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S 0394 - Makes changes to the state retirement system benefits and contributions

Tracking Level: Of Interest
Sponsor: Vincent Sheheen
Last Action: 3/7/2017 - Referred to Committee on Ways and Means
Senate Committee: Fin
House Committee: WM
Assigned To:
RetirementNext Bill

Staff Analysis of the Legislation

02.21.2017 The Senate Finance Committee gave this bill a favorable report as amended. The amendment makes Public Employment Benefit Authority actuaries' information shareable with the Retirement System Investment Commission. 
Summary of the bill as introduced: Reduces the assumed annual rate of return from 7.5 percent to 7.25 percent. It increases the employer contribution rate for SCRS and PORS 2 percent effective July 1. Then increases one percent each year through 2023. The bill also places a cap on employee contribution rate effective July 1 to nine percent. There is no reduction in cost of living adjustments.

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text

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Municipal Association of South Carolina
1411 Gervais St., PO Box 12109, Columbia, SC 29211
Phone: 803.799.9574, Fax: 803.933.1299, mail@masc.sc