The bill H. 4620 proposes an amendment to Section 9-11-312 of the South Carolina Code of Laws, which pertains to retirement allowance adjustments for retirees and their surviving annuitants. The key change in this bill is the increase in the allowed adjustment amount for retirement allowances. Specifically, it raises the adjustment from a maximum of one percent to two percent, and from five hundred dollars to one thousand dollars. This adjustment will take effect on July 1, 2026, and will apply annually thereafter.

Additionally, the bill stipulates that only retirees and their surviving annuitants who are receiving an allowance as of July 1 preceding the effective date of the increase will be eligible for this adjustment. It also clarifies that any increase granted under this section will be factored into future allowance increase calculations. The bill is currently residing in the House Committee on Ways and Means and will take effect upon approval by the Governor.

Statutes affected:
12/17/2025: 9-11-312
Latest Version: 9-11-312