S 1067 Session 112 (1997-1998)
S 1067 General Bill, By Holland
A BILL TO AMEND SECTION 9-1-1710, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO LUMP-SUM CONTRIBUTIONS BY MEMBERS OF THE RETIREMENT SYSTEM WITH
OUT-OF-STATE SERVICE, SO AS TO PROVIDE THAT A MEMBER WHO HAS BEEN IN
CONTINUOUS COVERED EMPLOYMENT FOR TEN YEARS MAY RECEIVE CREDITABLE SERVICE FOR
ANY AMOUNT OF OUT-OF-STATE SERVICE.
02/26/98 Senate Introduced and read first time SJ-4
02/26/98 Senate Referred to Committee on Finance SJ-4
04/29/98 Senate Recalled from Committee on Finance SJ-11
04/29/98 Senate Read second time SJ-11
04/29/98 Senate Ordered to third reading with notice of
amendments SJ-11
04/30/98 Senate Amended SJ-46
04/30/98 Senate Read third time and sent to House SJ-46
05/05/98 House Introduced and read first time HJ-9
05/05/98 House Referred to Committee on Ways and Means HJ-9
Indicates Matter Stricken
Indicates New Matter
AS PASSED BY THE SENATE
April 30, 1998
S. 1067
Introduced by Senator Holland
S. Printed 4/30/98--S.
Read the first time February 26, 1998.
A BILL
TO AMEND SECTION 9-1-1710, CODE OF LAWS OF SOUTH
CAROLINA, 1976, RELATING TO LUMP-SUM
CONTRIBUTIONS BY MEMBERS OF THE RETIREMENT
SYSTEM WITH OUT-OF-STATE SERVICE, SO AS TO
PROVIDE THAT A MEMBER WHO HAS BEEN IN
CONTINUOUS COVERED EMPLOYMENT FOR TEN YEARS
MAY RECEIVE CREDITABLE SERVICE FOR ANY AMOUNT
OF OUT-OF-STATE SERVICE.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Section 9-1-1710(2) of the 1976 Code is amended to
read:
"(2) On or after July 1, 1975, any member may elect to
become entitled to creditable service on account of his out-of-state
service by making a special lump-sum contribution equal to ten
percent and effective July 1, 1994, twelve percent of his annual
earnable compensation at the time of payment for each year of
out-of-state service and a proportionate part thereof for a fraction of
a year, provided that the earnable compensation used as a basis for
the special lump-sum contribution must not be less than his earnable
compensation in any one of the three preceding fiscal years. A
member who elects to receive creditable service for out-of-state
service may establish a portion of the service on a one-time basis
except the balance may be established in accordance with Section
9-1-80. The out-of-state service must be matched on a one-for-one
basis with in-state service. However, a member who has been in
continuous covered employment for ten years may receive creditable
service for any amount of out-of-state service. Out-of-state
service may not exceed the total creditable service, exclusive of
out-of-state service which he would have if he remained in service
until completion of the eligibility requirements for an unreduced
service retirement allowance. A member who elects to receive
creditable service for his out-of-state service shall establish credit for
all service for which he is eligible, except that the service shall not
exceed the total creditable service, exclusive of out-of-state service,
which he would have if he remained in service until completion of
the eligibility requirements for an unreduced service retirement
allowance. The contribution thereafter must be treated in the same
way as the regular contributions required of a member
hereunder."
SECTION 2. Section 9-8-50 of the 1976 Code is amended by
adding:
"(5) Any member who has twenty-five years of prior service
credit in the South Carolina Retirement System may transfer up to
three years of service credit from the Retirement System for Judges
and Solicitors to the South Carolina Retirement System. A transfer
of service credit pursuant to this subsection includes the transfer of
the salary base associated with the years of judicial service and the
total employer and employee contributions for the years of judicial
service. This transfer may take place only if the benefit from the
vested judicial annuity is not diminished."
SECTION 3. Subsections (1) and (5) of Section 9-8-60 of the 1976
Code, as last amended by Act 522 of 1994, are further amended to
read:
"(1) A member of the system may retire upon written
application to the board setting forth at what time, not later than his
attaining age seventy-two and not more than ninety days prior nor
more than six months subsequent to the execution and filing thereof,
the member desires to be retired, if the member at the time so
specified for retirement is no longer in the service of the State, except
as a member of the General Assembly, and has completed ten years
of credited service as a judge or eight years of credited service as
a solicitor or was in service as a judge or solicitor on July 1,
1984, and has either attained the age of sixty-five and completed at
least twenty years of credited service, or attained age seventy and
completed at least fifteen years of credit service, or attained age
sixty-five with at least four years' service in the position and has at
least twenty-five years' other service with the State, or completed at
least twenty-five years of credited service regardless of age. A
solicitor is eligible to retire upon completion of twenty-four years of
credited service regardless of age. Except as provided below,
a person is not eligible to receive a retirement allowance under this
system while under employment covered by the South Carolina
Retirement System, and the South Carolina Police Officers
Retirement System.
A person receiving retirement allowances under this system who is
elected to the General Assembly or who is employed as an
attorney by an employer as defined in Section 9-1-10(5) or
9-11-10(5) continues to receive the retirement allowances while
serving in the General Assembly or while so employed and
must also be a member of the General Assembly Retirement
System applicable retirement system, unless the person
files a statement with the State Budget and Control Board on a form
prescribed by the board electing not to participate in the General
Assembly applicable retirement system while a member
of the General Assembly or while so employed. A person
making this election shall not make contributions to the General
Assembly applicable retirement system nor shall the
State make contributions on the member's person's
behalf and the person is not entitled on account of this
service to benefits from the General Assembly
applicable retirement system after ceasing to be a member
of the General Assembly or after ceasing to be so employed.
(5) A member who retires, who has completed at least twenty-five
years of credited service, or twenty-four years in the case of a
solicitor, shall receive a monthly retirement allowance which must be
equal to one-twelfth of seventy-one and three-tenths percent of the
current active salary of the respective position plus one-twelfth of
two and sixty-seven hundredths percent of the current active salary
of the respective position for each additional year of active service
over twenty-five, or twenty-four in the case of a solicitor. In the
case of a solicitor, any credited service rather than only active service
in excess of twenty-four years must be included for purposes of
calculating the additional monthly allowance provided for by this
subsection. The monthly retirement allowance may not exceed
one-twelfth of ninety percent of the current active salary of the
respective position."
SECTION 4. Section 9-8-120(2) of the 1976 Code, as last
amended by Act 497 of 1994, is further amended to read:
"(2) Except as otherwise provided below, if this return is in
a position other than as a solicitor, the beneficiary, upon cessation of
service in the position, is entitled to apply for a retirement allowance
at the same rate to which the beneficiary was previously entitled,
disregarding any reduction therein resulting from a previous election
of an option. If the beneficiary's return is as a member of the General
Assembly or an attorney employed by an employer as defined in
Section 9-1-10(5) or 9-11-10(5), retirement allowances continue
as provided by Section 9-8-60(1)."
SECTION 5. This act takes effect upon approval by the Governor.
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