South Carolina General Assembly
107th Session, 1987-1988

Bill 2551

                    Current Status

Bill Number:               2551
Ratification Number:       139
Act Number                 100
Introducing Body:          House
Subject:                   Implementation of early retirement plans
                           by public institutions of higher
                           education
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A100, R139, H2551)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-103-150 SO AS TO PROVIDE FOR THE IMPLEMENTATION OF EARLY RETIREMENT PLANS BY PUBLIC INSTITUTIONS OF HIGHER EDUCATION.

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

Early retirement plans for public institutions of higher education

SECTION 1. Chapter 103 of Title 59 of the 1976 Code is amended by adding:

"Section 59-103-150. (A) As long as there is no impact on state appropriations and subject to approval by the governing body of the public institution of higher education, the institution may implement an early retirement plan for its faculty to accomplish the following objectives:

(1) reallocate institutional resources;

(2) provide an equitable method to increase the flexibility of the institution to effect cost-saving measures;

(3) foster intellectual renewal;

(4) provide increased opportunities for promotion of a younger faculty;

(5) improve the opportunity to recruit qualified women and minorities.

(B) An early retirement plan may include provisions for institutions to pay:

(1) actuarial costs required by Sections 9-1-1850 and 9-11-60;

(2) health, dental, and life insurance costs;

(3) incentive payments;

(4) the costs of single premium annuity plans to provide supplemental benefits."

Time effective

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