South Carolina General Assembly
106th Session, 1985-1986

Bill 3188

                    Current Status

Bill Number:               3188
Ratification Number:       500
Act Number:                450
Introducing Body:          House
Subject:                   Provide that for any retirement system
                           provided for by law in this state the member
                           of the retirement system, if he has at least
                           twenty-five years of creditable service, may
                           elect to receive up to five years of
                           additional service credit under certain
                           conditions, require the member to pay the
                           employer and employee cost for health and
                           dental insurance for a time period equal to
                           the period of service credit purchased
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A450, R500, H3188)

AN ACT TO PROVIDE THAT FOR ANY RETIREMENT SYSTEM PROVIDED FOR BY LAW IN THIS STATE THE MEMBER OF THE RETIREMENT SYSTEM, IF HE HAS AT LEAST TWENTY-FIVE YEARS OF CREDITABLE SERVICE, MAY ELECT TO RECEIVE UP TO FIVE YEARS OF ADDITIONAL SERVICE CREDIT UNDER CERTAIN CONDITIONS, REQUIRE THE MEMBER TO PAY THE EMPLOYER AND EMPLOYEE COST FOR HEALTH AND DENTAL INSURANCE FOR A TIME PERIOD EQUAL TO THE PERIOD OF SERVICE CREDIT PURCHASED, AND PROVIDE THAT ANY SERVICE CREDIT PURCHASED MUST QUALIFY THE MEMBER FOR RETIREMENT AND THE MEMBER MUST RETIRE WITHIN NINETY DAYS SUBSEQUENT TO THE PURCHASES; AND TO AMEND SECTION 9-11-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POLICE OFFICERS' RETIREMENT SYSTEM, RETIREMENT ALLOWANCES, AND RETIREMENT AFTER ATTAINING AGE FIFTY-FIVE, SO AS TO PROVIDE THAT IF A MEMBER IS LESS THAN FIFTY-FIVE YEARS OF AGE AND HAS AT LEAST TWENTY-FIVE YEARS OF CREDITABLE SERVICE, HE MAY ELECT TO RECEIVE UP TO FIVE YEARS OF ADDITIONAL SERVICE CREDIT UNDER CERTAIN CONDITIONS, REQUIRE THE MEMBER TO PAY THE EMPLOYER AND EMPLOYEE COST FOR HEALTH AND DENTAL INSURANCE FOR A TIME PERIOD EQUAL TO THE PERIOD OF SERVICE CREDIT PURCHASED, AND PROVIDE THAT ANY SERVICE CREDIT PURCHASED MUST QUALIFY THE MEMBER FOR RETIREMENT AND THE MEMBER MUST RETIRE WITHIN NINETY DAYS SUBSEQUENT TO THE PURCHASE.

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

Election to receive additional service credit

SECTION 1. Notwithstanding any other provision of law, for any retirement system provided for by law in this State the member of the retirement system, if he has at least twenty-five years of creditable service, may elect to receive up to five years of additional service credit as though the additional service credit were rendered by him as an employee or member upon his paying into his retirement system the actuarial cost as determined by regulation promulgated by the governing or administering board of his retirement system, provided the actuarial cost must be determined on the basis of current salary or the highest fiscal year salary in the work career, whichever is greater. The member shall also pay the employer and employee cost for health and dental insurance for a time period equal to the period of service credit purchased. Any service credit purchased under this section must qualify the member for retirement and the member must retire within ninety days subsequent to the purchase.

Early retirement allowance

SECTION 2. Section 9-11-60 of the 1976 Code, as last amended by Act 42 of 1977, is further amended by adding at the end:

"With respect to any retirement system provided for by law in this State for which it is provided by law that any member in service who has completed five or more years of credited service but has not attained age fifty-five may, upon written application to the governing or administering board of his retirement system, retire on an early retirement allowance commencing upon his attainment of age fifty-five, the following are applicable:

(a) If the member is less than fifty-five years of age and has at least twenty-five years of creditable service, he may elect to receive up to five years of additional service credit as though the additional service credit were rendered by him as an employee or member upon his paying into his retirement system the actuarial cost as determined by regulation promulgated by the governing or administering board of his retirement system, provided the actuarial cost must be determined on the basis of current salary or the highest fiscal year salary in the work career, whichever is greater.

(b) The member shall also pay the employer and employee cost for health and dental insurance for a time period equal to the period of service credit purchased, and any service credit purchased hereunder must qualify the member for retirement and the member must retire within ninety days subsequent to the purchase."

Time effective

SECTION 3. This act shall take effect upon approval by the Governor.