Reference is to Printer's Date 3/5/14-S.
Amend the bill, as and if amended, page 2, by striking SECTION 3 and inserting:
/ SECTION 3. A. Section 9-8-60(1) of the 1976 Code, as last amended by Act 278 of 2012, is further amended to read:
"(1) A member of
the system may retire upon written application to the board
setting forth at what time, not later than the end of the
calendar year in which the member attains age seventy-two and
not more than ninety days prior nor more than six months
subsequent to the execution and filing thereof, the member
desires to be retired, if the member at the time so specified
for retirement is no longer in the service of the State, except
as a member of the General Assembly or as allowed pursuant to
subsection (7), and has completed ten years of earned service as
a judge or eight years of earned service as a solicitor or
circuit public defender or was in service as a judge or
solicitor on July 1, 1984, and has either:
(a) attained the age of sixty-five and completed at least twenty years of credited service;
(b) attained age seventy and completed at least fifteen years of credited service; or
(c) completed at least twenty-five years of credited service in the system for a judge, or twenty-four years of credited service in the system for a solicitor or circuit public defender, regardless of age. A member may retire under this section if the member was a member of this system as of June 30, 2004; attained age sixty-five with at least four years' earned service in the position of judge, solicitor, or circuit public defender; and, as of June 30, 2004, had a total of twenty-five years of credited service with the State in the South Carolina Retirement System, the Police Officers Retirement System, or the Retirement System for Members of the General Assembly.
A person is not eligible to receive
a retirement allowance under this system while under employment
covered by the South Carolina Retirement System and the South
Carolina Police Officers Retirement System except as provided in
Section 9-8-65. A person receiving retirement
allowances under this system who is elected to the General
Assembly continues to receive the retirement allowances while
serving in the General Assembly, and also must be a member of
the retirement system unless the person files a statement with
the board on a form prescribed by the board electing not to
participate in the applicable system while a member of the
General Assembly. A person making this election shall not make
contributions to the applicable retirement system nor shall the
State make contributions on the member's behalf and the person
is not entitled to benefits from the applicable retirement
system after ceasing to be a member of the General
B. Section 9-8-120(2) of the 1976 Code, as last amended by Act 108 of 2007, is further amended to read:
A retired member of the system who has been
retired for at least thirty consecutive calendar days may be
hired and return to employment covered by the South Carolina
Retirement System or the South Carolina Police Officers
Retirement System and earn up to ten thousand dollars without
affecting the monthly retirement allowance the member is
receiving from the system. If the retired member continues in
service after earning ten thousand dollars in a calendar year,
the member's allowance must be discontinued during his period of
service in the remainder of the calendar year. If a retired
member of the system returns to employment covered by the South
Carolina Retirement System or South Carolina Police Officers
Retirement System sooner than thirty days after retirement, the
member's retirement allowance is suspended while the member
remains employed by the participating employer. If an employer
fails to notify the system of the engagement of a retired member
to perform services, the employer shall reimburse the system for
all benefits wrongly paid to the retired member.
Except as otherwise provided below, if this return is in
a position other than as a solicitor or circuit public defender,
the beneficiary, upon cessation of service in the position, is
entitled to apply for a retirement allowance at the same rate to
which the beneficiary was previously entitled, disregarding any
reduction resulting from a previous election of an
option. If the beneficiary's return is as a member of
the General Assembly, retirement allowances continue as provided
pursuant to Section 9-8-60(1).
(b) The earnings limitation imposed pursuant to this item does not apply if the member meets at least one of the following qualifications:
(i) the member retired before July 1, 2014;
(ii) the member had attained the age of sixty-two years at retirement; or
(iii) compensation received by the retired member from the covered employer is for service in a public office filled by the appointment of the Governor and with confirmation by the Senate, by appointment or election by the General Assembly, or by election of the qualified electors of the applicable jurisdiction.
(c) A member retiring before July 1, 2014 is not subject to the thirty-day separation from service requirement pursuant to this item and the retired member's retirement allowance is not suspended if the retired member returns to employment covered by the South Carolina Retirement System or the Police Officers' Retirement System sooner than thirty days after retirement.
(d) If a participating employer in the South Carolina Retirement System or the South Carolina Police Officers Retirement System employs a retired member of the system, the retired member and the participating employer shall pay to the South Carolina Retirement System or the South Carolina Police Officers Retirement System, as applicable, the employee and employer contributions, respectively, that would be required if the member were an active contributing member of the applicable system. A retired member so employed may not become a member of the South Carolina Retirement System or the South Carolina Police Officers Retirement System and does not accrue service credit in either system by reason of the contributions required pursuant to this subitem."
C. Section 9-8-65 of the 1976 Code is repealed.
SECTION 4. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.