H*3609 Session 108 (1989-1990)
H*3609(Rat #0687, Act #0559 of 1990) General Bill, By T.F. Rogers, Bailey,
J.J. Bailey, K.E. Bailey, R.A. Barber, Boan, G.A. Brown, J. Brown, R.B. Brown,
P.M. Burch, C.D. Chamblee, Elliott, J. Faber, T.L. Farr, J.G. Felder,
T. Ferguson, S.R. Foster, Glover, B.J. Gordon, J.L. Harris, Harvin,
B.H. Harwell, D.N. Holt, T.E. Huff, H.H. Keyserling, Lanford, Littlejohn,
J.E. Lockemy, D.E. Martin, J.G. McAbee, F.E. McBride, D.M. McEachin,
A.C. McGinnis, D.A. Moss, Neilson, J.H. Nesbitt, Phillips, Rhoad, J.I. Rogers,
I.K. Rudnick, J.J. Snow, E.C. Stoddard, L.L. Taylor, J.W. Tucker, C.Y. Waites,
D.C. Waldrop, Washington, J.M. White, J.B. Wilder, Wilkes, D. Williams and
D.E. Winstead
A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
9-1-1515 so as to allow members of the South Carolina Retirement System who
have attained age fifty-five and who have at least twenty-five years'
creditable service to elect early retirement, to provide that members electing
early retirement must receive reduced benefits and are ineligible for a time
for cost-of-living adjustments and the State Insurance Benefit Plan, and to
provide a method for a person electing early retirement to maintain his
insurance benefits; and to amend the 1976 Code by adding Section 9-1-80 so as
to direct the Retirement System to establish a plan to allow members to
establish credit for out-of-state and federal civilian service by means of
payroll-deducted installments and to provide the terms and conditions of the
installment payments.-amended title
03/02/89 House Introduced and read first time HJ-10
03/02/89 House Referred to Committee on Ways and Means HJ-11
04/25/89 House Committee report: Majority favorable with amend.,
minority unfavorable Ways and Means HJ-204
04/26/89 House Special order, set for immediately follow 3rd
reading of H 3739(Under H 3973) HJ-66
05/03/89 House Debate interrupted HJ-31
05/04/89 House Amended HJ-36
05/04/89 House Read second time HJ-76
05/10/89 House Read third time and sent to Senate HJ-40
05/11/89 Senate Introduced and read first time SJ-22
05/11/89 Senate Referred to Committee on Finance SJ-23
05/01/90 Senate Committee report: Favorable with amendment
Finance SJ-10
05/08/90 Senate Amended SJ-3
05/08/90 Senate Read second time SJ-4
05/08/90 Senate Ordered to third reading with notice of amendments SJ-4
05/09/90 Senate Read third time and returned to House with
amendments SJ-20
05/30/90 House Concurred in Senate amendment and enrolled HJ-29
06/05/90 Ratified R 687
06/11/90 Signed By Governor
06/11/90 Effective date 07/01/90
06/11/90 Act No. 559
07/02/90 Copies available
(A559, R687, H3609)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING
SECTION 9-1-1515 SO AS TO ALLOW MEMBERS OF THE SOUTH CAROLINA
RETIREMENT SYSTEM WHO HAVE ATTAINED AGE FIFTY-FIVE AND WHO HAVE AT
LEAST TWENTY-FIVE YEARS' CREDITABLE SERVICE TO ELECT EARLY RETIREMENT,
TO PROVIDE THAT MEMBERS ELECTING EARLY RETIREMENT MUST RECEIVE
REDUCED BENEFITS AND ARE INELIGIBLE FOR A TIME FOR COST-OF-LIVING
ADJUSTMENTS AND THE STATE INSURANCE BENEFIT PLAN, AND TO PROVIDE A
METHOD FOR A PERSON ELECTING EARLY RETIREMENT TO MAINTAIN HIS
INSURANCE BENEFITS; AND TO AMEND THE 1976 CODE BY ADDING SECTION
9-1-80 SO AS TO DIRECT THE RETIREMENT SYSTEM TO ESTABLISH A PLAN TO
ALLOW MEMBERS TO ESTABLISH CREDIT FOR OUT-OF-STATE AND FEDERAL
CIVILIAN SERVICE BY MEANS OF PAYROLL-DEDUCTED INSTALLMENTS AND TO
PROVIDE THE TERMS AND CONDITIONS OF THE INSTALLMENT PAYMENTS.
Be it enacted by the General Assembly of the State of South Carolina:
Early retirement
SECTION 1. Article 13, Chapter 1, Title 9 of the 1976 Code is
amended by adding:
"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."
Credit established by installments
SECTION 2. Article 1, Chapter 1, Title 9 of the 1976 Code is
amended by adding:
"Section 9-1-80. The Retirement System shall implement
a plan enabling members who are eligible to establish credit for
out-of-state service or federal civilian service to establish that
credit by means of payroll deducted installment payments. Interest
must be paid on the unpaid balance of the amount due at the rate of
the prime rate plus two percent. For purposes of this section, the
prime rate is the average of the prime rate charged by the five
largest banks in this State measured by deposits. The Retirement
System shall prescribe other terms and conditions of the installment
payment plan as necessary for its operation, including, but not
limited to, the duration of payment plans, minimum payments, and the
method of adjusting the interest rate."
Time effective
SECTION 3. This act takes effect July 1, 1990.
Approved the 11th day of June, 1990.
|