Bills Assigned to Keyword - Retirement (2)

Date of Last Recorded Action: 12/6/2017


H 3726 Makes changes to the SC Retirement System04.04.2017 The conference committee adopted portions of each version of the bill and passed it out favorably.02.14.2017 The House Ways and Means Legislative subcommittee gave this bill a favorable report. Summary of the bill as introduced: Pays down the unfunded liability of the state retirement system and reduces the assumed annual rate of return from 7.5 percent to 7.25 percent.This bill increases the employer contribution rate for SCRS and PORS by 2 percent effective July 1. It increases the employer contribution 1 percent each year through 2023 ultimately producing an employer rate of 18.56 for SCRS and 21.24 for PORS. It also places a cap of 9 percent on the employee contribution rate effective July 1. There is no reduction in cost of living adjustments for retirees.
Sponsor: William Herbkersman House Com: WM Senate Com: Fin
Status: Act No. 13 Status Date: 4/28/2017
Keywords: Retirement Week of 02.06.2017 Week of 02.13.2017 Week of 04.03.2017
Passed
S 0394 Makes changes to the state retirement system benefits and contributions02.21.2017 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.
Sponsor: Vincent Sheheen House Com: Senate Com: Fin
Status: Referred to Committee on Ways and Means Status Date: 3/7/2017
Keywords: Retirement Week of 02.06.2017 Week of 02.20.2017
Of Interest







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