Current Status Introducing Body:House Bill Number:3727 Primary Sponsor:McGinnis Committee Number:30 Type of Legislation:GB Subject:Early Retirement Incentive Act of 1991 Residing Body:House Current Committee:Ways and Means Date Tabled:Apr 23, 1991 Computer Document Number:BBM/9295.JM Introduced Date:Mar 26, 1991 Last History Body:House Last History Date:Apr 23, 1991 Last History Type:Tabled in Committee Scope of Legislation:Statewide All Sponsors:McGinnis Type of Legislation:General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 3727 House Apr 23, 1991 Tabled in Committee 30 3727 House Mar 26, 1991 Introduced, read first time, 30 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 9-1-1517 SO AS TO ENACT THE SOUTH CAROLINA RETIREMENT SYSTEM EARLY RETIREMENT INCENTIVE ACT OF 1991, SO AS TO PROVIDE THAT MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM WHO RETIRE BETWEEN JUNE 1, 1991, AND SEPTEMBER 30, 1991, AND WHO HAVE AT LEAST TWENTY-FIVE YEARS CREDITED SERVICE OR WHO HAVE AT LEAST TWENTY YEARS CREDITED SERVICE AND HAVE ATTAINED AGE SIXTY AS OF JUNE 1, 1991, SHALL RECEIVE FIVE ADDITIONAL YEARS OF CREDITED SERVICE ON RETIREMENT, TO PROVIDE THAT THE BENEFITS OF PERSONS RECEIVING THE ADDITIONAL FIVE YEARS CREDITED SERVICE MAY NOT BE REDUCED ON ACCOUNT OF AGE, TO PROVIDE STATE INSURANCE BENEFITS PLAN BENEFITS TO THESE RETIREES, TO REQUIRE THE MEMBER'S EMPLOYING AGENCY TO TRANSFER TO THE RETIREMENT SYSTEM THE FULL ACTUARIAL COST OF THE ADDITIONAL BENEFITS CONFERRED BY THIS SECTION, AND TO REQUIRE THE AUTHORIZED NUMBER OF FULL-TIME EQUIVALENT POSITIONS (FTE'S) FOR STATE AGENCIES TO BE REDUCED BY ONE FOR EACH AGENCY EMPLOYEE RETIRING PURSUANT TO THIS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act may be cited as the "South Carolina Retirement System Early Retirement Incentive Act of 1991".
SECTION 2. Article 13, Chapter 1, Title 9 of the 1976 Code is amended by adding:
"Section 9-1-1517. (A) A member who has at least twenty-five years credited service as of June 1, 1991, may retire between June 1, 1991, and September 30, 1991, and for all purposes of this chapter, five years credited service is added to the member's actual credited service on the date of his retirement.
(B) A member who has at least twenty years credited service and who has attained the age of sixty years as of June 1, 1991, may retire between June 1, 1991, and September 30, 1991, and for all purposes of this chapter, five years credited service is added to the member's actual credited service as of the date of his retirement. No reduction may be made in the member's service retirement benefits because of age and the member is entitled to benefits under the State Insurance Benefits Plan as if he has retired with thirty or more years credited service.
(C) The agency of a member retiring pursuant to this section shall pay to the system the full actuarial cost of the additional benefits conferred on its retiring employee pursuant to this section in the manner that the State Budget and Control Board directs.
(D) The total of state-funded full-time equivalent positions (FTE's) authorized for a state agency must be reduced permanently by one for each state agency employee retiring pursuant to this section."
SECTION 2. This act takes effect upon approval by the Governor.