H 3678 General Bill, By J. Rama, J.J. Bailey, R.A. Barber, R.C. Fulmer, 
H.M. Hallman, D.N. Holt, J.R. Klapman, Quinn, S.S. Wofford and D.A. Wright
 A Bill to amend Section 9-11-60, as amended, Code of Laws of South Carolina,
 1976, relating to the Police Officers Retirement System, so as to increase
 effective July 1, 1991, the multiplier used in calculating monthly service
 retirement benefits of Class Two members from two and fourteen hundredths
 percent to three percent of average final compensation, and to provide that
 the Budget and Control Board shall adjust the employee contributions paid by
 members of the Police Officers Retirement System in an amount sufficient to
 offset the actuarial cost of the increased retirement benefits provided above.

   03/12/91  House  Introduced and read first time HJ-6
   03/12/91  House  Referred to Committee on Ways and Means HJ-7
   03/04/92  House  Tabled in committee

A BILL

TO AMEND SECTION 9-11-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO INCREASE EFFECTIVE JULY 1, 1991, THE MULTIPLIER USED IN CALCULATING MONTHLY SERVICE RETIREMENT BENEFITS OF CLASS TWO MEMBERS FROM TWO AND FOURTEEN HUNDREDTHS PERCENT TO THREE PERCENT OF AVERAGE FINAL COMPENSATION, AND TO PROVIDE THAT THE BUDGET AND CONTROL BOARD SHALL ADJUST THE EMPLOYEE CONTRIBUTIONS PAID BY MEMBERS OF THE POLICE OFFICERS RETIREMENT SYSTEM IN AN AMOUNT SUFFICIENT TO OFFSET THE ACTUARIAL COST OF THE INCREASED RETIREMENT BENEFITS PROVIDED ABOVE.

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

SECTION 1. Section 9-11-60(2) of the 1976 Code, as amended by Act 189 of 1989, is further amended to read:

"(2) Upon service retirement on or after July 1, 1989 1991, the member shall receive a service retirement allowance which is equal to the sum of (a), (b), and (c) below:

(a) a monthly retirement allowance equal to ten dollars and ninety-seven cents multiplied by the number of years of his Class One service;

(b) a monthly retirement allowance equal to one-twelfth of two and fourteen hundredths three percent of his average final compensation multiplied by the number of years of his Class Two service;

(c) an additional monthly retirement allowance which is the actuarial equivalent of the member's accumulated additional contributions.

The sum of the retirement allowances computed under (a) and (b) above may not be less than the allowance which would have been provided under (a) if all of the member's credited service were Class One service. For a police officer who became a member before July 1, 1974, and who was a participant in the Supplemental Allowance Program, the portion of his service retirement allowance not provided by his accumulated contributions may not be less than it would have been if the provisions of the System in effect on June 30, 1974, had continued in effect until his date of retirement."

SECTION 2. The Budget and Control Board shall adjust the employee contributions paid by members of the Police Officers Retirement System in an amount sufficient to offset the actuarial cost of the increased retirement benefits provided by the provisions of Section 9-11-60(2) of the 1976 Code as amended by Section 1 of this act.

SECTION 3. This act takes effect July 1, 1991.