S 1317 General Bill, By Elliott
 A BILL TO AMEND CHAPTER 1, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO THE STATE RETIREMENT SYSTEM, BY ADDING SECTION 9-1-535 SO AS TO
 PROVIDE THAT THE SURVIVING SPOUSE OF A FORMER MEMBER OF THE GENERAL ASSEMBLY
 MAY PURCHASE UP TO EIGHT YEARS OF SERVICE CREDIT TIME IN THE STATE RETIREMENT
 SYSTEM, IF THE MEMBER SERVED A MINIMUM OF SIX YEARS BUT LESS THAN EIGHT IN THE
 GENERAL ASSEMBLY; TO PROVIDE FOR THE RATE AT WHICH THE SERVICE CREDIT TIME MAY
 BE PURCHASED; AND TO PROVIDE FOR STATE MATCHING CONTRIBUTIONS.

   04/06/00  Senate Introduced and read first time SJ-5
   04/06/00  Senate Referred to Committee on Finance SJ-5

TO AMEND CHAPTER 1, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE RETIREMENT SYSTEM, BY ADDING SECTION 9-1-535 SO AS TO PROVIDE THAT THE SURVIVING SPOUSE OF A FORMER MEMBER OF THE GENERAL ASSEMBLY MAY PURCHASE UP TO EIGHT YEARS OF SERVICE CREDIT TIME IN THE STATE RETIREMENT SYSTEM, IF THE MEMBER SERVED A MINIMUM OF SIX YEARS BUT LESS THAN EIGHT IN THE GENERAL ASSEMBLY; TO PROVIDE FOR THE RATE AT WHICH THE SERVICE CREDIT TIME MAY BE PURCHASED; AND TO PROVIDE FOR STATE MATCHING CONTRIBUTIONS.

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

SECTION 1. Chapter 1, Title 9 of the 1976 Code is amended by adding:

"Section 9-1-535. The surviving spouse of a former member of the General Assembly may elect to purchase up to eight years of service credit time to be credited toward vesting in the state retirement system, provided that the former member served a minimum of six years but less than eight in the General Assembly prior to January 1, 1980.

A surviving spouse may elect to purchase the service credit time at the same rate that was available to the member during his service in the General Assembly. Notwithstanding any other provision of law, a surviving spouse exercising the option pursuant to the provisions of this section is entitled to the state matching contribution at the same rate available to members serving in the General Assembly at the time of exercise of the option.

Nothing contained in this section or any other provision of law shall be interpreted to preclude the surviving spouse of a former member who received a refund of all contributions to the system from exercising the option created pursuant to this section."

SECTION 2. This act takes effect upon approval by the Governor.