Current Status Introducing Body:Senate Bill Number:662 Ratification Number:119 Act Number:64 Primary Sponsor:Waddell Type of Legislation:GB Subject:Retirement, installment purchase plan Companion Bill Number:3537 Date Bill Passed both Bodies:May 09, 1991 Computer Document Number:JIC/5320.HC Governor's Action:S Date of Governor's Action:May 27, 1991 Introduced Date:Feb 14, 1991 Date of Last Amendment:Mar 28, 1991 Last History Body:------ Last History Date:May 27, 1991 Last History Type:Act No. 64 Scope of Legislation:Statewide All Sponsors:Waddell Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
662 ------ May 27, 1991 Act No. 64
662 ------ May 27, 1991 Signed by Governor
662 ------ May 21, 1991 Ratified R 119
662 House May 09, 1991 Read third time, enrolled for
ratification
662 House May 08, 1991 Read second time
662 House Apr 25, 1991 Committee Report: Favorable 30
662 House Apr 03, 1991 Introduced, read first time, 30
referred to Committee
662 Senate Apr 02, 1991 Read third time, sent to House
662 Senate Mar 28, 1991 Amended, read second time
662 Senate Mar 21, 1991 Committee Report: Favorable 06
with amendment
662 Senate Feb 14, 1991 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
(A64, R119, S662)
AN ACT TO AMEND SECTION 9-1-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PAYROLL DEDUCTION INSTALLMENT PURCHASE PLAN FOR ESTABLISHING CREDIT FOR OUT-OF-STATE SERVICE AND FEDERAL CIVILIAN SERVICE FOR PURPOSES OF THE SOUTH CAROLINA RETIREMENT SYSTEM, SO AS TO EXTEND THE INSTALLMENT PURCHASE PLAN TO MILITARY SERVICE AND OTHER SERVICE FOR WHICH CREDIT IS ESTABLISHED BY ONLY A MEMBER CONTRIBUTION; TO AMEND SECTION 9-1-1710, RELATING TO ESTABLISHMENT OF RETIREMENT SYSTEM CREDIT FOR OUT-OF-STATE SERVICE, SO AS TO PROVIDE THAT THE REQUIRED PAYMENT MAY BE ESTABLISHED BY PAYROLL DEDUCTED INSTALLMENT PAYMENTS; AND TO AMEND THE 1976 CODE BY ADDING SECTION 9-11-330 SO AS TO EXTEND THE INSTALLMENT PURCHASE PLAN OF THE SOUTH CAROLINA RETIREMENT SYSTEM TO THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM.
Be it enacted by the General Assembly of the State of South Carolina:
Installment purchase plan
SECTION 1. Section 9-1-80 of the 1976 Code, as added by Act 559 of 1990, is amended to read:
"Section 9-1-80. The Retirement System shall implement a plan enabling members who are eligible to establish credit for out-of-state service, federal civilian service, military service, or other service for which establishing credit requires only a contribution by the member, to establish that credit by means of payroll deducted installment payments. Interest must be paid on the unpaid balance of the amount due at the rate of the prime rate plus two percent. For purposes of this section, the prime rate is the average of the prime rate charged by the five largest banks in this State measured by deposits. The Retirement System shall prescribe other terms and conditions of the installment payment plan as necessary for its operation, including, but not limited to, the duration of payment plans, minimum payments, and the method of adjusting the interest rate."
Installment purchase plan
SECTION 2. Article 1, Chapter 11, Title 9 of the 1976 Code is amended by adding:
"Section 9-11-330. The Retirement System shall implement a plan enabling members who are eligible to establish credit for out-of-state service, federal civilian service, military service, or other service for which establishing credit requires only a contribution by the member, to establish that credit by means of payroll deducted installment payments. Interest must be paid on the unpaid balance of the amount due at the rate of the prime rate plus two percent. For purposes of this section, the prime rate is the average of the prime rate charged by the five largest banks in this State measured by deposits. The Retirement System shall prescribe other terms and conditions of the installment payment plan as necessary for its operation, including, but not limited to, the duration of payment plans, minimum payments, and the method of adjusting the interest rate."
Out-of-state service
SECTION 3. Section 9-1-1710(2) of the 1976 Code is amended to read:
"(2) On or after July 1, 1975, any member may elect to become entitled to creditable service on account of his out-of-state service by making a special lump-sum contribution equal to ten percent of his annual earnable compensation at the time of payment for each year of out-of-state service and a proportionate part thereof for a fraction of a year, provided that the earnable compensation used as a basis for the special lump-sum contribution must not be less than his earnable compensation in any one of the three preceding fiscal years. A member who elects to receive creditable service for out-of-state service may establish a portion of the service on a one-time basis except the balance may be established in accordance with Section 9-1-80. The out-of-state service must be matched on a one-for-one basis with in-state service. Out-of-state service may not exceed the total creditable service, exclusive of out-of-state service which he would have if he remained in service until completion of the eligibility requirements for an unreduced service retirement allowance. A member who elects to receive creditable service for his out-of-state service shall establish credit for all service for which he is eligible, except that the service shall not exceed the total creditable service, exclusive of out-of-state service, which he would have if he remained in service until completion of the eligibility requirements for an unreduced service retirement allowance. The contribution thereafter must be treated in the same way as the regular contributions required of a member hereunder."
Time effective
SECTION 4. This act takes effect upon approval by the Governor.
Approved the 27th day of May, 1991.