On April 25, 2017, South Carolina Governor Henry McMaster signed into law the Retirement System Funding and Administration Act of 2017. While the act does not change any benefits for retirees or working members, the legislation seeks to strengthen funding for retirement plans administered by the Public Employee Benefit Authority (PEBA) so the unfunded liability will be paid down more quickly.

Beginning July 1, 2017, the University of South Carolina and its employees will make higher retirement contributions. For the South Carolina Retirement System (SCRS) and State Optional Retirement Program (ORP), the employee contribution rate will increase to 9 percent. For the Police Officers Retirement System (PORS), the employee contribution rate will increase to 9.75 percent. Employee contribution levels will be capped at the July 1, 2017 contribution levels. The University’s contribution level increases by 2 percent as of July 1, 2017, and will continue to increase annually by 1 percent through July 1, 2022.

Employees will begin to see this increase in their July 15, 2017 paycheck. 

Posted July 14, 2017