Current Status Introducing Body:Senate Bill Number:744 Primary Sponsor:Land Committee Number:06 Type of Legislation:GB Subject:Early Retirement Incentive Act of 1991 Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5421.HC Introduced Date:Mar 07, 1991 Last History Body:Senate Last History Date:Mar 07, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Land Type of Legislation:General Bill
Bill Body Date Action Description CMN
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744 Senate Mar 07, 1991 Introduced, read first time, 06
referred to Committee
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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.