S*985 Session 106 (1985-1986)
S*0985(Rat #0512, Act #0461 of 1986) General Bill, By R.C. Dennis, Holland and
J.C. Lindsay
A Bill to amend Section 9-1-1140, as amended, 9-1-1710, and 9-11-50, Code of
Laws of South Carolina, 1976, relating to lump-sum contributions by a member
of the South Carolina Retirement System to become entitled to creditable
service for out-of-state service, so as to provide that a member who elects to
receive creditable out-of-state service may establish a portion of the service
on a one-time basis.-amended title
02/12/86 Senate Introduced and read first time SJ-540
02/12/86 Senate Referred to Committee on Finance SJ-541
02/26/86 Senate Committee report: Favorable Finance SJ-756
02/27/86 Senate Read second time SJ-772
03/25/86 Senate Read third time and sent to House SJ-1173
03/26/86 House Introduced and read first time HJ-1956
03/26/86 House Referred to Committee on Ways and Means HJ-1956
05/01/86 House Committee report: Favorable Ways and Means HJ-2766
05/06/86 House Read second time HJ-2822
05/07/86 House Read third time and enrolled HJ-2863
05/08/86 House Recalled from Legislative Council HJ-2928
05/13/86 House Reconsidered HJ-3012
05/13/86 House Amended HJ-3012
05/13/86 House Read third time HJ-3015
05/13/86 House Returned HJ-3015
05/23/86 Senate Concurred in House amendment and enrolled SJ-3001
05/28/86 Ratified R 512
06/02/86 Signed By Governor
06/02/86 Effective date 06/02/86
06/02/86 Act No. 461
06/09/86 Copies available
(A461, R512, S985)
AN ACT TO AMEND SECTIONS 9-1-1140, AS AMENDED, 9-1-1710, AND 9-11-50, CODE OF
LAWS OF SOUTH CAROLINA, 1976, RELATING TO LUMP-SUM CONTRIBUTIONS BY A MEMBER OF
THE SOUTH CAROLINA RETIREMENT SYSTEM TO BECOME ENTITLED TO CREDITABLE SERVICE FOR
OUT-OF-STATE SERVICE, SO AS TO PROVIDE THAT A MEMBER WHO ELECTS TO RECEIVE
CREDITABLE OUT-OF-STATE SERVICE MAY ESTABLISH A PORTION OF THE SERVICE ON A
ONE-TIME BASIS.
Be it enacted by the General Assembly of the State of South Carolina:
Credible service
SECTION 1. Subsection (2) of Section 9-1-1710 of the 1976 Code is amended to
read:
"(2) On or after July 1, 1975, any member may elect to become entitled
to creditable service on account of his out-of-state service by making a special
lump-sum contribution equal to ten percent of his annual earnable compensation
at the time of payment for each year of out-of-state service and a proportionate
part thereof for a fraction of a year, provided that the earnable compensation
used as a basis for the special lump-sum contribution must not be less than his
earnable compensation in any one of the three preceding fiscal years. A member
who elects to receive creditable service for out-of-state service may establish
a portion of the service on a one-time basis. The out-of-state service must be
matched on a one-for-one basis with in-state service. Out-of-state service may
not exceed the total creditable service, exclusive of out-of-state service which
he would have if he remained in service until completion of the eligibility
requirements for an unreduced service retirement allowance. A member who elects
to receive creditable service for his out-of-state service shall establish credit
for all service for which he is eligible, except that the service shall not
exceed the total creditable service, exclusive of out-of-state service, which he
would have if he remained in service until completion of the eligibility
requirements for an unreduced service retirement allowance. The contribution
thereafter must be treated in the same way as the regular contributions required
of a member hereunder."
Further
SECTION 2. The next to the last paragraph of Section 9-1-1140 of the 1976 Code,
as last amended by Act 486 of 1984, is further amended to read:
" Any member with two or more years of creditable service shall receive
additional creditable service for the period of his military service, at the rate
of one year of military service for each two years of his creditable service
excluding any period of creditable military service, provided he was discharged
or separated from the military service under conditions other than dishonorable,
and provided that he shall pay to the System, by a single payment prior to his
retirement or death or by such other method of payment as may be prescribed from
time to time by the Board, all payments to the System he would have been required
to make for the period to be so credited had he been employed in the position he
held immediately prior to the commencement of his military leave during the
period of such military service, together with the regular interest which would
have been credited thereon from the date the contributions would have been made
to the date of payment. In the case of a member whose military service was
rendered prior to his employment by an employer such payments by the member, as
described in the foregoing sentence, must be determined on the basis of his
earnable compensation at the time he first became a member of the System. The
required employer contribution must be assumed by the State. No member shall
receive credit for more than six years of military service. Active military duty
performed subsequent to July 1, 1974, may not be considered creditable service.
Any former employee of the United States employed in this State by an employer
covered by the System, and who is currently a contributing member, may elect to
receive prior service credit for service rendered as an employee of the United
States upon his paying into the System the actuarial cost as determined by the
Board. The member payment may not be less than ten percent of the earnable
compensation, or the average of the three highest consecutive fiscal years of
compensation at the time of payment whichever is greater for each year of service
prorated for periods of less than one year. A member who elects to receive
creditable service for federal employment may establish a portion of the service
on a one-time basis. This service may not exceed the total creditable service,
exclusive of federal service, which he would have if he remained in service until
completion of the eligibility requirements for an unreduced service retirement
allowance. In no event shall any benefits payable under the System duplicate
benefits being paid under any other retirement system for the same period of
service."
Prior service
SECTION 3. Item (6) of Section 9-11-50 of the 1976 Code, added by Act 76 of
1985, is amended to read:
"(6) Any former employee of the United States employed in this State by
an employer covered by the System, and who is currently a contributing member,
may elect to receive prior service credit for service rendered as an employee of
the United States upon his paying into the System the actuarial cost as
determined by the Board. The member payment may not be less than ten percent of
the earnable compensation, or the average of the three highest consecutive fiscal
years of compensation at the time of payment, whichever is greater, for each year
of service prorated for periods of less than one year. A member who elects to
receive creditable service for federal employment may establish a portion of the
service on a one-time basis. This service may not exceed the total creditable
service, exclusive of federal service, which he would have if he remained in
service until completion of the eligibility requirements for an unreduced service
retirement allowance. In no event shall any benefits payable under the System
duplicate benefits being paid under any other retirement system for the same
period of service."
Time effective
SECTION 4. This act shall take effect upon approval by the Governor. |