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Bill 4999

                    Current Status

Bill Number:                      4999
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020403
Primary Sponsor:                  Kelley
All Sponsors:                     Kelley
Drafted Document Number:          l:\council\bills\bbm\10980htc02.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          State Optional Retirement Program, to 
                                  reduce portion of employee participant's 
                                  compensation remitted by employer to State 
                                  Retirement System


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020403  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 9-20-50, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EMPLOYER AND EMPLOYEE CONTRIBUTIONS FOR THE STATE OPTIONAL RETIREMENT PROGRAM (STATE ORP), SO AS TO REDUCE THE PORTION OF AN EMPLOYEE STATE ORP PARTICIPANT'S COMPENSATION REMITTED BY THE EMPLOYER TO THE SOUTH CAROLINA RETIREMENT SYSTEM FROM TWO AND FIFTY-FIVE HUNDREDTHS PERCENT OF COMPENSATION TO ONE AND SEVEN-TENTHS PERCENT OF COMPENSATION.

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

SECTION    1.    Section 9-20-50 of the 1976 Code, as amended by Act 54 of 2001, is further amended to read:

    "Section 9-20-50.    Each participant shall contribute monthly to the program the same amount he would be required to contribute to the South Carolina Retirement System if the participant were a member of that system. Participant contributions must be made by employer pick up in accordance with Section 9-1-1160(B) and any applicable provisions of the Internal Revenue Code of 1986. Each employer shall contribute on behalf of each participant five percent of compensation. Deductions must not be made from this five percent contribution. Each employer shall remit to the designated companies, for application to participants' contracts or accounts, or both, an amount equal to the participant's contribution plus the employer's contribution in accordance with the guidelines established by the Internal Revenue Service for payroll tax remittance. The employer shall remit to the retirement system two and fifty-five hundredths one and seven-.tenths percent of the employee's compensation in accordance with the guidelines established for remitting retirement contributions to the South Carolina Retirement System. The South Carolina Retirement System may retain from this employer contribution an amount as determined by the director to defray any reasonable expenses incurred in performing services regarding the plan. These services may include, but are not limited to:

    (1)    participant education regarding the merits and risks associated with selection of defined contribution plans versus defined benefit plans;

    (2)    on-going investment education, where appropriate;

    (3)    recordkeeping; and

    (4)    monitoring contract compliance."

SECTION    2.    This act takes effect July 1, 2002.

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