South Carolina General Assembly
111th Session, 1995-1996

Bill 3881

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Bill Number:                       3881
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19950328
Primary Sponsor:                   H. Brown
All Sponsors:                      H. Brown, Boan and McAbee 
Drafted Document Number:           JIC\5693HTC.95
Companion Bill Number:             645
Residing Body:                     Senate
Current Committee:                 Finance Committee 06 SF
Subject:                           Retirement systems, calculating
                                   of benefits
History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

Senate  19950501  Introduced, read first time,             06 SF
                  referred to Committee
House   19950428  Read third time, sent to Senate
House   19950427  Unanimous consent for third
                  reading on the next Legislative day
House   19950427  Read second time
House   19950425  Debate adjourned until
                  Thursday, 19950427
House   19950420  Debate adjourned until
                  Tuesday, 19950425
House   19950412  Committee report: Favorable              30 HWM
House   19950328  Introduced, read first time,             30 HWM
                  referred to Committee
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

April 12, 1995

H. 3881

Introduced by REPS. H. Brown, Boan and McAbee

S. Printed 4/12/95--H.

Read the first time March 28, 1995.

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Bill (H. 3881), to amend the Code of Laws of South Carolina, 1976, by adding Sections 9-1-1970, 9-8-240, 9-9-240 and 9-11-350 so as to conform the compensation of members, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

HENRY E. BROWN, JR., for Committee.

STATEMENT OF ESTIMATED FISCAL IMPACT

1. Estimated Cost to State-First Year$-0-

2. Estimated Cost to State-Annually Thereafter$-0-

House Bill 3881 would conform the statutes of the several retirement systems related to maximum compensation to be used for retirement benefit calculations to federal code limitations. This bill does not affect employees who are or become a member of a retirement system before January 1, 1996. There is no fiscal impact on the several retirement systems since any benefit limitation is matched by a limitation in contributions.

If this bill is enacted, there will not be any fiscal impact upon the General Fund of the State.

Prepared By: Approved By:

Allan Kincaid George N. Dorn, Jr.

Chief Budget Analyst Director, Office of State Budget

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS 9-1-1970, 9-8-240, 9-9-240, AND 9-11-350 SO AS TO CONFORM THE COMPENSATION OF MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM, RETIREMENT SYSTEM FOR JUDGES AND SOLICITORS, GENERAL ASSEMBLY RETIREMENT SYSTEM, AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM TAKEN INTO ACCOUNT FOR PURPOSES OF CALCULATING BENEFITS TO THE PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986 AND TO PROVIDE EXCEPTIONS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Chapter 1, Title 9 of the 1976 Code is amended by adding:

"Section 9-1-1970. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

SECTION 2. Chapter 8, Title 9 of the 1976 Code is amended by adding:

"Section 9-8-240. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

SECTION 3. Chapter 9, Title 9 of the 1976 Code is amended by adding:

"Section 9-9-240. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

SECTION 4. Article 1, Chapter 11, Title 9 of the 1976 Code is amended by adding:

"Section 9-11-350. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

SECTION 5. This act takes effect upon approval by the Governor.

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