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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 9-1-1815 SO AS TO PROVIDE AN ADDITIONAL COST OF LIVING INCREASE EQUAL TO 1.4 PERCENT FOR SOUTH CAROLINA RETIREMENT SYSTEM RETIREMENT ALLOWANCES EFFECTIVE JULY 1, 2007, SO THAT THE TOTAL OF INCREASE FOR THESE ALLOWANCES EFFECTIVE JULY 1, 2007, EQUALS THE INCREASES IN THE CONSUMER PRICE INDEX AND TO PROVIDE FOR AN EMPLOYER CONTRIBUTION INCREASE NOT TO EXCEED ONE PERCENT TO FUND THIS COST OF LIVING INCREASE IF EARNING ON SYSTEM ASSETS WOULD NOT OTHERWISE ALLOW THE ADDITIONAL INCREASE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 13, Chapter 1, Title 9 of the 1076 Code is amended by adding:
"Section 9-1-1815. In addition to the one percent increase in the retirement allowance provided for pursuant to Section 9-1-1810(B)(2), the retirement allowance payable on July 1, 2007, must be increased by an additional 1.4 percent for a total of 2.4 percent, which equals the increase in the Consumer Price Index. If this 1.4 percent increase cannot be funded through an increase in estimated rate of return on investments as recognized by the State Budget and Control Board or otherwise, then the employer contribution rate must be increased in an amount not to exceed one percent, in order to fund as much of the additional 1.4 percent increase as possible."
SECTION 2. This act takes effect upon approval by the Governor.
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