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News & Updates

Employer Contribution Rate Change
Effective July 1, 2008

Please remember that beginning July 1, 2008, the employer contribution base rate for the South Carolina Retirement System (SCRS) and the Police Officers Retirement System (PORS) will increase as follows:

	Fiscal Year 2008	Fiscal Year 2009
SCRS	9.06%	9.24%
PORS	10.30%	10.65%
State ORP	4.06% *	4.24% *

The rates above do not include contribution amounts for group life insurance or accidental death program coverage.
*Plus 5.00% to member's account

On May 16, 2007, the Budget and Control Board approved a 2.4 percent cost-of-living adjustment (COLA) for eligible retirees effective July 1, 2007. The base rate increase is necessary to maintain the current funded status of both plans.

We usually are notified by the Employee Insurance Program (EIP) concerning the retiree health insurance surcharge at the end of June. As soon as we receive information regarding the rate that will be effective July 1, 2008, we will notify employers covered by the surcharge.

If you have any questions concerning these or any other retirement issues, contact the Retirement Systems.