Current Status BillNumber: 2149 Ratification Number: 583 Act Number: 486 Introducing Body: House Subject: Relating to retirement and retirement benefitsView additional legislative information at the LPITS web site.
(A486, R583, S2149)
AN ACT TO AMEND ARTICLE 13 OF CHAPTER 1 OF TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RETIREMENT AND RETIREMENT BENEFITS, BY ADDING SECTION 9-1-1840 SO AS TO PROVIDE FOR ANY FORMER UNITED STATES EMPLOYEE CURRENTLY A CONTRIBUTING MEMBER AND EMPLOYED BY AN EMPLOYER COVERED BY THE SYSTEM TO ELECT TO RECEIVE PRIOR SERVICE CREDIT FOR SERVICE RENDERED AS A UNITED STATES EMPLOYEE AFTER PAYING THE ACTUARIAL COST INTO THE SYSTEM; TO PROVIDE FOR THE AMOUNT OF PAYMENT BY THE MEMBER; TO PROVIDE THAT A MEMBER ELECTING TO RECEIVE CREDITABLE SERVICE SHALL ESTABLISH CREDIT FOR ALL SERVICE FOR WHICH ELIGIBLE; TO PROVIDE FOR THE AMOUNT OF SERVICE WHICH MUST BE ESTABLISHED; AND TO PROHIBIT DUPLICATION OF BENEFITS UNDER ANY OTHER RETIREMENT SYSTEM FOR THE SAME PERIOD OF SERVICE; AND TO AMEND SECTION 9-1-1140, AS AMENDED, RELATING TO THE STATE RETIREMENT SYSTEM, SO AS TO PROVIDE THAT ANY FORMER EMPLOYEE OF THE UNITED STATES EMPLOYED IN THIS STATE BY AN EMPLOYER COVERED BY THE SYSTEM, AND WHO IS CURRENTLY A CONTRIBUTING MEMBER, MAY ELECT TO RECEIVE PRIOR SERVICE CREDIT FOR SERVICE RENDERED AS AN EMPLOYEE OF THE UNITED STATES UPON HIS PAYING INTO THE SYSTEM THE ACTUARIAL COST AS DETERMINED BY THE BUDGET AND CONTROL BOARD.
Be it enacted by the General Assembly of the State of South Carolina:
Employee may elect
SECTION 1. Article 13, Chapter 1 of Title 9 of the 1976 Code is amended by adding:
" Section 9-1-1840. Any former employee of the United States employed in this State by an employer covered by the System, and who is currently a contributing member, may elect to receive prior service credit for service rendered as an employee of the United States upon his paying into the System the actuarial cost as determined by the Board. The member payment may not be less than ten percent of the earnable compensation, or the average of the three highest consecutive fiscal years of compensation at the time of payment whichever is greater for each year of service prorated for periods of less than one year. A member who elects to receive creditable service for federal employment must establish credit for all service for which eligible. This service may not exceed the total creditable service, exclusive of federal service, which he would have if he remained in service until completion of the eligibility requirements for an unreduced service retirement allowance. In no event shall any benefits payable under the System duplicate benefits being paid under any other retirement system for the same period of service."
Creditable service
SECTION 2. The last paragraph of Section 9-1-1140 of the 1976 Code is amended to read:
"Any member with two or more years of creditable service shall receive additional creditable service for the period of his military service, at the rate of one year of military service for each two years of his creditable service excluding any period of creditable military service, provided he was discharged or separated from the military service under conditions other than dishonorable, and provided that he shall pay to the System, by a single payment prior to his retirement or death or by such other method of payment as may be prescribed from time to time by the Board, all payments to the System he would have been required to make for the period to be so credited had he been employed in the position he held immediately prior to the commencement of his military leave during the period of such military service, together with the regular interest which would have been credited thereon from the date the contributions would have been made to the date of payment. In the case of a member whose military service was rendered prior to his employment by an employer such payments by the member, as described in the foregoing sentence, must be determined on the basis of his earnable compensation at the time he first became a member of the System. The required employer contribution must be assumed by the State. No member shall receive credit for more than six years of military service. Active military duty performed subsequent to July 1, 1974, may not be considered creditable service. Any former employee of the United States employed in this State by an employer covered by the System, and who is currently a contributing member, may elect to receive prior service credit for service rendered as an employee of the United States upon his paying into the System the actuarial cost as determined by the Board. The member payment may not be less than ten percent of the earnable compensation, or the average of the three highest consecutive fiscal years of compensation at the time of payment whichever is greater for each year of service prorated for periods of less than one year. A member who elects to receive creditable service for federal employment must establish credit for all service for which eligible. This service may not exceed the total creditable service, exclusive of federal service, which he would have if he remained in service until completion of the eligibility requirements for an unreduced service retirement allowance. In no event shall any benefits payable under the System duplicate benefits being paid under any other retirement system for the same period of service. "
Time effective
SECTION 3. This act shall take effect upon approval by the Governor.
Approved the 27th day of June, 1984.