The bill S. 107 proposes amendments to the South Carolina Code of Laws regarding the earnings limitations for retired members returning to covered employment under the South Carolina Retirement System and the Police Officers Retirement System. Specifically, it changes the maximum amount that a retired member can earn without affecting their retirement allowance 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 align the earnings limit with current federal guidelines, which for 2024 was set at $22,320.

Additionally, the bill outlines that the earnings limitation does not apply to members who retired before January 2, 2013, those who are at least sixty-two years old at retirement, or those receiving compensation for specific public office roles. The bill also mandates that the Public Employee Benefit Authority must notify affected individuals of the updated earnings limit each year and publish this information on its website. The act will take effect upon approval by the Governor.

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