S*1315(Rat #0583, Act #0504 of 1986)  General Bill, By H.C. Smith, W.R. Lee and 
E.J. Patterson
 A Bill to amend Section 9-1-480, Code of Laws of South Carolina, 1976,
 relating to employees of political subdivisions as members of the State
 Retirement System, so as to authorize members of a city retirement system who
 transfer to a unit covered by the State Retirement System to receive credit
 under the State system by paying the full actuarial cost as determined by the
 actuary of the State Retirement System.

   05/15/86  Senate Introduced, read first time, placed on calendar
                     without reference SJ-2716
   05/16/86  Senate Read second time SJ-2722
   05/21/86  Senate Read third time and sent to House SJ-2778
   05/21/86  House  Introduced and read first time HJ-3205
   05/21/86  House  Referred to Committee on Ways and Means HJ-3206
   05/27/86  House  Committee report: Favorable Ways and Means HJ-3352
   05/29/86  House  Debate adjourned HJ-3506
   06/03/86  House  Read second time HJ-3583
   06/04/86  House  Read third time and enrolled HJ-3653
   06/05/86         Ratified R 583
   06/10/86         Signed By Governor
   06/10/86         Effective date 06/10/86
   06/10/86         Act No. 504
   06/17/86         Copies available

AN ACT TO AMEND SECTION 9-1-480, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EMPLOYEES OF POLITICAL SUBDIVISIONS AS MEMBERS OF THE STATE RETIREMENT SYSTEM, SO AS TO AUTHORIZE MEMBERS OF A CITY RETIREMENT SYSTEM WHO TRANSFER TO A UNIT COVERED BY THE STATE RETIREMENT SYSTEM TO RECEIVE CREDIT UNDER THE STATE SYSTEM BY PAYING THE FULL ACTUARIAL COST AS DETERMINED BY THE ACTUARY OF THE STATE RETIREMENT SYSTEM.

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

Credit may be obtained

SECTION 1. Section 9-1-480 of the 1976 Code is amended by adding at the end:

"Members of a city retirement system who are transferred to a unit covered by the System may obtain credit for prior service under the System for service prior to the effective date of their coverage under the System if the assets equal to the present value of accrued benefits under the local retirement system, including accumulated member contributions, are transferred to the System. On the effective date of the members' transfer to the System, any actuarial accrued liabilities realized by the System on account of the transfer, as determined by the Board's actuary, not met by transferred assets must be paid jointly by the city and System unit in installments over a period, not to exceed ten years, as the Board may determine."

Time effective

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