Current Status Introducing Body:House Bill Number:4091 Primary Sponsor:Neilson Committee Number:30 Type of Legislation:GB Subject:Retirement system, one-time contribution Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/6791.HC Introduced Date:19930414 Last History Body:House Last History Date:19930414 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Neilson Hines Neal Corning Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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4091 House 19930414 Introduced, read first time, 30
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 9-1-1520 SO AS TO ALLOW A MEMBER OF STATE RETIREMENT SYSTEMS IRREVOCABLY TO ELECT TO MAKE AN ADDITIONAL CONTRIBUTION OF EQUAL TO FOUR PERCENT OF EARNABLE COMPENSATION FOR THE PURPOSE OF RECEIVING AN ACTUARIALLY INCREASED BENEFIT ON RETIREMENT AND TO PROVIDE FOR THE MANNER OF THE CONTRIBUTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 13, Chapter 1, Title 9 of the 1976 Code is amended by adding:
"Section 9-1-1520. A member of a retirement system established under this title may elect to make an additional contribution equal to four percent of earnable compensation. Once made, this election is irrevocable and the contribution must be made in the same manner and under the same terms and conditions as the required contribution. The election must be made during an annual open enrollment period established by the board. On retirement of an electing member, the board shall increase the member's retirement benefit on an actuarial basis."
SECTION 2. This act takes effect July 1, 1993.