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1315Ratification Number: 583Act Number: 504Introducing Body: SenateSubject: Conditions for members of a city retirement system to obtain credit with the State Retirement System for prior service
(A504, R583, S1315)
AN ACT TO AMEND SECTION 9-1-480, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EMPLOYEES OF POLITICAL SUBDIVISIONS AS MEMBERS OF THE STATE RETIREMENT SYSTEM, SO AS TO AUTHORIZE MEMBERS OF A CITY RETIREMENT SYSTEM WHO TRANSFER TO A UNIT COVERED BY THE STATE RETIREMENT SYSTEM TO RECEIVE CREDIT UNDER THE STATE SYSTEM BY PAYING THE FULL ACTUARIAL COST AS DETERMINED BY THE ACTUARY OF THE STATE RETIREMENT SYSTEM.
Be it enacted by the General Assembly of the State of South Carolina:
Credit may be obtained
SECTION 1. Section 9-1-480 of the 1976 Code is amended by adding at the end:
"Members of a city retirement system who are transferred to a unit covered by the System may obtain credit for prior service under the System for service prior to the effective date of their coverage under the System if the assets equal to the present value of accrued benefits under the local retirement system, including accumulated member contributions, are transferred to the System. On the effective date of the members' transfer to the System, any actuarial accrued liabilities realized by the System on account of the transfer, as determined by the Board's actuary, not met by transferred assets must be paid jointly by the city and System unit in installments over a period, not to exceed ten years, as the Board may determine."
SECTION 2. This act shall take effect upon approval by the Governor.