Retirement Incentive Plans: Will I receive a cost of living adjustment for my retirement benefits?
Yes. Below are some details concerning cost of living adjustments, which PEBA now refers to as benefit adjustments:
- Each July 1, eligible SCRS/PORS retirees receive a benefit adjustment of one percent of their annual annuity up to a maximum of $500. The earliest you can receive a benefit adjustment is the second July 1 after your date of retirement.
- Class II SCRS members who retire under the early retirement provisions at age 55 with 25 years of service are not eligible for benefit adjustments until the second July 1 after they reach age 60 or the second July 1 after the date they would have had 28 years of service credit had they not retired, whichever comes first.
More information is available from PEBA Retirement Benefits at: http://www.retirement.sc.gov.
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