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3359Ratification Number: 570Act Number: 476Introducing Body: HouseSubject: Provide that a period of time up to one year may be established for maternity leave
(A476, R570, H3359)
AN ACT TO AMEND SECTION 9-1-1140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SOUTH CAROLINA RETIREMENT SYSTEM, SO AS TO PROVIDE THAT A PERIOD OF TIME UP TO ONE YEAR MAY BE ESTABLISHED FOR MATERNITY LEAVE.
Be it enacted by the General Assembly of the State of South Carolina:
Member may make monthly contributions
SECTION 1. Section 9-1-1140 of the 1976 Code, as last amended by Section 45 of Part II of Act 151 of 1983, is further amended to read:
"Section 9-1-1140. Subject to the approval of the Board, any member who is on leave of absence on account of military service or for any other purpose which might tend to increase the efficiency of the services of the member to his employer may make monthly contributions to the System on the basis of the earnable compensation of such member at the time such leave of absence was granted. Any person on leave of absence in the armed forces of the United States who would otherwise have qualified for prior service credit is entitled to prior service credit if he returns to the service of teaching or any other employment covered by or coming within the meaning hereof within a period of two years after he has been honorably discharged. Employees under current employment by the State are eligible to establish credit for previous employment with the regional councils of government if the period is not covered by another retirement plan and payment is rendered in accordance with Section 9-1-440.
A period of time up to one year may be established for maternity leave provided the member pays the full actuarial cost as determined by the Board. However, the payment must not be less than eight percent of the annual salary at the time of purchase or the average of the three highest consecutive fiscal years of salary at the time of purchase, whichever is greater for a year of credit prorated for periods less than a year.
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 pays 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, shall be determined on the basis of his earnable compensation at the time he first became a member of the System. The required employer contribution shall 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, is not considered creditable service."
SECTION 2. This act shall take effect upon approval by the Governor.