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S. 308
STATUS INFORMATION
General Bill
Sponsors: Senators Campsen, Reese, Thomas, Ford, Verdin, Malloy, Ritchie, Richardson, Ryberg, Short, McConnell, Jackson, Peeler, Lourie, Mescher, McGill, Martin, Vaughn, Rankin, Fair, Sheheen, Alexander, Grooms, Anderson, Bryant, Hutto, Pinckney, Moore, Gregory, Hayes, Hawkins and Scott
Document Path: l:\s-res\gec\001dcor.kmm.doc
Introduced in the Senate on January 23, 2007
Currently residing in the Senate Committee on Finance
Summary: Optional retirement plan
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/23/2007 Senate Introduced and read first time SJ-3 1/23/2007 Senate Referred to Committee on Finance SJ-3
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND CHAPTER 23, TITLE 8 OF THE 1976 CODE, RELATING TO THE STATE EMPLOYEE'S DEFERRED COMPENSATION PROGRAM, BY ADDING SECTION 8-23-25, TO PROVIDE THAT THE DEFERRED COMPENSATION PROGRAM MUST PROVIDE PARTICIPANTS THE OPTION TO DESIGNATE ALL OR A PORTION OF THEIR DEFERRED COMPENSATION AS AFTER TAX ROTH 401(K) OR 403(B) CONTRIBUTIONS; TO AMEND CHAPTER 20, TITLE 9, RELATING TO THE STATE OPTIONAL RETIREMENT PROGRAM, TO PROVIDE THAT THE STATE OPTIONAL RETIREMENT PLAN MUST PROVIDE PARTICIPANTS THE OPTION TO DESIGNATE SOME OR ALL OF THEIR PERSONAL CONTRIBUTIONS AS AFTER TAX ROTH 401(K) OR ROTH 403(B) CONTRIBUTIONS; AND TO AMEND SECTION 12-6-1120 OF THE 1976 CODE, RELATING TO THE COMPUTATION OF AND MODIFICATIONS TO TAXABLE INCOME, TO PROVIDE THAT AFTER TAX CONTRIBUTIONS TO THE DEFERRED COMPENSATION PROGRAM OR THE STATE OPTIONAL RETIREMENT PROGRAM PURSUANT TO THIS ACT ARE INCLUDED IN THE CALCULATION OF THE TAXPAYERS GROSS INCOME IN THE YEAR THAT THE CONTRIBUTION IS MADE BUT NOT IN THE YEAR THAT A QUALIFIED DISTRIBUTION IS MADE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 23, Title 8 of the 1976 Code is amended by adding:
"Section 8-23-25. The state or any subdivision agreeing with an employee to defer a portion of his compensation pursuant to this chapter must permit the employee the opportunity to designate some or all of his deferred compensation in the manner provided for by section 617(a) of the Economic Growth and Tax Reconciliation Act of 2001, Public Law 107-16 (115 Stat. 103)."
SECTION 2. Chapter 20, Title 9 of the 1976 Code is amended by adding:
"A participant must be given the opportunity to designate some or all of his personal contributions to the State ORP in the manner provided for by section 617(a) of the Economic Growth and Tax Reconciliation Act of 2001, Public Law 107-16 (115 Stat. 103)."
SECTION 3. Section 12-6-1120 of the 1976 Code is amended to include an appropriately numbered new item at the end to read:
"( ) South Carolina gross income includes contributions to the State Optional Retirement Plan made pursuant to Section 9-20-55 and compensation deferred pursuant to Section 8-23-35. South Carolina gross income does not include qualified distributions of contributions made to the State Optional Retirement Plan pursuant to Section 9-20-55 and compensation deferred pursuant to Section 8-23-25."
SECTION 4. This act takes effect July 1, 2007.
This web page was last updated on Monday, October 10, 2011 at 1:27 P.M.