H 3881 General Bill, By H. Brown, Boan and J.G. McAbee

Similar(S 645)
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Sections
 9-1-1970, 9-8-240, 9-9-240, and 9-11-350, so as to conform the compensation of
 members of the South Carolina Retirement System, Retirement System for Judges
 and Solicitors, General Assembly Retirement System, and the South Carolina
 Police Officers Retirement System taken into account for purposes of
 calculating benefits to the provisions of the Internal Revenue Code of 1986
 and to provide exceptions.

   03/28/95  House  Introduced and read first time HJ-8
   03/28/95  House  Referred to Committee on Ways and Means HJ-9
   04/12/95  House  Committee report: Favorable Ways and Means HJ-9
   04/20/95  House  Debate adjourned until Tuesday, April 25, 1995 HJ-44
   04/25/95  House  Debate adjourned until Thursday, April 27, 1995 HJ-22
   04/27/95  House  Read second time HJ-17
   04/27/95  House  Unanimous consent for third reading on next
                     legislative day HJ-17
   04/28/95  House  Read third time and sent to Senate HJ-2
   05/01/95  Senate Introduced and read first time SJ-25
   05/01/95  Senate Referred to Committee on Finance SJ-25

April 12, 1995

H. 3881

S. Printed 4/12/95--H.

Read the first time March 28, 1995.

To whom was referred a Bill (H. 3881), to amend the Code of Laws of South Carolina, 1976, by adding Sections 9-1-1970, 9-8-240, 9-9-240 and 9-11-350 so as to conform the compensation of members, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass:

HENRY E. BROWN, JR., for Committee.

1. Estimated Cost to State-First Year$-0-

2. Estimated Cost to State-Annually Thereafter$-0-

House Bill 3881 would conform the statutes of the several retirement systems related to maximum compensation to be used for retirement benefit calculations to federal code limitations. This bill does not affect employees who are or become a member of a retirement system before January 1, 1996. There is no fiscal impact on the several retirement systems since any benefit limitation is matched by a limitation in contributions.

If this bill is enacted, there will not be any fiscal impact upon the General Fund of the State.

Prepared By: Approved By:

Allan Kincaid George N. Dorn, Jr.

Chief Budget Analyst Director, Office of State Budget

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS 9-1-1970, 9-8-240, 9-9-240, AND 9-11-350 SO AS TO CONFORM THE COMPENSATION OF MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM, RETIREMENT SYSTEM FOR JUDGES AND SOLICITORS, GENERAL ASSEMBLY RETIREMENT SYSTEM, AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM TAKEN INTO ACCOUNT FOR PURPOSES OF CALCULATING BENEFITS TO THE PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986 AND TO PROVIDE EXCEPTIONS.

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

SECTION 1. Chapter 1, Title 9 of the 1976 Code is amended by adding:

"Section 9-1-1970. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

SECTION 2. Chapter 8, Title 9 of the 1976 Code is amended by adding:

"Section 9-8-240. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

SECTION 3. Chapter 9, Title 9 of the 1976 Code is amended by adding:

"Section 9-9-240. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

SECTION 4. Article 1, Chapter 11, Title 9 of the 1976 Code is amended by adding:

"Section 9-11-350. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

SECTION 5. This act takes effect upon approval by the Governor.