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TO AMEND SECTIONS 9-1-1140 AND 9-11-50, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ESTABLISHING SERVICE CREDIT IN THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM AND THE PAYMENTS REQUIRED TO PURCHASE SUCH CREDIT, SO AS TO PROVIDE THAT IN THE CASE OF STATE EMPLOYEES, AN EMPLOYER MAY NOT PAY FOR ANY PART OF THE COST FOR THE STATE EMPLOYEE'S PURCHASE OF SERVICE CREDIT EXCEPT WHEN SUCH PAYMENTS ARE PURSUANT TO A RETIREMENT INCENTIVE PLAN OR THE IMPLEMENTATION OF A REDUCTION IN FORCE IN WHICH SUCH PAYMENTS ARE OFFERED TO ALL SIMILARLY SITUATED AGENCY EMPLOYEES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-1-1140(I) of the 1976 Code, as last amended by Act 77 of 2003, is further amended to read:
"(I)(a) An employer, at its discretion, may pay to the system all or a portion of the cost for an employee's purchase of service credit under this chapter. Any amounts paid by the employer under this subsection for all purposes must be treated as employer contributions.
(b) In the case of a state employee, the employer may not pay any part of the cost of the employee's purchase of service credit except when such payments are pursuant to a retirement incentive plan or the implementation of a reduction-in-force in which such payments are offered to all similarly situated agency employees."
SECTION 2. Section 9-11-50(I) of the 1976 Code, as last amended by Act 77 of 2003, is further amended to read:
"(I)(a) An employer, at its discretion, may pay to the system all or a portion of the cost for an employee's purchase of service credit under this chapter. Amounts paid by the employer under this subsection for all purposes must be treated as employer contributions.
(b) In the case of a state employee, the employer may not pay any part of the cost of the employee's purchase of service credit except when such payments are pursuant to a retirement incentive plan or the implementation of a reduction-in-force in which such payments are offered to all similarly situated agency employees."
SECTION 3. This act takes effect upon approval by the Governor.
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