered a lump-sum benefit paid to your beneficiary after your death. <br> <br> What does this mean for you? If your employer offers the death benefit provided by the Retirement Systems and you die on or after July 1, 2010, the benefit payable to your beneficiary upon your death will be subject to federal and state taxes, but will also be eligible for a tax-deferred rollover into another qualified retirement plan. The General Assembly passed the legislation to ensure that the Retirement Systems remained in compliance with the Internal Revenue Code. <br> <br> If you have any questions about this change, please contact the Retirement Systems’ Call Center at 803-737-6800, toll-free at 800-868-9002 (within SC only), or at www.retirement.sc.gov. http://www.retirement.sc.gov/news/headlines/gwrsbeneficiary.htm To Participants in the South Carolina Deferred Compensation Program, <br> <br> You will be receiving in the mail a letter from Great-West Retirement Services concerning your beneficiary information and an error that occurred on the first quarter statements recently mailed by Great West. Please see the information via the link above in the interim. If you do not receive a letter in the mail from Great West concerning your beneficiary information, please contact Great West at (877) 457-6263. For the full letter, visit http://www.retirement.sc.gov/news/headlines/gwrsbeneficiary.htm http://www.retirement.sc.gov/news/headlines/2010teri.htm A bill to close the Teacher and Employee Retention Incentive (TERI) program to new participants was passed out of the Senate Finance Committee Tuesday, April 13. Senate bill 242 will next go before the full Senate for a vote. To become law, a bill must pass both houses of the South Carolina General Assembly and be signed by the governor. <br> <br> The annual appropriations bill introduced earlier this year by the House of Representatives, House bill 4657, contains similar language relative to the closure of TERI as Senate bill 242. The House passed a version of its budget bill on March 18 that included the TERI proviso. <br> <br> While there is no way to know if either of these legislative measures will be passed by both the House and the Senate, and enacted into law, members of the South Carolina Retirement System (SCRS) may wish to follow the South Carolina General Assembly’s actions on these bills. For more information about these bills and their status, go to www.scstatehouse.gov. http://www.retirement.sc.gov/news/headlines/statebudget.htm An early draft of the state budget crafted by the state legislature contains a provision that, if passed into law, would close the Teacher and Employee Retention Incentive (TERI) program to new entrants effective July 1, 2010. Please be aware that the legislature is in the early stages of drafting this year’s budget bill and many changes are likely to occur. Also, the process through which a piece of legislation must go through to be passed by both the House and the Senate provides ample opportunity for additional revisions to a bill’s provisions before the bill is finalized. To follow the progress of the budget bill, or any other pending legislation, go to www.scstatehouse.net. http://www.retirement.sc.gov/news/headlines/2010cola.htm Eligible retirees of the South Carolina Retirement System (SCRS) and the Police Officers Retirement System (PORS) are expected to receive a 2 percent cost-of-living adjustment (COLA) in their benefit checks effective July 1, 2010. <br> <br> State law provides that each July 1, eligible SCRS and PORS retirees will receive an automatic COLA equal to the percentage of the annual increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W) as of the previous December 31, up to an increase of 2 percent. As of December 31, 2009, the CPI-W increased by 3.4 percent from December 2008 to December 2009. If the CPI-W had been less than 2 percent, the COLA would equal the actual increase in the CPI-W. <br> <br> Retired PORS members and SCRS members who retired with 28 years of service or on or after their 65th birthday are eligible for COLAs the second July 1 after their date of retirement. However, SCRS members who retired under early retirement provisions at age 55 with 25 years of service are not eligible for COLAs until the second July 1 after they reach age 60 or the second July 1 after the date they would have attained 28 years of service credit had they not retired. <br> <br> Automatic COLAs are triggered only during periods of inflation. http://www.retirement.sc.gov/news/headlines/greatwest2.htm Effective January 1, 2010, Great-West Retirement Services® (Great-West) will replace ING as the provider of services for the South Carolina Deferred Compensation Program (SCDCP or Program). You can now view the transition bulletin announcement on our Web site by clicking the link above (or copy and paste http://www.retirement.sc.gov/news/ into your browser). You may also want to take the time to visit the transition Web site (soon to be the main Web site for the South Carolina Deferred Compensation Program) at http://www.southcarolinadcp.com/. <br> <br> Please note that this transition will not change your account value—and you don’t have to do anything during the transition process. There will be a period, however, when you won’t have access to your account. This period, called a “blackout period,” will occur from approximately December 30, 2009, to January 11, 2010. During this time, your account will be moved from ING to Great-West, and it will be processed and verified for accuracy. Again, for all information involving this transition, please visit our Web site. http://www.retirement.sc.gov/news/headlines/greatwest.htm The South Carolina Deferred Compensation Commission recently voted to transition the program’s third party administration from ING to Great-West effective January 1, 2010. We will continue to update employers and participants about this transition as information becomes available. http://www.retirement.sc.gov/news/headlines/taxwithtopenny.htm When the South Carolina Retirement Systems implemented its new payment and claims system in August 2009, many processes were streamlined or enhanced. One feature of the new system calculates federal and state tax withholding amounts to the penny based on Internal Revenue Service tax tables. Prior to implementation of the new system, federal and state tax withholdings were rounded to the nearest dollar. So, as a result of the new system, the net amount of most retired members’ checks changed with the checks issued September 30, 2009. The difference should be very small but reflects the specific tax table withholdings rather than amounts rounded to the nearest dollar. If you have any questions or need additional information, please contact Customer Services at 803-737-6800, toll free at 800-868-9002, or at www.retirement.sc.gov. http://www.retirement.sc.gov/news/headlines/ahresarnoldcaseupdate.htm The South Carolina Retirement Systems has posted an update to the Ahrens and Arnold cases. You may view this information by clicking the article title above, or you can go to http://www.retirement.sc.gov/news/headlines/ahresarnoldcaseupdate.htm. http://www.retirement.sc.gov/news/headlines/websurvey.htm The South Carolina Retirement Systems needs your help to determine if our Web site is meeting your needs. We have published an online survey through which you can let us know if we’re on track with what you want and need. This Web site is for you, so let your voice be heard! You may view and respond to the survey at http://www.retirement.sc.gov/survey/. In addition, we have the following new publications on our Web site: SCRS Member Handbook, PORS Member Handbook, Select Your Retirement Plan, How to Become a Covered Employer, and an Employer Newsletter. You can download all of these by visiting http://www.retirement.sc.gov/publications/. Thank you! http://www.retirement.sc.gov/news/headlines/systemsupdate.htm The South Carolina Retirement Systems is pleased to announce that we have published an online version of our Systems Update member newsletter on our Web site. The fall 2009 online edition has information for active and retired members. While we plan to publish the traditional Systems Update later this fall, we hope you will take advantage of the immediate availability of the online edition. The fall 2009 online edition includes articles on: Fraud Prevention Hotline Retiring Next Year? Be Sure You’re Prepared Use Stimulus Money for Retirement Savings New Federal Tax Tables May Affect Your Retirement Check No Cost-of-Living Adjustment for 2009 Pension Protection At Offers Tax Savings for Retired Public Safety Officers You may view the fall 2009 online Systems Update at http://www.retirement.sc.gov/systemsupdate/vol1num1/ http://www.retirement.sc.gov/news/headlines/newemployercomprates.htm Due to the effects on employers of the current economic conditions and budget restrictions, and to provide overall cost savings, the General Assembly recently introduced passed a proviso that changes the effective date of the PORS employer contribution increase as passed by Act 311 of 2008 from July 1, 2009, to July 1, 2010. The Retirement Systems’ actuary determined that the delayed effective date would result in the PORS employer contribution rate increasing by .48 percent effective July 1, 2010. This proviso, coupled with Act 311 of 2008, increases the PORS employer contribution rate from 10.65 percent to 11.13 percent effective July 1, 2010. The FY10 employer contribution rates for the South Carolina Retirement System (SCRS) and the State Optional Retirement Program (State ORP) will remain the same. The retiree health insurance surcharge will most likely change, however, and we will notify you of this rate as soon as soon as we receive the information. If you have any questions or need additional information, please contact our Customer Services Department at (803) 737-6800, (800) 868-9002 (within SC only), or through our contact page at www.retirement.sc.gov. http://www.retirement.sc.gov/news/headlines/newinterestrate.htm The new interest rate for the Installment Service Purchase program will be 5.25 percent effective July 1, 2009. The 5.25 percent rate applies to new accounts activated July 1, 2009, through June 30, 2010. http://www.retirement.sc.gov/news/headlines/fedtaxwithholding.htm On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009. This act, which is intended to help stimulate the U.S. economy in the wake of the ongoing economic downturn, includes federal tax cuts that may affect your monthly annuity check. The Making Work Pay Tax Credit is a refundable tax credit of up to $400.00 per worker ($800.00 per couple filing jointly) that phases out at $95,000.00 for single filers and $190,000.00 for joint filers. This credit is going to be seen immediately in taxpayers’ pay and annuity checks because this Act changed the tax tables and reduced tax amounts that are to be withheld from taxpayers’ pay and annuity checks. Read the full article at our site by clicking the title above. http://www.retirement.sc.gov/news/headlines/investmentaward.htm Institutional Investor Magazine, Information Management Network, and Money Management Letter have collectively named the South Carolina Retirement System as the "Large Plan of the Year" for 2009 for its sweeping reform efforts and leading edge design implementation over the past three years. http://www.retirement.sc.gov/news/headlines/employercomprates.htm Due to the effects on employers of the current economic conditions and budget restrictions, and to provide overall cost savings, the General Assembly recently introduced a proviso. http://www.retirement.sc.gov/news/headlines/retireecola.htm Retired members of the South Carolina Retirement System (SCRS) and the Police Officers Retirement System (PORS) will not receive a cost-of-living adjustment (COLA) effective July 1, 2009. http://www.retirement.sc.gov/news/headlines/orpopen.htm The open enrollment period for all State Optional Retirement Program (ORP) participants is from January 1 through March 1 of each year. This year, based on the extreme volatility in the financial markets and requests from members, an early transfer period was allowed. http://www.retirement.sc.gov/news/headlines/marketsituation.htm If you're like a lot of other Americans, you're pretty concerned about the current financial market's situation. That's understandable, and so is concern about the security of your own retirement funds. http://www.retirement.sc.gov/news/headlines/furloughagencies.htm The General Appropriations Act for Fiscal Year 2008-2009 authorizes agency heads to institute a furlough program. State agencies and departments are responsible for payments of benefits that require employer and employee contributions if coverage would otherwise be interrupted. http://www.retirement.sc.gov/work/scrssite/news/headlines/furloughschools.htm The General Appropriations Act for Fiscal Year 2008-2009 authorizes agency heads to institute a furlough program. State agencies and departments are responsible for payments of benefits that require employer and employee contributions if coverage would otherwise be interrupted.