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News & Updates
Effective July 1, 2007, the employer contribution rate
for South Carolina Retirement System (SCRS) and Optional Retirement Plan
(ORP) members will increase to
9.06 percent from 8.05 percent.
Summary of 2006 and 2007 Increases
| Effective Date |
Employer Contribution Rate |
Action Taken |
| July 1, 2006
|
8.05% |
• Act 153 increased employer
contribution rate by .50% to help fund an annual guaranteed
COLA of up to 1% for eligible SCRS retirees
|
| July 1, 2007
|
9.06% |
• Act 153 increased employer
contribution rate by .50% to help fund an annual guaranteed
COLA of up to 1% for eligible SCRS retirees
• Budget and Control Board increased employer contribution
rate .51% to fund July 1, 2006, ad hoc 2.5% COLA for
eligible SCRS retirees and negative impact of SC Supreme
Court’s decision in Layman case |
If you have any questions concerning
these or any other retirement issues,
contact
Customer Services.
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