Current Status Introducing Body:
SenateBill Number: 486Primary Sponsor: MitchellCommittee Number: 06Type of Legislation: GBSubject: Retirement System, may borrow fifty percent of, provisionsResiding Body: SenateCurrent Committee: FinanceComputer Document Number: DKA/3076.ALIntroduced Date: Jan 16, 1991Last History Body: SenateLast History Date: Jan 16, 1991Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: MitchellType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 486 Senate Jan 16, 1991 Introduced, read first time, 06 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 9-1-1230 SO AS TO PROVIDE THAT AN EMPLOYEE WITH A MINIMUM OF FIVE YEARS SERVICE WHO HAS CONTRIBUTED TO THE SOUTH CAROLINA RETIREMENT SYSTEM MAY BORROW UP TO FIFTY PERCENT OF HIS CONTRIBUTIONS AND TO PROVIDE FOR TERMS OF REPAYMENT OF THE LOAN.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 9, Chapter 1, Title 9 of the 1976 Code is amended by adding:
"Section 9-1-1230. An employee who has at least five years of membership service and has contributed to the South Carolina Retirement System may borrow up to fifty percent of his contributions from the employee annuity savings fund. The loan must be repaid within five years. Interest accrues at a rate of five percent a year on the unpaid balance.
The five percent interest paid by the employee must be divided, two percent to the general fund of the State Treasurer's Office and three percent to the system to be distributed to the employee annuity savings fund.
If the loan is not repaid at the time a distribution is due to the employee or his beneficiaries, the unpaid loan amount and accrued interest must be deducted from a lump sum distribution. Periodic payments due the employee or his beneficiaries first must be credited to an unpaid loan amount and accrued interest until paid in full."
SECTION 2. This act takes effect upon approval by the Governor.