S*0323(Rat #0137, Act #0084 of 1989)  General Bill, By Giese
 A Bill to amend Article 1, Chapter 11, Title 9, Code of Laws of South
 Carolina, 1976, relating to Police Officers' Retirement System by adding
 Section 9-11-48 so as to provide that an employer who maintains a local
 retirement system for firefighters before the date of admission to the Police
 Officers' Retirement System may require all active members of that local
 system to become members of the Police Officers' Retirement System on the date
 of admission, to establish the dates of admission, to provide the requirements
 which must be followed if this option is exercised, to provide for the
 benefits retirees are entitled to upon transfer to the Police Officers'
 Retirement System, and to provide that the earnings limitations pertaining to
 the allowable amount of earnings while receiving benefits does not apply to
 certain retirees employed on the date of transfer.-amended title

   02/07/89  Senate Introduced and read first time SJ-9
   02/07/89  Senate Referred to Committee on Finance SJ-9
   03/08/89  Senate Committee report: Favorable Finance SJ-8
   03/09/89  Senate Read second time SJ-17
   03/09/89  Senate Unanimous consent for third reading on next
                     legislative day SJ-18
   03/10/89  Senate Read third time and sent to House SJ-1
   03/13/89  House  Introduced and read first time HJ-7
   03/13/89  House  Referred to Committee on Ways and Means HJ-8
   04/20/89  House  Committee report: Favorable with amendment Ways
                     and Means HJ-21
   05/03/89  House  Amended HJ-23
   05/03/89  House  Read second time HJ-24
   05/04/89  House  Read third time and returned to Senate with
                     amendments HJ-17
   05/04/89  Senate Concurred in House amendment and enrolled SJ-3
   05/11/89         Ratified R 137
   05/17/89         Signed By Governor
   05/17/89         Effective date 05/17/89
   05/17/89         Act No. 84
   05/26/89         Copies available

AN ACT TO AMEND ARTICLE 1, CHAPTER 11, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO POLICE OFFICERS' RETIREMENT SYSTEM BY ADDING SECTION 9-11-48 SO AS TO PROVIDE THAT AN EMPLOYER WHO MAINTAINS A LOCAL RETIREMENT SYSTEM FOR FIREFIGHTERS BEFORE THE DATE OF ADMISSION TO THE POLICE OFFICERS' RETIREMENT SYSTEM MAY REQUIRE ALL ACTIVE MEMBERS OF THAT LOCAL SYSTEM TO BECOME MEMBERS OF THE POLICE OFFICERS' RETIREMENT SYSTEM ON THE DATE OF ADMISSION, TO ESTABLISH THE DATES OF ADMISSION, TO PROVIDE THE REQUIREMENTS WHICH MUST BE FOLLOWED IF THIS OPTION IS EXERCISED, TO PROVIDE FOR THE BENEFITS RETIREES ARE ENTITLED TO UPON TRANSFER TO THE POLICE OFFICERS' RETIREMENT SYSTEM, AND TO PROVIDE THAT THE EARNINGS LIMITATION PERTAINING TO THE ALLOWABLE AMOUNT OF EARNINGS WHILE RECEIVING BENEFITS DOES NOT APPLY TO CERTAIN RETIREES EMPLOYED ON THE DATE OF TRANSFER.

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

Transfer of local system to state system

SECTION 1. Article 1, Chapter 11, Title 9 of the 1976 Code is amended by adding:

"Section 9-11-48. Notwithstanding the provisions of Section 9-11-40, an employer who maintains a local retirement system for firefighters before the date of admission to the Police Officers' Retirement System may require all active members and retirees or their beneficiaries of that local system to become members or beneficiaries of the South Carolina Police Officers' Retirement System on the date of admission. The date of admission is April 1, 1989, or at the beginning of any quarter thereafter. If this option is exercised, all assets of the local retirement system must be transferred to this system as of the date of admission. Any actuarial accrued liabilities realized by the system on account of the transfer, including retiree liability, as determined by the board's actuary and not met by transferred assets, must be paid by the employer in a lump sum or in installments over a period not to exceed ten years, as the board under uniform regulations may determine. The asset transfer and employer payment, if required by this section, is in lieu of any other payments that would otherwise be required by this section.

Retirees or their beneficiaries transferred to this system shall receive benefits equal to those they received under the former local retirement system plus increases provided by law for beneficiaries of this system on or after the date of admission.

If a retiree on the date of transfer is employed in employment covered by the system, the earnings limitation of Section 9-11-150(4) does not apply while the retiree remains in the same covered employment."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.