Retiree News

Two Percent Guaranteed 

At its Tuesday, June 17^th meeting, the Budget and Control Board on a four to one vote adopted the final provision needed to implement House Bill 4876 which guarantees retirees an annual 2% cost-of-living adjustment.  Members voting in favor of increasing the rate of returns on the Retirement Systems investments were Treasurer Converse Chellis, Comptroller General Richard Eckstrom, Senate Finance Chair Hugh Leatherman and House Ways and Means Committee Chair Dan Cooper.  Governor Mark Sanford voiced the single no vote.  Retirees will receive the 2% increase in their end of July pension check. 

Again, your willingness to call, write and most effectively your attendance at Committee Meetings, Board Meetings and Press Conferences paid great dividends.  You must pat yourselves on the back.  You are strongly encouraged to express to the Budget and Control Board members your appreciation and disappointment where appropriate.

Contact information for Board Members is as follows: 

Governor Mark Sanford              Senator Hugh Leatherman

P. O. Box 12267                         111 Gressette Building

Columbia, SC  29211                Columbia, SC  29201

(803) 734-2100                          (803) 212-6640 

Treasurer Converse Chellis       Representative Dan Cooper

P. O. Box 11778                          525 Blatt Building

Columbia, SC  29211                 Columbia, SC  29201

(803) 734-2101                           (803) 734-3144 

Comptroller Gen. Richard Eckstrom

1200 Senate Street

305 Wade Hampton Office Building

Columbia, SC  29201

(803) 734-2064 

Remember

Action does not always bring happiness, but without action, there is no happiness!

Larry Ellis with 2007 Outstanding State Retire Dean Flansburg

ANNUAL MEETING -- October 3, 2007

RETIREE COLA

On Tuesday, May 15^th, the Budget and Control Board approved an ad hoc COLA of 1.4%.  The 1.4% plus the 1% guaranteed COLA will provide the full 2.4% COLA for state retirees equal to the CPI as of December 31, 2006.  The ad hoc COLA was approved by a 3 to 2 vote by Board members.  Treasurer Thomas Ravenel, Chairman of the Senate Finance Committee Hugh Leatherman, and Chairman of the House Ways and Means Committee Dan Cooper voted to approve the COLA.  Governor Mark Sanford and Comptroller General Richard Eckstrom voted to disapprove the COLA.  Members are strongly encouraged to contact Board members and express appreciation and disappointment where appropriate.