Current Status Bill Number:806 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970604 Primary Sponsor:Mescher All Sponsors:Mescher Drafted Document Number:res1470.wcm Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:S. C. Retirement System, twenty-five years credited service for early retirement; flexible contribution rates or plans
Body Date Action Description Com Leg Involved
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Senate 19970604 Introduced, read first time, 06 SF
referred to Committee
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TO AUTHORIZE THE STATE RETIREMENT SYSTEM TO ESTABLISH A SCHEDULE OF FLEXIBLE CONTRIBUTION RATES AND/OR OTHER MECHANISMS OR PLANS TO OFFER TO ELIGIBLE EMPLOYEES WITH A MINIMUM OF TWENTY-FIVE YEARS OF CREDITED SERVICE IN THE SYSTEM SO AS TO ENABLE AN ELIGIBLE EMPLOYEE TO RETIRE WITH LESS THAN THIRTY YEARS OF CREDITED SERVICE WITHOUT CAUSING A NEGATIVE ACTUARIAL IMPACT ON THE STATE RETIREMENT SYSTEM AND AT THE SAME TIME ALLOWING AN ELIGIBLE EMPLOYEE TO RETIRE WITH LESS THAN THIRTY YEARS OF CREDITED SERVICES WITHOUT A PENALTY TO THE EMPLOYEE OR A DIMINUTION OF THE RETIREMENT BENEFIT OF THE EMPLOYEE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1.
SECTION 2. This act takes effect upon approval by the Governor.