A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 9-11-312, RELATING TO RETIREMENT ALLOWANCE ADJUSTMENTS, SO AS TO INCREASE THE ALLOWED ADJUSTMENT AMOUNT.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Section 9-11-312 of the S.C. Code is amended to read:

 

    Section 9-11-312.  Effective July 1, 2012 2026, and annually thereafter, the retirement allowance received by retirees and their surviving annuitants pursuant to the provisions of this chapter, inclusive of Section 9-11-140 must be increased by the lesser greater of one two percent or five hundred one thousand dollars. Only those retirees and their surviving annuitants in receipt of an allowance on July first preceding the effective date of the increase are eligible to receive the increase. Any increase in allowance granted pursuant to this section must be included in the determination of any subsequent increase.

 

SECTION 2.  This act takes effect upon approval by the Governor.

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