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Bill Number: 259 Ratification Number: 106 Act Number 67 Introducing Body: Senate Subject: Deferred compensation for public employees
(A67, R106, S259)
AN ACT TO AMEND ACT 97 OF 1977, AS AMENDED, RELATING TO DEFERRED COMPENSATION FOR PUBLIC EMPLOYEES, SO AS TO AUTHORIZE PARTICIPATION BY POLITICAL SUBDIVISIONS OF THE STATE IN VOLUNTARY TAX SHELTERED DEFERRED COMPENSATION PLANS NOT ADMINISTERED BY THE STATE DEFERRED COMPENSATION COMMISSION.
Be it enacted by the General Assembly of the State of South Carolina:
Participation in other deferred compensation plans
Section 1. Section 7 of Act 97 of 1977 is amended by adding at the end:
"Nothing contained in this act shall be construed to prohibit counties, municipalities, school districts, and other political subdivisions of the State and their employees from participation in deferred compensation plans or programs offered independently of the State Deferred Compensation Commission by building and loan or savings and loan associations, banks, trust companies and credit unions chartered by the state or federal governments, and all such political subdivisions shall be empowered with such participation; provided, however, that (a) such deferred compensation plans or programs shall comply with applicable federal income tax law in providing income deferral, (b) all deferred amounts shall be held in accounts, certificates of deposit or other forms of savings vehicles which are insured by the Federal Savings and Loan Insurance Corporation in the case of savings and loan associations, the Federal Deposit Insurance Corporation in the case of commercial banks, and the National Credit Union Administration in the case of credit unions."
Section 2. This act shall take effect upon approval by the Governor.