South Carolina General Assembly
110th Session, 1993-1994

Bill 1323


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Introducing Body:               Senate
Bill Number:                    1323
Primary Sponsor:                Reese
Committee Number:               06
Type of Legislation:            GB
Subject:                        Retirement System, additional
                                service credit
Residing Body:                  Senate
Current Committee:              Finance
Computer Document Number:       JIC/5847HTC.94
Introduced Date:                19940406    
Last History Body:              Senate
Last History Date:              19940406    
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Reese
Type of Legislation:            General Bill



History


Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

1323  Senate  19940406      Introduced, read first time,    06
                            referred to Committee

View additional legislative information at the LPITS web site.


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

A BILL

TO AMEND SECTION 9-1-1850, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PURCHASES OF ADDITIONAL SERVICE CREDIT BY MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM WITH AT LEAST TWENTY-FIVE YEARS CREDITABLE SERVICE, SO AS TO PROVIDE THAT THE FIRST THREE YEARS CREDIT RECEIVED PURSUANT TO THIS SECTION MAY BE PURCHASED BY PAYING TEN PERCENT OF CURRENT SALARY OR THE HIGHEST FISCAL YEAR SALARY IN THE WORK CAREER, WHICHEVER IS GREATER, FOR EACH YEAR ESTABLISHED AND TO PROVIDE FOR A PRORATED PAYMENT FOR A PERIOD LESS THAN ONE YEAR.

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

SECTION 1. Section 9-1-1850(A) of the 1976 Code, as last amended by Act 166 of 1993, is further amended to read:

"(A) 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. Provided, however, the first three years of additional service credit under this section may be received by paying into the retirement system ten percent of current salary or the highest fiscal year salary in the work career, whichever is higher, for each of the three years established, prorated for periods less than one year. The member also shall pay the employer and employee cost for health and dental insurance for a time period equal to the period of service credit purchased, or until the date the member attains age sixty, at which time the member becomes eligible for employer-paid health and dental insurance. Any service credit purchased under this section qualifies the member for retirement and the member must retire within ninety days subsequent to the purchase."

SECTION 2. This act takes effect upon approval by the Governor.

-----XX-----