South Carolina General Assembly
106th Session, 1985-1986

Bill 2744

                    Current Status

Bill Number:               2744
Ratification Number:       264
Act Number:                175
Introducing Body:          House
Subject:                        Police Officers' Retirement
                           System
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A175, R264, H2744)

AN ACT TO AMEND ARTICLE 1, CHAPTER 11, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO POLICE OFFICERS' RETIREMENT SYSTEM BY ADDING SECTION 9-11-45, SO AS TO PROVIDE THAT AN EMPLOYER WHO MAINTAINS A LOCAL RETIREMENT SYSTEM FOR POLICE OFFICERS PRIOR TO THE DATE OF ADMISSION TO THE POLICE OFFICERS' RETIREMENT SYSTEM MAY REQUIRE ALL ACTIVE MEMBERS OF THAT LOCAL SYSTEM TO BECOME MEMBERS OF THE POLICE OFFICERS' RETIREMENT SYSTEM ON THE DATE OF ADMISSION, TO PROVIDE THE REQUIREMENTS WHICH MUST BE FOLLOWED IF THIS OPTION IS EXERCISED, AND TO REQUIRE THE LOCAL SYSTEM TO KEEP ADEQUATE RETAINAGE TO MEET CURRENT RETIREE OBLIGATIONS.

Be it enacted by the General Assembly of the State of South Carolina:

Local retirement system

SECTION 1. Article 1, Chapter 11, Title 9 of the 1976 Code is amended by adding:

"Section 9-11-45. Notwithstanding the provisions of Section 9-11-40, an employer who maintains a local retirement system for police officers prior to the date of admission may require all active members of that system to become members of this System on the date of admission. If this option is exercised, all assets of the local retirement system including accumulated member contributions, if any, not needed to meet the local retirement system's retiree liability, if any, must be transferred to this System as of the date of admission. Any actuarial accrued liabilities realized by the System on account of the transfer, as determined by the Board's actuary and not met by transferred assets, must be paid by the employer in a lump sum or in installments over a period not to exceed ten years, as the Board under uniform rules may determine. The asset transfer and employer payment, if required by this subsection, is in lieu of any other payments that would otherwise be required by this section.

The Board's actuary shall determine, for the protection of the current retirees of the local system, the amount of retainage necessary by the employer to meet this retiree liability and to have adequate revenue therefor; and the same must be retained and escrowed by the employer which will have the continuing responsibility to see that all retirement payments continue at present levels for current retirees until the death of the last survivor, including any costs of living increases in future years provided for in the local system plan."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.