News & Updates

The Budget and Control Board today granted 2.4 percent cost-of-living adjustments (COLAs) for eligible South Carolina Retirement System (SCRS) and Police Officers Retirement System (PORS) retirees effective July 1, 2007. Eligible SCRS retirees will receive a 1 percent guaranteed COLA and an ad hoc 1.4 percent COLA for a total of 2.4 percent.

In order to maintain the current funded status of both SCRS and PORS, the Board approved an increase of .18 percent in the SCRS employer contribution rate and a .35 percent increase in the PORS employer contribution rate, both effective July 1, 2008. Beginning
July 1, 2008, the SCRS employer contribution rate will be 9.24 percent and the PORS employer contribution rate will be 10.65 percent.