S 0160 General Bill, By Mescher, Elliott and Reese
 A BILL TO AMEND SECTION 9-9-50, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO CREDITED SERVICE FOR MEMBERS OF THE RETIREMENT SYSTEM FOR
 MEMBERS OF THE GENERAL ASSEMBLY, SO AS TO ALLOW A FORMER MEMBER OF THE GENERAL
 ASSEMBLY WHO IS NOT RECEIVING A RETIREMENT BENEFIT FROM THAT RETIREMENT SYSTEM
 TO ESTABLISH SERVICE CREDIT IN THE SYSTEM IN THE SAME MANNER THAT AN ACTIVE
 CONTRIBUTING MEMBER MAY ESTABLISH CREDIT AND TO DELETE AN OBSOLETE PROVISION
 RELATING TO SERVICE PURCHASE.

   01/08/03  Senate Prefiled
   01/08/03  Senate Referred to Committee on Finance
   01/14/03  Senate Introduced and read first time SJ-88
   01/14/03  Senate Referred to Committee on Finance SJ-88

TO AMEND SECTION 9-9-50, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CREDITED SERVICE FOR MEMBERS OF THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY, SO AS TO ALLOW A FORMER MEMBER OF THE GENERAL ASSEMBLY WHO IS NOT RECEIVING A RETIREMENT BENEFIT FROM THAT RETIREMENT SYSTEM TO ESTABLISH SERVICE CREDIT IN THE SYSTEM IN THE SAME MANNER THAT AN ACTIVE CONTRIBUTING MEMBER MAY ESTABLISH CREDIT AND TO DELETE AN OBSOLETE PROVISION RELATING TO SERVICE PURCHASE.

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

SECTION    1. Subsections (2) and (4) of Section 9-9-50 of the 1976 Code, as last amended by Act 387 of 2000, are further amended to read:

"(2)    Notwithstanding any other provision of law, any member of the Retirement System for members of the General Assembly who has rendered service which would have been creditable under a correlated system may establish the service with this System, provided payment is made to the System on the same basis as members of the General Assembly contributed for the same period of time plus interest.

A former member of the General Assembly who is a member of the South Carolina Retirement System may transfer credit from the Retirement System for members of the General Assembly to the South Carolina Retirement System upon payment of an amount equal to four percent of his current salary or the average of his salary in the three highest consecutive years, whichever is greater, for each year of service credited.

(4)    A member of the General Assembly or a former member not receiving a retirement benefit pursuant to this chapter may establish service credit in the system for the same types of service, at the same cost, and under the same conditions, as members of the South Carolina Retirement System may establish service in the South Carolina Retirement System pursuant to Section 9-1-1140."

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