Current Status Bill Number:
4501Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19980127Primary Sponsor: BoanAll Sponsors: BoanDrafted Document Number: jic\5065htc.98Residing Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Optional retirement program, technical college faculty included; Retirement Systems and Pensions, Technical Education
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19980127 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 9-17-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE OPTIONAL RETIREMENT PROGRAM FOR FACULTY AND ADMINISTRATION OF PUBLICLY-SUPPORTED FOUR-YEAR AND POSTGRADUATE INSTITUTIONS OF HIGHER EDUCATION, SO AS TO EXTEND ELIGIBILITY FOR THIS PROGRAM TO FACULTY AND ADMINISTRATION OF TECHNICAL COLLEGES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-17-10 of the 1976 Code, as added by Act 42 of 1987, is amended to read:
"Section 9-17-10. There is established an optional retirement program for the publicly-supported four-year and postgraduate institutions of higher education and technical colleges. Only employees of participating institutions holding faculty and administrative positions are eligible to participate in the optional retirement program. No employee is eligible to participate in the optional retirement program unless he is eligible for membership in the South Carolina Retirement System. Retirement and death benefits must be provided for participants a participant in the optional retirement program through the purchase of an individual annuity contracts contract, fixed or variable in nature, or a combination thereof. The State and the participants participant shall contribute toward the purchase of such contracts the contract which must be issued to, and become the property of, the participants participant."
SECTION 2. This act takes effect upon approval by the Governor.