The bill S. 107 proposes amendments to the South Carolina Code of Laws, specifically targeting Sections 9-1-1790 and 9-11-90, which govern the earnings limitations for retired members returning to covered employment under the South Carolina Retirement System and the Police Officers Retirement System. The key change involves increasing the earnings cap from ten thousand dollars to an amount not to exceed the lower of the retirement earnings test exempt amounts set by the Social Security Administration for individuals below normal retirement age. This adjustment aims to provide more flexibility for retirees who wish to re-enter the workforce without jeopardizing their retirement benefits.

Additionally, the bill outlines specific qualifications under which the earnings limitation does not apply, including retirees who retired before January 2, 2013, those who are at least sixty-two years old at retirement, or those serving in certain public offices. The bill also mandates that the Public Employee Benefit Authority will notify affected individuals of the updated earnings limit each year, ensuring transparency and accessibility of information. The proposed changes are set to take effect upon the Governor's approval.

Statutes affected:
12/11/2024: 9-1-1790
Latest Version: 9-1-1790