Grateful state retirees in line for pension boost

By Leonard Singletary

A significant thing happened in Columbia on May 16. The S.C. Budget and Control Board approved a cost-of-living adjustment for retirees, a move that comes with increased contributions from employers.

Retirees will receive 3.5 percent more in pensions beginning July 1.

To prevent the retirement system from exceeding the 30-year benchmark for repaying what it owes workers and retirees, the board approved a half-percentage point increase in employer contributions.

Beginning July 1, 2007, employers will contribute 8.55 percent of employee pay to the retirement system.

The S.C. Retirement System, under the leadership of Sam Griswold, worked hard to secure the cost-of-living adjustment for more than 99,099 retiree members who receive checks from the four groups that make up the retirement system.

The retirees would like to thank the members of the board who voted for the increase. They are S.C. Rep. Daniel Cooper, Comptroller General Richard Eckstrom, S.C. Sen. Hugh Leatherman and Treasurer Grady Patterson. Many thanks to them and thank you for this great news for the 99,099 members of the retirement system who have served South Carolina well.

The retirees would also like to thank the S.C. Retirement System's Investment Commission, headed Reynolds Williams, and its members for their hard work in making good investment judgments for the retirement system.

The writer lives in Marion.