S*786 Session 105 (1983-1984)
S*0786(Rat #0435, Act #0382 of 1984) General Bill, By R.C. Dennis,
J.C. Lindsay and D.S. Taylor
A Bill to amend Sections 9-1-1810 and 9-11-310, both as amended, Code of Laws
of South Carolina, 1976, relating to the South Carolina Retirement System and
the Police Officers Retirement System, so as to provide that if the consumer
price index increases less than three percent the retirement allowance will be
equal to the increase of the consumer price index if it is first determined
that funding for the increase has been provided.
02/14/84 Senate Introduced and read first time SJ-625
02/14/84 Senate Referred to Committee on Finance SJ-625
02/29/84 Senate Committee report: Favorable Finance SJ-793
03/01/84 Senate Read second time SJ-867
03/01/84 Senate Ordered to third reading with notice of
amendments SJ-867
03/13/84 Senate Read third time and sent to House SJ-982
03/14/84 House Introduced and read first time HJ-1459
03/14/84 House Referred to Committee on Ways and Means HJ-1460
04/26/84 House Committee report: Favorable Ways and Means HJ-2646
05/02/84 House Read second time HJ-2825
05/03/84 House Read third time and enrolled HJ-2863
05/15/84 Ratified R 435
05/17/84 Signed By Governor
05/17/84 Effective date 05/17/84
05/17/84 Act No. 382
05/31/84 Copies available
(A382, R435, S786)
AN ACT TO AMEND SECTIONS 9-1-1810 AND 9-11-310, BOTH AS AMENDED, CODE OF LAWS
OF SOUTH CAROLINA, 1976, RELATING TO THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE
POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO PROVIDE THAT IF THE CONSUMER PRICE
INDEX INCREASES LESS THAN THREE PERCENT THE RETIREMENT ALLOWANCE WILL BE EQUAL
TO THE INCREASE OF THE CONSUMER PRICE INDEX IF IT IS FIRST DETERMINED THAT
FUNDING FOR THE INCREASE HAS BEEN PROVIDED.
Be it enacted by the General Assembly of the State of South Carolina:
Retirement allowance
SECTION 1. Section 9-1-1810 of the 1976 Code, as last amended by Act 368 of
1982, is further amended to read:
"Section 9-1-1810. As of the end of each calendar year commencing with the
year ending December 31, 1969, the increase in the ratio of the Consumer Price
Index to such Index as of December 31, 1968, or the most recent December
thirty-first subsequent thereto as of which an increase in retirement allowances
was granted, must be determined, and if the increase equals or exceeds three
percent, the retirement allowance, inclusive of the supplemental allowances
payable under the provisions of Sections 9-1-1910, 9-1-1920, and 9-1-1930, of
each beneficiary in receipt of an allowance as of December 31, 1968, or the most
recent December thirty-first subsequent thereto as of which an increase was
granted, must be increased by four percent. If the increase in the index is less
than three percent, the retirement allowance, inclusive of supplemental
allowances, all as determined above, must be increased by a percentage equal to
the increase in the index. The increase in retirement allowances shall commence
the July first immediately following the December thirty-first that the increase
in ratio was determined. Beginning with the calendar year ending December 31,
1981, all increases in retirement allowances must be granted to those
beneficiaries in receipt of a retirement allowance on July first immediately
preceding the effective date of the increase. Any increase in allowances after
June 30, 1981, shall become effective only if sufficient assets are available in
the post-retirement increase special fund created under Section 9-1-1820 to meet
that year's required payment. Any increase in allowance granted hereunder must
be included in the determination of any subsequent increases, irrespective of any
subsequent decrease in the Consumer Price Index.
The allowance of a surviving annuitant of a beneficiary whose allowance is
increased under this section shall, when and if payable, be increased by the same
percent.
For purposes of this section, 'Consumer Price Index' means the Consumer Price
Index for Wage Earners and Clerical Workers, as published by the United States
Department of Labor, Bureau of Labor Statistics."
Further
SECTION 2. Section 9-11-310 of the 1976 Code, as last amended by Act 368 of
1982, is further amended to read:
"Section 9-11-310. As of the end of each calendar year commencing with the
year ending December 31, 1974, the increase in the ratio of the Consumer Price
Index to such Index as of December 31, 1973, or the most recent December
thirty-first subsequent thereto as of which an increase in retirement allowances
was granted, must be determined, and if the increase equals or exceeds three
percent, the retirement allowance, exclusive of any part thereof derived from
accumulated additional contributions, of each beneficiary in receipt of an
allowance as of December 31, 1973, or the most recent December thirty-first
subsequent thereto as of which an increase was granted, must be increased by four
percent. If the increase in the index is less than three percent, the retirement
allowances, as determined above, must be increased by a percentage equal to the
increase in the index. The increase in retirement allowances must commence the
July first immediately following the December thirty-first that the increase in
ratio was determined.
Beginning with the calendar year ending December 31, 1981, all increases in
retirement allowances must be granted to those beneficiaries in receipt of a
retirement allowance on July first immediately preceding the effective date of
the increase. The increase in allowances after the first five such increases
shall become effective only if the additional liabilities on account of the
increase in allowances do not require an increase in the employer rate of
contribution. Any increase in allowance granted hereunder is permanent,
irrespective of any subsequent decrease in the Consumer Price Index, and must be
included in determining any subsequent increase.
The allowance of a surviving annuitant of a beneficiary whose allowance is
increased under this section must, when and if payable, be increased by the same
percent.
For purposes of this section, 'Consumer Price Index' means the Consumer Price
Index (all items-United States city average), as published by the United States
Department of Labor, Bureau of Labor Statistics."
Funding of increases
SECTION 3. The provisions of this act shall not take effect unless the
appropriate governing body of the South Carolina Retirement System and the Police
Officers Retirement System first determines that funding for the increase on a
sound actuarial basis has been provided or is concurrently provided.
Time effective
SECTION 4. This act shall take effect upon approval by the Governor. |