S*0163(Rat #0044, Act #0025 of 2001)  General Bill, By Martin and Reese
 A BILL TO AMEND SECTIONS 9-1-1790 AND 9-11-90, BOTH AS AMENDED, CODE OF LAWS
 OF SOUTH CAROLINA, 1976, RELATING TO THE MAXIMUM AMOUNT WHICH MAY BE EARNED
 WITHOUT AFFECTING RETIREMENT BENEFITS BY RETIREES UNDER THE SOUTH CAROLINA
 RETIREMENT SYSTEM AND SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM WHO
 RETURN TO COVERED EMPLOYMENT, SO AS PERMANENTLY TO INCREASE THE MAXIMUM FROM
 TWENTY-FIVE THOUSAND DOLLARS TO FIFTY THOUSAND DOLLARS IN A FISCAL YEAR AND TO
 PROVIDE THAT IF A RETIRED MEMBER OF THESE SYSTEMS RETURNS TO COVERED
 EMPLOYMENT SOONER THAN SIXTY DAYS AFTER RETIREMENT THE MEMBER'S RETIREMENT
 ALLOWANCE IS SUSPENDED WHILE THE MEMBER REMAINS IN THE COVERED EMPLOYMENT; AND
 TO AMEND SECTION 9-9-60, AS AMENDED, RELATING TO RETIREMENT AND RETIREMENT
 BENEFITS UNDER THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY, SO
 AS TO REDUCE FROM FORTY TO TWENTY-FIVE YEARS THE SERVICE REQUIRED FOR A MEMBER
 OF THE GENERAL ASSEMBLY WHO HAS ATTAINED THE AGE OF SEVENTY AND ONE-HALF YEARS
 TO RECEIVE RETIREMENT BENEFITS FROM THE SYSTEM WHILE CONTINUING TO SERVE IN
 THE GENERAL ASSEMBLY.-AMENDED TITLE

   01/18/01  Senate Introduced and read first time SJ-7
   01/18/01  Senate Referred to Committee on Finance SJ-7
   03/07/01  Senate Committee report: Favorable with amendment
                     Finance SJ-12
   03/08/01  Senate Amended SJ-14
   03/08/01  Senate Read second time SJ-14
   03/08/01  Senate Ordered to third reading with notice of
                     amendments SJ-14
   03/14/01  Senate Amended SJ-20
   03/14/01  Senate Read third time and sent to House SJ-20
   03/15/01  House  Introduced and read first time HJ-11
   03/15/01  House  Referred to Committee on Ways and Means HJ-11
   04/19/01  House  Committee report: Favorable Ways and Means HJ-9
   04/25/01  House  Amended HJ-34
   04/25/01  House  Read second time HJ-36
   04/26/01  House  Read third time and returned to Senate with
                     amendments HJ-21
   05/09/01  Senate House amendment amended SJ-29
   05/09/01  Senate Returned to House with amendments SJ-29
   05/16/01  House  Concurred in Senate amendment and enrolled HJ-35
   05/23/01         Ratified R 44
   05/29/01         Signed By Governor
   06/12/01         Effective date 07/01/01
   06/12/01         Copies available
   06/12/01         Act No. 25

AN ACT TO AMEND SECTIONS 9-1-1790 AND 9-11-90, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MAXIMUM AMOUNT WHICH MAY BE EARNED WITHOUT AFFECTING RETIREMENT BENEFITS BY RETIREES UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM AND SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM WHO RETURN TO COVERED EMPLOYMENT, SO AS PERMANENTLY TO INCREASE THE MAXIMUM FROM TWENTY-FIVE THOUSAND DOLLARS TO FIFTY THOUSAND DOLLARS IN A FISCAL YEAR AND TO PROVIDE THAT IF A RETIRED MEMBER OF THESE SYSTEMS RETURNS TO COVERED EMPLOYMENT SOONER THAN SIXTY DAYS AFTER RETIREMENT, THE MEMBER'S RETIREMENT ALLOWANCE IS SUSPENDED WHILE THE MEMBER REMAINS IN THE COVERED EMPLOYMENT; AND TO AMEND SECTION 9-9-60, AS AMENDED, RELATING TO RETIREMENT AND RETIREMENT BENEFITS UNDER THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY, SO AS TO REDUCE FROM FORTY TO TWENTY-FIVE YEARS THE SERVICE REQUIRED FOR A MEMBER OF THE GENERAL ASSEMBLY WHO HAS ATTAINED THE AGE OF SEVENTY AND ONE-HALF YEARS TO RECEIVE RETIREMENT BENEFITS FROM THE SYSTEM WHILE CONTINUING TO SERVE IN THE GENERAL ASSEMBLY.

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

Earnings limit increased, break in service

SECTION 1. Section 9-1-1790(A) of the 1976 Code, as last amended by Section 27B, Part II, Act 100 of 1999, is further amended to read:

"(A) A retired member of the system who has been retired for at least sixty days may return to employment covered by the system and earn up to fifty thousand dollars a fiscal year without affecting the monthly retirement allowance he is receiving from the system. If the retired member continues in service after having earned fifty thousand dollars in a fiscal year, his retirement allowance must be discontinued during his period of service in the remainder of the fiscal year. If the employment continues for at least forty-eight consecutive months, the provisions of Section 9-1-1590 apply. If a retired member of the system returns to employment covered by the system sooner than sixty days after retirement, the member's retirement allowance is suspended while the member remains employed by the participating employer. If an employer fails to notify the system of the engagement of a retired member to perform services, the employer shall reimburse the system for all benefits wrongly paid to the retired member."

Earnings limit increased, break in service

SECTION 2. Section 9-11-90(4)(a) of the 1976 Code, as last amended by Section 27C, Part II, Act 100 of 1999, is further amended to read:

"(a) Notwithstanding the provisions of subsections (1) and (2) of this section, a retired member of the system may return to employment covered by the system who has been retired for at least sixty days and earn up to fifty thousand dollars a fiscal year without affecting the monthly retirement allowance he is receiving from the system. If the retired member continues in service after having earned fifty thousand dollars in a fiscal year, his retirement allowance must be discontinued during the period of service in the remainder of the fiscal year. If the employment continues for at least forty-eight consecutive months, the provisions of Section 9-11-90(3) apply. If a retired member of the system returns to employment covered by the system sooner than sixty days after retirement, the member's retirement allowance is suspended while the member remains employed by the participating employer. If an employer fails to notify the system of the engagement of a retired member to perform services, the employer shall reimburse the system for all benefits wrongly paid to the retired member."

Years of service reduced

SECTION 3. A. Section 9-9-60 of the 1976 Code, as last amended by Section 7, Part II, Act 1 of 2001, is further amended to read:

"Section 9-9-60. (1) A member of the system may retire upon written application to the board setting forth at what time, not more than ninety days before nor more than six months after the execution and filing of the application, the member desires to be retired, if at the time specified for retirement, the member is no longer in the service of the State, whether as a member of the General Assembly or otherwise, except as provided in Section 9-9-40(3), and has either attained the age of sixty years or completed thirty years of credited service.

(2) Effective July 1, 1989, a retired member shall receive a monthly retirement allowance which is equal to one-twelfth of four and eighty-two hundredths percent of earnable compensation multiplied by the number of years of his credited service prorated for periods less than a year.

(3) A member who has attained the age of seventy and one-half years and has twenty-five years of service may retire and draw a retirement benefit while continuing to serve in the General Assembly upon written application to the board setting forth at what time, not more than ninety days before nor more than six months after the execution and filing of the application, the member desires to be retired. A member who has retired under this provision shall make no further contributions to the system, shall earn no further service credit, and may not reenter membership in the system.

The member must retire at the beginning of an annual session of the General Assembly and the election to receive the member's retirement allowance under this system is in lieu of receiving the constitutionally mandated per diem salary, currently established at ten thousand four hundred dollars for a regular session. This election if made is irrevocable and applies for as long as that person serves thereafter in the General Assembly including service in both regular and extra sessions."

B. Notwithstanding the general effective date of this act, this section takes effect upon approval by the Governor.

Time effective

SECTION 4. This act takes effect July 1, 2001.

Ratified the 23rd day of May, 2001.

Approved the 29th day of May, 2001.