H 3284 General Bill, By J.T. McElveen, Cobb-Hunter, J.L.M. Cromer, Harvin, 
L.M. Martin, Neilson, I.K. Rudnick, J.J. Snow and Spearman

Similar(S 177, H 3234)
 A Bill to amend Section 9-1-1850, Code of Laws of South Carolina, 1976,
 relating to early retirement, so as to delete the requirement that the
 employee pay both the employee and employer cost of health and dental
 insurance.

   01/27/93  House  Introduced and read first time HJ-7
   01/27/93  House  Referred to Committee on Ways and Means HJ-8

A BILL

TO AMEND SECTION 9-1-1850, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EARLY RETIREMENT, SO AS TO DELETE THE REQUIREMENT THAT THE EMPLOYEE PAY BOTH THE EMPLOYEE AND EMPLOYER COST OF HEALTH AND DENTAL INSURANCE.

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

SECTION 1. Section 9-1-1850 of the 1976 Code is 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. 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. The member also shall pay the employee cost and the State shall pay the employer cost for health and dental insurance for a time period equal to the period of service credit purchased. Any service credit purchased under this section qualifies the member for retirement and the member must retire within ninety days subsequent to the purchase.

(B) As an alternative to the option provided in subsection (A) the member, 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 paying into his retirement system, during the ensuing number of years he wishes to purchase in the manner the Comptroller General shall direct, the employer and employee contributions that would be due for the position that he presently holds at the salary level in effect during those years. If the position is consolidated or eliminated after the member's retirement, he shall pay the employer and employee contributions during the remaining required years at a level equal to what these contributions were for the position before its consolidation or elimination. The member also shall pay the employer and employee cost for health and dental insurance in effect during the ensuing years the member wishes to purchase. The member also shall pay the employee cost and the State shall pay the employer cost for health and dental insurance for a time period equal to the period of service credit purchased. The salary level of the position the member presently holds, during the ensuing years the member pays the employer and employee contributions, is attributable to the member for purposes determining the member's average final compensation.

The retirement benefits of the member shall not commence until the time benefits would have been paid when the member had completed thirty years of service."

SECTION 2. (A) This act takes effect August 25, 1992, and applies with respect to payments for credited service made on or after that date.

(B) Employer share payments made by employees after the effective date of this act must be refunded upon application to the Retirement System.