Current Status Introducing Body:House Bill Number:3923 Primary Sponsor:Waldrop Committee Number:30 Type of Legislation:GB Subject:Retirement system, repayment Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5789HC.93 Introduced Date:19930413 Last History Body:House Last History Date:19930413 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Waldrop Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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3923 House 19930413 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 9-1-440, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MEMBERSHIP IN THE SOUTH CAROLINA RETIREMENT SYSTEM, SO AS TO ALLOW A MEMBER TO MAKE A ONE-TIME PARTIAL REPAYMENT OF AMOUNTS PREVIOUSLY WITHDRAWN; AND TO AMEND SECTION 9-11-50, AS AMENDED, RELATING TO CREDITED SERVICE FOR PURPOSES OF THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO ALLOW A MEMBER TO MAKE A ONE-TIME PARTIAL REPAYMENT OF CONTRIBUTIONS PREVIOUSLY WITHDRAWN.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The first paragraph of Section 9-1-440 of the 1976 Code is amended to read:
"Any A teacher or employee whose membership in the system was contingent on his own election and who elected not to become a member of the system may apply for and be admitted to membership. Anything herein contained to the contrary notwithstanding, any such person shall receive prior service credit for service rendered prior to the date he was first eligible to become a member and membership service credit for service rendered subsequent thereto; provided, that he shall pay to the system while a contributing member, by a single payment prior to his retirement or death, the contributions which he would have made had he in fact belonged to the system during the period he was eligible, together with regular interest thereon. Any A former member who withdrew his contributions and has again become a member of the system may have the service credited to him under the system at the time he withdrew his contributions restored to him; provided, further, he pays to the system while a contributing member, by a single payment prior to his retirement or death, the amount of the contributions previously withdrawn, together with the interest which would have been credited thereon had such contributions remained in the system to the date of his payment of such amount to the system. However, a member on a one-time basis may repay a portion of the previously withdrawn contributions plus the applicable interest for a partial restoration of the service credit and this partial repayment is deemed to be for contributions for the most recent service. The board may estimate the amount of contributions required by this section in an equitable and uniform manner; provided, further, the member contribution for nonmember service shall not be less than four percent of his annual earnable compensation, or four percent of the average of the three highest consecutive fiscal years of salary whichever is greater, at the time of payment, for each year of service and a proportionate part thereof for a portion of a year."
SECTION 2. Section 9-11-50(3) of the 1976 Code is amended to read:
"(3) Any A person employed as a police officer whose membership in the system was contingent on his own election and who elected not to become a member of the system may apply for and be admitted to membership. Anything herein contained to the contrary notwithstanding, the credited service of any such person shall include service rendered to an employer since he was first eligible to become a member; provided that he shall pay to the system, by a single payment prior to his retirement or death, the contributions specified in Section 9-11-210(4) with respect to the period of service since he first became eligible for membership. Any such member who makes such payment to establish credit for such service may also receive credit for service prior to his employer's date of participation in the system by making contributions pursuant to Section 9-11-210(4) on account of such service. Any A former member who withdrew his contributions and has again become a member of the system may have the service credited to him under the system at the time he withdrew his contributions restored to him, provided he pays to the system, by a single payment prior to his retirement or death, the amount of the contributions previously withdrawn, together with the interest which would have been credited thereon had such contributions remained in the system to the date of his payment of such amount to the system. However, a member on a one-time basis may repay a portion of the previously withdrawn contributions plus the applicable interest for a partial restoration of the service credit and this partial repayment is deemed to be for contributions for the most recent service."
SECTION 3. This act takes effect upon approval by the Governor.