H 3344 Session 112 (1997-1998)
H 3344 General Bill, By Walker, Allison, Altman, Askins, Bailey, Barfield,
Barrett, Battle, Bauer, Beck, Bowers, Breeland, G. Brown, J. Brown, T. Brown,
A.W. Byrd, Campsen, Canty, Carnell, Cato, Cave, Chellis, Clyburn, Cobb-Hunter,
Cooper, J.L.M. Cromer, Dantzler, Davenport, Delleney, Edge, J.G. Felder,
Gourdine, Govan, Harrell, Harrison, Harvin, Haskins, Hawkins, J. Hines,
M. Hines, Hinson, J.H. Hodges, Howard, Inabinett, Jennings, Kelley, Kennedy,
Klauber, Knotts, Koon, Lanford, Law, Lee, L.H. Limbaugh, Limehouse, Littlejohn,
Lloyd, Mack, Maddox, Martin, Mason, McCraw, McKay, W. McLeod, McMahand,
J.D. McMaster, Miller, Moody-Lawrence, V.T. Mullen, J.H. Neal, Neilson, Parks,
Phillips, Pinckney, Quinn, Rhoad, Rice, Meacham, Riser, Rodgers, Sandifer,
Scott, Seithel, Sharpe, Simrill, F. Smith, J. Smith, R. Smith, D. Smith,
Spearman, Stille, E.C. Stoddard, Townsend, Tripp, Trotter, Webb, Whatley,
Whipper, Wilder, Wilkes, Wilkins, Witherspoon, Woodrum, Young-Brickell and
W.J. Young
Similar(S 280)
A BILL TO AMEND SECTION 9-1-1515, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO EARLY RETIREMENT UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM, SO AS
TO REVISE THE REQUIREMENTS AND ALLOW PERSONS WHO HAVE ATTAINED AGE FIFTY AND
HAVE AT LEAST TWENTY-FIVE YEARS OF CREDITABLE SERVICE TO RETIRE WITHOUT
PENALTY; TO AMEND SECTION 9-1-1020, AS AMENDED, RELATING TO EMPLOYEE
CONTRIBUTIONS TO THE SOUTH CAROLINA RETIREMENT SYSTEM, SO AS TO RAISE THE
CONTRIBUTION BY 1.38 PERCENT; AND TO AMEND THE 1976 CODE BY ADDING SECTION
1-11-760 SO AS TO REQUIRE THE STATE BUDGET AND CONTROL BOARD TO INCREASE
EMPLOYEE-PAID PREMIUMS UNDER THE STATE HEALTH INSURANCE AND DENTAL PLANS IN AN
AMOUNT SUFFICIENT TO OFFSET THE ADDITIONAL INSURANCE COSTS RESULTING FROM
EARLY RETIREMENTS.
01/30/97 House Introduced and read first time HJ-2
01/30/97 House Referred to Committee on Ways and Means HJ-3
03/11/98 House Member(s) request name removed as sponsor: Leach
HJ-15, Loftis HJ-15, Hamilton HJ-15
04/01/98 House Member(s) request name removed as sponsor:
B.L.Jordan HJ-21
A BILL
TO AMEND SECTION 9-1-1515, CODE OF LAWS OF SOUTH
CAROLINA, 1976, RELATING TO EARLY RETIREMENT
UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM, SO
AS TO REVISE THE REQUIREMENTS AND ALLOW PERSONS
WHO HAVE ATTAINED AGE FIFTY AND HAVE AT LEAST
TWENTY-FIVE YEARS OF CREDITABLE SERVICE TO
RETIRE WITHOUT PENALTY; TO AMEND SECTION 9-1-1020,
AS AMENDED, RELATING TO EMPLOYEE CONTRIBUTIONS
TO THE SOUTH CAROLINA RETIREMENT SYSTEM, SO AS
TO RAISE THE CONTRIBUTION BY 1.38 PERCENT; AND TO
AMEND THE 1976 CODE BY ADDING SECTION 1-11-760 SO
AS TO REQUIRE THE STATE BUDGET AND CONTROL
BOARD TO INCREASE EMPLOYEE-PAID PREMIUMS UNDER
THE STATE HEALTH INSURANCE AND DENTAL PLANS IN
AN AMOUNT SUFFICIENT TO OFFSET THE ADDITIONAL
INSURANCE COSTS RESULTING FROM EARLY
RETIREMENTS.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Section 9-1-1515 of the 1976 Code, as added by Act
559 of 1990, is amended to read:
"Section 9-1-1515. (A) In addition to other types of
retirement provided by this chapter, a member who has attained the
age of fifty-five years and who has at least twenty-five years of
creditable service may elect early retirement. A member electing
early retirement shall apply in the manner provided in Section
9-1-1510.
(B) The benefits for a member electing early retirement under this
section must be calculated in the manner provided in Section
9-1-1550, except that in lieu of any other reduction factor, his early
retirement allowance is reduced by four percent a year, prorated for
periods less than one year, for each year of creditable service less
than thirty.
(C) A member who elects early retirement under this section is
ineligible to receive any cost-of-living increase provided by law to
retirees until the second July first after the date the member attains
age sixty; or the second July first after the date the member would
have thirty years' creditable service had he not retired, whichever is
earlier.
(D) (1) Except as provided in item (2) of this subsection, a
member who elects early retirement under this section is not covered
by the State Insurance Benefits Plan until the earlier of:
(a) the date the member attains age sixty, or
(b) the date the member would have thirty years' creditable
service had he not retired.
(2) A member taking early retirement may maintain coverage
under the State Insurance Benefits Plan until the date his coverage is
reinstated pursuant to item (1) of this subsection by paying the total
premium cost, including the employer's contribution, in the manner
provided by the Division of Insurance Services of the State Budget
and Control Board.
(A) Notwithstanding the provisions of Section 9-1-1510
and 9-1-1550, a member who has attained the age of fifty years and
who has less than thirty but twenty-five or more years of creditable
service may elect service retirement as provided in this section. A
member electing service retirement shall apply in the manner
provided in Section 9-1-1510.
(B) The benefits for a member electing to retire under this section
must be calculated in the manner provided in Section 9-1-1550,
except that in the case of a member retiring pursuant to this section,
the reduction factor provided in that section does not
apply."
SECTION 2. The third unnumbered paragraph of Section 9-1-1020
of the 1976 Code, as last amended by Act 475 of 1988, is further
amended to read:
"The rates of the deductions must be, without regard to a
member's coverage under the Social Security Act, as follows: in the
case of Class One members five 6.38 percent of
earnable compensation and, in the case of Class Two members,
six 7.38 percent of earnable compensation."
SECTION 3. Article 5, Chapter 11, Title 1 of the 1976 Code is
amended by adding:
"Section 1-11-760. In setting the rates of state employee
contributions for state health and dental insurance programs, the State
Budget and Control Board shall add an amount sufficient to offset in
each fiscal year additional health and dental insurance costs incurred
by the State as a result of retirements pursuant to Section
9-1-1515."
SECTION 4. This act takes effect July 1, 1997, and the
amendment to Section 9-1-1515 of the 1976 Code contained in this
act applies with respect to members of the South Carolina Retirement
System retiring after June 30, 1997.
-----XX----- |