Bill 3678

                    Current Status

Introducing Body:               House
Bill Number:                    3678
Primary Sponsor:                Rama
Committee Number:               30
Type of Legislation:            GB
Subject:                        Police Officers Retirement
                                System
Residing Body:                  House
Current Committee:              Ways and Means
Date Tabled:                    Mar 04, 1992
Computer Document Number:       CYY/18298.SD
Introduced Date:                Mar 12, 1991
Last History Body:              House
Last History Date:              Mar 04, 1992
Last History Type:              Tabled in Committee
Scope of Legislation:           Statewide
All Sponsors:                   Rama
                                Klapman
                                Wofford
                                Hallman
                                Quinn
                                J. Bailey
                                Holt
                                Fulmer
                                Barber
                                Wright
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3678  House   Mar 04, 1992  Tabled in Committee             30
 3678  House   Mar 12, 1991  Introduced, read first time,    30
                             referred to Committee

A BILL

TO AMEND SECTION 9-11-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO INCREASE EFFECTIVE JULY 1, 1991, THE MULTIPLIER USED IN CALCULATING MONTHLY SERVICE RETIREMENT BENEFITS OF CLASS TWO MEMBERS FROM TWO AND FOURTEEN HUNDREDTHS PERCENT TO THREE PERCENT OF AVERAGE FINAL COMPENSATION, AND TO PROVIDE THAT THE BUDGET AND CONTROL BOARD SHALL ADJUST THE EMPLOYEE CONTRIBUTIONS PAID BY MEMBERS OF THE POLICE OFFICERS RETIREMENT SYSTEM IN AN AMOUNT SUFFICIENT TO OFFSET THE ACTUARIAL COST OF THE INCREASED RETIREMENT BENEFITS PROVIDED ABOVE.

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

SECTION 1. Section 9-11-60(2) of the 1976 Code, as amended by Act 189 of 1989, is further amended to read:

"(2) Upon service retirement on or after July 1, 1989 1991, the member shall receive a service retirement allowance which is equal to the sum of (a), (b), and (c) below:

(a) a monthly retirement allowance equal to ten dollars and ninety-seven cents multiplied by the number of years of his Class One service;

(b) a monthly retirement allowance equal to one-twelfth of two and fourteen hundredths three percent of his average final compensation multiplied by the number of years of his Class Two service;

(c) an additional monthly retirement allowance which is the actuarial equivalent of the member's accumulated additional contributions.

The sum of the retirement allowances computed under (a) and (b) above may not be less than the allowance which would have been provided under (a) if all of the member's credited service were Class One service. For a police officer who became a member before July 1, 1974, and who was a participant in the Supplemental Allowance Program, the portion of his service retirement allowance not provided by his accumulated contributions may not be less than it would have been if the provisions of the System in effect on June 30, 1974, had continued in effect until his date of retirement."

SECTION 2. The Budget and Control Board shall adjust the employee contributions paid by members of the Police Officers Retirement System in an amount sufficient to offset the actuarial cost of the increased retirement benefits provided by the provisions of Section 9-11-60(2) of the 1976 Code as amended by Section 1 of this act.

SECTION 3. This act takes effect July 1, 1991.