Current Status Introducing Body:House Bill Number:3822 Primary Sponsor:Boan Committee Number:30 Type of Legislation:GB Subject:Police Officers, early retirement provisions Residing Body:House Current Committee:Ways and Means Computer Document Number:CYY/18488.SD Introduced Date:Apr 11, 1991 Last History Body:House Last History Date:Apr 11, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Boan Type of Legislation:General Bill
Bill Body Date Action Description CMN
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3822 House Apr 11, 1991 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 9-11-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PURCHASE OF ADDITIONAL SERVICE CREDIT UNDER THE POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO REDUCE FROM TWENTY-FIVE TO TWENTY YEARS THE AMOUNT OF CREDITABLE SERVICE WHICH A MEMBER WHO IS LESS THAN FIFTY-FIVE YEARS OF AGE MUST HAVE IN ORDER TO PURCHASE CERTAIN ADDITIONAL SERVICE CREDIT WHICH WILL ALLOW HIM TO RETIRE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-11-60(3)(a) of the 1976 Code is amended to read:
"(a) If the member is less than fifty-five years of age and has at least twenty-five twenty years of creditable service, he may elect to receive up to five years of additional service credit as though the additional service credit were rendered by him as an employee or member upon his paying into his retirement system the actuarial cost as determined by regulation promulgated by the governing or administering board of his retirement system, provided the actuarial cost is determined on the basis of current salary or the highest fiscal year salary in the work career, whichever is greater."
SECTION 2. This act takes effect upon approval by the Governor.