H 3744 General Bill, By Rutherford, Canty, Breeland, Maddox, Knotts, Clyburn, 
Allen, Whipper and Harvin
 A BILL TO AMEND SECTION 9-11-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO RETIREMENT AGE AND RETIREMENT ALLOWANCES UNDER THE SOUTH
 CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO DELETE OBSOLETE
 PROVISIONS AND OVER FIVE FISCAL YEARS REDUCE FROM TWENTY-FIVE TO TWENTY YEARS
 THE REQUIRED CREDITED SERVICE OF A MEMBER OF SUCH SYSTEM TO ELECT SERVICE
 RETIREMENT AT ANY AGE, TO REQUIRE THE STATE BUDGET AND CONTROL BOARD TO
 INCREASE EMPLOYER OR EMPLOYEE CONTRIBUTIONS, OR BOTH, TO PAY THE ACTUARIAL
 COST OF THE EARLY RETIREMENT, AND TO REPEAL SECTION 9-11-70, RELATING TO ALL
 OBSOLETE RETIREMENT PROVISIONS.

   03/16/99  House  Introduced and read first time HJ-5
   03/16/99  House  Referred to Committee on Ways and Means HJ-5

TO AMEND SECTION 9-11-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RETIREMENT AGE AND RETIREMENT ALLOWANCES UNDER THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO DELETE OBSOLETE PROVISIONS AND OVER FIVE FISCAL YEARS REDUCE FROM TWENTY-FIVE TO TWENTY YEARS THE REQUIRED CREDITED SERVICE OF A MEMBER OF SUCH SYSTEM TO ELECT SERVICE RETIREMENT AT ANY AGE, TO REQUIRE THE STATE BUDGET AND CONTROL BOARD TO INCREASE EMPLOYER OR EMPLOYEE CONTRIBUTIONS, OR BOTH, TO PAY THE ACTUARIAL COST OF THE EARLY RETIREMENT, AND TO REPEAL SECTION 9-11-70, RELATING TO ALL OBSOLETE RETIREMENT PROVISIONS.

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

SECTION 1. Section 9-11-60(3) of the 1976 Code, as last amended by Act 424 of 1988, is further amended to read:

"(3) Any member who has completed five or more years of credited service but has not attained age fifty-five, upon written application to the governing or administering board of his retirement system, may retire on an early retirement allowance commencing upon his attainment of age fifty-five, as follows:

(a) If the member is less than fifty-five years of age and has at least twenty-five years of creditable service, he 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 is determined on the basis of current salary or the highest fiscal year salary in the work career, whichever is greater.

(b) 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, and any service credit purchased must qualify the member for retirement and the member must retire within ninety days subsequent to the purchase.

(3) The amount of credited service required for a member to retire at any age is as follows:

SECTION 2. The State Budget and Control Board shall increase employer or employee contributions, or both, to the South Carolina Police Officers Retirement System in an amount sufficient to pay the actuarial cost of the early retirement allowed in the provisions of Section 9-11-60(3) of the 1976 Code, as amended by this act.

SECTION 3. Section 9-11-70 of the 1976 Code is repealed.

SECTION 4. This act takes effect upon approval by the Governor.