S*0984(Rat #0603, Act #0506 of 1990)  General Bill, By Russell
 A Bill to amend Section 9-11-48, Code of Laws of South Carolina, 1976,
 relating to the requirements for transferring a local retirement system for
 firefighters to the Police Officers' Retirement System, so as to provide
 alternative requirements for the transfer.

   12/11/89  Senate Prefiled
   12/11/89  Senate Referred to Committee on Finance
   01/09/90  Senate Introduced and read first time SJ-80
   01/09/90  Senate Referred to Committee on Finance SJ-80
   04/25/90  Senate Committee report: Favorable Finance SJ-19
   04/25/90  Senate Read second time SJ-19
   04/25/90  Senate Unanimous consent for third reading on next
                     legislative day SJ-19
   04/26/90  Senate Read third time and sent to House SJ-22
   05/01/90  House  Introduced and read first time HJ-8
   05/01/90  House  Referred to Committee on Ways and Means HJ-8
   05/09/90  House  Committee report: Favorable Ways and Means HJ-8
   05/10/90  House  Read second time HJ-60
   05/10/90  House  Unanimous consent for third reading on next
                     legislative day HJ-60
   05/11/90  House  Read third time and enrolled HJ-5
   05/24/90         Ratified R 603
   05/29/90         Signed By Governor
   05/29/90         Effective date 05/29/90
   05/29/90         Act No. 506
   06/19/90         Copies available

AN ACT TO AMEND SECTION 9-11-48, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENTS FOR TRANSFERRING A LOCAL RETIREMENT SYSTEM FOR FIREFIGHTERS TO THE POLICE OFFICERS' RETIREMENT SYSTEM, SO AS TO PROVIDE ALTERNATIVE REQUIREMENTS FOR THE TRANSFER.

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

System transfer procedure

SECTION 1. Section 9-11-48 of the 1976 Code, as added by Act 84 of 1989, is amended to read:

"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 transfer the local system to the Police Officers' Retirement System by meeting the requirements of one of the following items:

(1) (a) The employer 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 subitem, is in lieu of any other payments that would otherwise be required by this subitem.

(b) 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.

(c) 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.

(2) (a) The employer may require all active members of the local retirement system for firefighters to become members of the South Carolina Police Officers' Retirement System on the date of admission. The date of admission is April 1, 1990, or at the beginning of any quarter thereafter. If this option is exercised, all assets of the local retirement system including accumulated member contributions, if any, not needed to meet the local retirement system's retiree liability, if any, 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, 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 rules may determine. The asset transfer and employer payment, if required by this subitem, is in lieu of any other payments that would otherwise be required by this subitem.

(b) The board's actuary shall determine the amount of assets necessary to be retained to provide the funds to meet retiree liability. The amount determined must be retained and escrowed by the employer. The employer has the continuing responsibility to insure that retirement benefits of current retirees continue at current levels, including cost-of-living increases in future years as provided in the local retirement system, until the death of the last survivor."

Time effective

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

Approved the 29th day of May, 1990.