S 420 Session 125 (2023-2024) S 0420 General Bill, By Rice A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTIONS 9-1-1790 AND 9-11-90, RELATING TO THE AMOUNT OF COMPENSATION THAT MAY BE EARNED UPON RETURNING TO COVERED EMPLOYMENT UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE POLICE OFFICERS RETIREMENT SYSTEM, RESPECTIVELY, SO AS TO CHANGE THE AMOUNT THAT MAY BE EARNED FROM TEN THOUSAND DOLLARS TO AN AMOUNT NOT TO EXCEED THE LOWER OF THE RETIREMENT EARNINGS TEST EXEMPT AMOUNTS FOR INDIVIDUALS BELOW NORMAL RETIREMENT AGE. A bill TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTIONS 9-1-1790 AND 9-11-90, RELATING TO THE AMOUNT OF COMPENSATION THAT MAY BE EARNED UPON RETURNING TO COVERED EMPLOYMENT UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE POLICE OFFICERS RETIREMENT SYSTEM, RESPECTIVELY, SO AS TO CHANGE THE AMOUNT THAT MAY BE EARNED FROM TEN THOUSAND DOLLARS TO AN AMOUNT NOT TO EXCEED the lower of THE RETIREMENT EARNINGS TEST EXEMPT aMOUNTs FOR INDIVIDUALS BELOW NORMAL RETIREMENT AGE. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Section 9-1-1790(A) of the S.C. Code is amended to read: (A)(1) 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 this system or any other system provided in this title and earn up to ten thousand dollars an amount described in item (3) 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 an amount described in item (3) in a calendar year, the member's allowance must be discontinued during his period of service in the remainder of the calendar year. If the employment continues for at least forty-eight consecutive months, the provisions of Section 9-1-1590 apply. If a retired member of the system returns to employment covered by this system or any other system provided in this title 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. (2) The earnings limitation imposed pursuant to this item does not apply if the member meets at least one of the following qualifications: (a) the member retired before January 2, 2013; (b) the member has attained the age of sixty-two years at retirement; or (c) 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. (3) For purposes of this section, the earnings limitation is equal SECTION 2. Section 9-11-90(4)(a) of the S.C. Code is amended to read: (a)(i) Notwithstanding the provisions of subsections (1) and (2) of this section, 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 this system or any system provided in this title and may earn up to ten thousand dollars an amount described in subitem (iii) without affecting the monthly retirement allowance the member is receiving from this system. If the retired member continues in service after having earned ten thousand dollars an amount described in subitem (iii) in a calendar year, the member's retirement allowance must be discontinued during the member's period of service in the remainder of the calendar year. If the employment continues for at least forty-eight consecutive months, the provisions of Section 9-11-90(3) apply. If a retired member of the system returns to employment covered by the South Carolina Police Officers Retirement System or any other system provided in this title sooner than thirty consecutive calendar days after retirement, the member's retirement allowance is suspended while the member remains employed by a participating employer of any of these systems. 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. (ii) The earnings limitation imposed pursuant to this item does not apply if the member meets at least one of the following qualifications: (A) the member retired before January 2, 2013; (B) the member has attained the age of fifty-seven years at retirement; or (C) 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. (iii) For purposes of this section, the earnings limitation is SECTION 3. This act takes effect upon approval by the Governor. ----XX---- |