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South Carolina retiree cost-of-living raise slashed

A typical state retiree will lose about half their cost of living adjustment next year, or about $186 for the year, under a plan the South Carolina financial oversight board adopted on Thursday.

By Jim Davenport | Updated on November 04, 2011

COLUMBIA, S.C. (AP) — A typical state retiree will lose about half their cost of living adjustment next year, or about $186 for the year, under a plan the South Carolina financial oversight board adopted on Thursday.

The five-member Budget and Control Board approved a plan that reduces the state’s outlook for investment returns. As a result, people drawing benefits from the state’s main retirement system stand to get a 1 percent cost of living adjustment instead of the 2 percent increase under the old investment return calculation. And there will be no increase at all in the Police Officer Retirement System, said Bill Bloom, director of the South Carolina Retirement Systems.

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