Current Status Introducing Body:House Bill Number:3234 Primary Sponsor:Rudnick Committee Number:30 Type of Legislation:GB Subject:Retired employee, dental and health insurance Residing Body:House Current Committee:Ways and Means Companion Bill Number:177 Computer Document Number:JIC/5231HC.93 Introduced Date:19930121 Last History Body:House Last History Date:19930121 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Rudnick White Whipper Harrelson Canty Waldrop Neal Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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3234 House 19930121 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 9-1-1850, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EARLY RETIREMENT, SO AS TO DELETE THE REQUIREMENT THAT THE EMPLOYEE PAY BOTH THE EMPLOYEE AND EMPLOYER COST OF HEALTH AND DENTAL INSURANCE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-1-1850 of the 1976 Code, as last amended by Act 632 of 1988, is further amended to read:
"Section 9-1-1850. (A) For any retirement system provided for by law in this State the member of the retirement system, if he has at least twenty-five years of creditable service, 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 must be determined on the basis of current salary or the highest fiscal year salary in the work career, whichever is greater. The member also shall pay the employer and employee cost for health and dental insurance for a time period equal to the period of service credit purchased. The member also shall pay the employee cost and the State shall pay the employer cost for health and dental insurance for a time period equal to the period of service credit purchased. Any service credit purchased under this section qualifies the member for retirement and the member must retire within ninety days subsequent to the purchase.
(B) As an alternative to the option provided in subsection (A) the member, if he has at least twenty-five years of creditable service, 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 paying into his retirement system, during the ensuing number of years he wishes to purchase in the manner the Comptroller General shall direct, the employer and employee contributions that would be due for the position that he presently holds at the salary level in effect during those years. If the position is consolidated or eliminated after the member's retirement, he shall pay the employer and employee contributions during the remaining required years at a level equal to what these contributions were for the position before its consolidation or elimination. The member also shall pay the employer and employee cost for health and dental insurance in effect during the ensuing years the member wishes to purchase. The additional service credit qualifies the member for retirement and the member must retire within ninety days subsequent to electing the option provided by subsection (B). The member also shall pay the employee cost and the State shall pay the employer cost for health and dental insurance for a time period equal to the period of service credit purchased. The salary level of the position the member presently holds, during the ensuing years the member pays the employer and employee contributions, is attributable to the member for purposes determining the member's average final compensation.
The retirement benefits of the member shall not commence until the time benefits would have been paid when the member had completed thirty years of service."
SECTION 2. (A) This act takes effect August 25, 1992, and applies with respect to payments made on or after that date.
(B) Employer share payments made by employees after the effective date of this act must be refunded upon application to the Retirement System.