News & Updates

At its June 17, 2008, meeting, the State Budget and Control Board approved an increase in the assumed rate of investment return for the trust funds of the South Carolina Retirement Systems.

In a 4-1 vote, the Board approved an increase in the Retirement Systems’ assumed rate of investment return to 8 percent from 7.25 percent, thereby legalizing the provisions of House Bill 4876 that provide for an annual, automatic cost-of-living adjustment (COLA) of up to 2 percent for eligible public retirees.

Each July 1, beginning July 1, 2008, eligible retired members of the South Carolina Retirement System (SCRS) and the Police Officers Retirement System (PORS) will receive an automatic COLA of up to 2 percent if the Consumer Price Index as of the previous December 31 is at least 2 percent.

House Bill 4876 also authorized the Board, as trustees of the state’s pension trust funds, to approve ad hoc COLAs in addition to the automatic COLA of up to 2 percent if certain guidelines are met.