S*0259(Rat #0106, Act #0067 of 1981)  General Bill, By Senate Finance

Similar(S 232, H 2476)
 A Bill to amend Act 97 of 1977, as amended, relating to deferred compensation
 for public employees, so as to authorize participation by political
 subdivisions of the state in voluntary tax sheltered deferred compensation
 plans not administered by the state Deferred Compensation Commission.

   02/26/81  Senate Introduced, read first time, placed on calendar
                     without reference SJ-10
   03/03/81  Senate Read second time SJ-14
   03/05/81  Senate Read third time and sent to House SJ-18
   03/10/81  House  Introduced and read first time HJ-1075
   03/10/81  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-1075
   05/07/81  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-2275
   05/13/81  House  Read second time HJ-2364
   05/14/81  House  Read third time and enrolled HJ-2428
   05/19/81  Senate Ratified R 106 SJ-5
   05/20/81         Signed By Governor
   05/20/81         Effective date 05/20/81
   05/20/81         Act No. 67
   06/02/81         Copies available

AN ACT TO AMEND ACT 97 OF 1977, AS AMENDED, RELATING TO DEFERRED COMPENSATION FOR PUBLIC EMPLOYEES, SO AS TO AUTHORIZE PARTICIPATION BY POLITICAL SUBDIVISIONS OF THE STATE IN VOLUNTARY TAX SHELTERED DEFERRED COMPENSATION PLANS NOT ADMINISTERED BY THE STATE DEFERRED COMPENSATION COMMISSION.

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

Participation in other deferred compensation plans

Section 1. Section 7 of Act 97 of 1977 is amended by adding at the end:

"Nothing contained in this act shall be construed to prohibit counties, municipalities, school districts, and other political subdivisions of the State and their employees from participation in deferred compensation plans or programs offered independently of the State Deferred Compensation Commission by building and loan or savings and loan associations, banks, trust companies and credit unions chartered by the state or federal governments, and all such political subdivisions shall be empowered with such participation; provided, however, that (a) such deferred compensation plans or programs shall comply with applicable federal income tax law in providing income deferral, (b) all deferred amounts shall be held in accounts, certificates of deposit or other forms of savings vehicles which are insured by the Federal Savings and Loan Insurance Corporation in the case of savings and loan associations, the Federal Deposit Insurance Corporation in the case of commercial banks, and the National Credit Union Administration in the case of credit unions."

Time effective

Section 2. This act shall take effect upon approval by the Governor.