Retirement Allowance Adjustment
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to increase the retirement allowances paid to retirees and their surviving annuitants in South Carolina. Specifically, it aims to raise the allowed adjustment amount by either one or two percent, or by $500 to $1,000 annually, starting July 1, 2026. The increase would apply to those receiving an allowance on July 1st of the preceding year. Any increase granted would be considered when determining future adjustments.
Key provisions
- Increases retirement allowances for retirees and surviving annuitants.
- Allows for an increase of either one or two percent annually.
- Provides an option for a fixed dollar increase of $500 to $1,000 annually.
- The increase takes effect July 1, 2026.
- Eligibility is limited to those receiving an allowance on July 1st of the preceding year.
- Increases are considered when determining subsequent increases.
Who is affected
- Retirees
- Surviving Annuitants
- State of South Carolina
Notable changes
- Increases the amount by which retirement allowances can be adjusted.
Bill text
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