Do I need to adjust my retirement contribution allocation per paycheck as a result of the semi-monthly change?
No adjustment or change is required. Employees will continue to contribute a tax-deferred percent of gross pay based on their South Carolina Retirement System (SCRS), Police Officers Retirement System (PORS) or Optional Retirement Program (ORP) retirement plan elections.
Employees may wish to review their contribution amount to supplemental retirement plans (401k, 403b, and 457) in consideration of making changes. The deductions to supplemental retirement plans are based on a flat dollar amount not a % of pay, and they cannot exceed IRS limitations. Employees will continue to be deducted the same amount to supplemental retirement plans according to their current elections, unless they make changes.