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Bill 3744

                    Current Status

Bill Number:                      3744
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990316
Primary Sponsor:                  Rutherford
All Sponsors:                     Rutherford, Canty, Breeland, Maddox, 
                                  Knotts, Clyburn, Allen, Whipper and Harvin
Drafted Document Number:          l:\council\bills\psd\7199htc99.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Police Officers Retirement System, twenty 
                                  years credited service required, early 
                                  retirement


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990316  Introduced, read first time,           30 HWM
                  referred to Committee


                             Versions of This Bill

TO AMEND SECTION 9-11-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RETIREMENT AGE AND RETIREMENT ALLOWANCES UNDER THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO DELETE OBSOLETE PROVISIONS AND OVER FIVE FISCAL YEARS REDUCE FROM TWENTY-FIVE TO TWENTY YEARS THE REQUIRED CREDITED SERVICE OF A MEMBER OF SUCH SYSTEM TO ELECT SERVICE RETIREMENT AT ANY AGE, TO REQUIRE THE STATE BUDGET AND CONTROL BOARD TO INCREASE EMPLOYER OR EMPLOYEE CONTRIBUTIONS, OR BOTH, TO PAY THE ACTUARIAL COST OF THE EARLY RETIREMENT, AND TO REPEAL SECTION 9-11-70, RELATING TO ALL OBSOLETE RETIREMENT PROVISIONS.

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

SECTION 1. Section 9-11-60(3) of the 1976 Code, as last amended by Act 424 of 1988, is further amended to read:

"(3) Any member who has completed five or more years of credited service but has not attained age fifty-five, upon written application to the governing or administering board of his retirement system, may retire on an early retirement allowance commencing upon his attainment of age fifty-five, as follows:

(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 is determined on the basis of current salary or the highest fiscal year salary in the work career, whichever is greater.

(b) 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, and any service credit purchased must qualify the member for retirement and the member must retire within ninety days subsequent to the purchase.

(3) The amount of credited service required for a member to retire at any age is as follows:

SECTION 2. The State Budget and Control Board shall increase employer or employee contributions, or both, to the South Carolina Police Officers Retirement System in an amount sufficient to pay the actuarial cost of the early retirement allowed in the provisions of Section 9-11-60(3) of the 1976 Code, as amended by this act.

SECTION 3. Section 9-11-70 of the 1976 Code is repealed.

SECTION 4. This act takes effect upon approval by the Governor.

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