S 1323 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 of creditable
 service, so as to provide that the first three years credit received pursuant
 to this Section may be purchased by paying ten percent of current salary or
 the highest fiscal year salary in the work career, whichever is greater, for
 each year established and to provide for a prorated payment for a period less
 than one year.

   04/06/94  Senate Introduced and read first time SJ-3
   04/06/94  Senate Referred to Committee on Finance SJ-3

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 THE FIRST THREE YEARS CREDIT RECEIVED PURSUANT TO THIS SECTION MAY BE PURCHASED BY PAYING TEN PERCENT OF CURRENT SALARY OR THE HIGHEST FISCAL YEAR SALARY IN THE WORK CAREER, WHICHEVER IS GREATER, FOR EACH YEAR ESTABLISHED AND TO PROVIDE FOR A PRORATED PAYMENT FOR A PERIOD LESS THAN ONE YEAR.

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 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. Provided, however, the first three years of additional service credit under this section may be received by paying into the retirement system ten percent of current salary or the highest fiscal year salary in the work career, whichever is higher, for each of the three years established, prorated for periods less than one year. 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.