Current Status Bill Number:3752 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950306 Primary Sponsor:Wright All Sponsors:Wright Drafted Document Number:JIC\5498HTC.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Retirement for military service
Body Date Action Description Com Leg Involved
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House 19950306 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 9-1-1140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ESTABLISHING SERVICE CREDIT FOR PURPOSES OF THE SOUTH CAROLINA RETIREMENT SYSTEM, SO AS TO REVISE THE DETERMINATION OF EARNABLE COMPENSATION FOR ESTABLISHING CREDIT FOR MILITARY SERVICE AND TO DELETE AN OBSOLETE PROVISION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The third paragraph of Section 9-1-1140 of the 1976 Code, as last amended by Act 166 of 1993, is further amended to read:
"Any A member with two or more years of creditable service shall receive additional creditable service for the period of his military service at the rate of one year of military service for each two years of his creditable service excluding any period of creditable military service, as long as he was discharged or separated from the military service under conditions other than dishonorable, and as long as he pays to the system, by a single payment prior to his retirement or death or by another method of payment as may be prescribed from time to time by the board, all payments to the system he would have been required to make for the period to be so credited had he been employed in the position he held immediately prior to the commencement of his military leave during the period of the military service, together with the regular interest which would have been credited thereon from the date the contributions would have been made to the date of payment. In the case of a member whose military service was rendered prior to his employment by an employer the payments by the member, as described in the foregoing sentence, must be determined on the basis of his earnable compensation at the time he first became a member of the system adjusted for inflation to the time of discharge from the service. The adjustment must be made using the consumer price index as determined by the Bureau of Labor Statistics of the United States Department of Labor. The required employer contribution must be assumed by the State. No member may receive credit for more than six years of military service. Active military duty performed subsequent to December 31, 1975, may not be considered creditable service. Any former employee of the United States employed in this State by an employer covered by the system, and who is currently a contributing member, may elect to receive prior service credit for service rendered as an employee of the United States upon his paying into the system the actuarial cost as determined by the board. The member payment may not be less than ten percent and effective July 1, 1994, twelve percent of the earnable compensation, or the average of the three highest consecutive fiscal years of compensation at the time of payment, whichever is greater, for each year of service prorated for periods of less than one year. A member who elects to receive creditable service for federal employment may establish a portion of the service on a one-time basis. This service may not exceed the total creditable service, exclusive of federal service, which he would have if he remained in service until completion of the eligibility requirements for an unreduced service retirement allowance. In no event may any benefits payable under the system duplicate benefits being paid under any other retirement system for the same period of service."
SECTION 2. This act takes effect upon approval by the Governor.