S 1056 Session 110 (1993-1994)
S 1056 General Bill, By Reese
A Bill to amend Section 9-1-1850, as amended, Code of Laws of South Carolina,
1976, relating to purchases of additional service credit by members of the
South Carolina Retirement System with at least twenty-five years creditable
service, so as to provide that such service may be purchased at the same cost
as out-of-state service rather than the full actuarial cost.
01/19/94 Senate Introduced and read first time SJ-7
01/19/94 Senate Referred to Committee on Finance SJ-7
A BILL
TO AMEND SECTION 9-1-1850, AS AMENDED, CODE OF LAWS OF
SOUTH CAROLINA, 1976, RELATING TO PURCHASES OF
ADDITIONAL SERVICE CREDIT BY MEMBERS OF THE SOUTH
CAROLINA RETIREMENT SYSTEM WITH AT LEAST TWENTY-FIVE
YEARS CREDITABLE SERVICE, SO AS TO PROVIDE THAT SUCH
SERVICE MAY BE PURCHASED AT THE SAME COST AS OUT-OF-STATE SERVICE RATHER THAN THE FULL ACTUARIAL COST.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-1-1850(A) of the 1976 Code, as last amended by
Act 166 of 1993, is further amended to read:
"(A) For any retirement system provided for by law in this State
the member of the retirement system, if he has at least twenty-five years
of creditable service, may elect to receive up to five years of additional
service credit as though the additional service credit were rendered by him
as an employee or member upon his paying into his retirement system the
actuarial same cost as determined by regulation
promulgated by the governing or administering board of his retirement
system, provided the actuarial cost must be determined on the basis of
current salary or the highest fiscal year salary in the work career, whichever
is greater if the years purchased were out-of-state service
purchased pursuant to Section 9-1-1710. The member also shall pay
the employer and employee cost for health and dental insurance for a time
period equal to the period of service credit purchased, or until the date the
member attains age sixty, at which time the member becomes eligible for
employer-paid health and dental insurance. Any service credit purchased
under this section qualifies the member for retirement and the member
must retire within ninety days subsequent to the purchase."
SECTION 2. This act takes effect upon approval by the Governor.
-----XX----- |