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Current Status Bill Number:View additional legislative information at the LPITS web site.142 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:Glover All Sponsors:Glover, Washington Drafted Document Number:l:\s-res\mwg\001reti.jh.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Retirement Systems, S.C.; Reinsurance facility former employee may receive prior service credit; Insurance History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 06 SF referred to Committee Senate 19981216 Prefiled, referred to Committee 06 SF Versions of This Bill
TO AMEND CHAPTER 1, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MEMBERSHIP IN THE STATE RETIREMENT SYSTEM, BY ADDING SECTION 9-1-590, SO AS TO PROVIDE THAT ANY PERSON WHO WAS AN EMPLOYEE OF THE FORMER SOUTH CAROLINA REINSURANCE FACILITY MAY PARTICIPATE IN THE STATE RETIREMENT SYSTEM PROVIDED THAT THE PERSON PURCHASES THE TIME THAT IS TO BE CREDITED TO THE RETIREMENT SYSTEM.
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 9-1-590. Any former employee of the South Carolina Reinsurance Facility employed in this State by an employer covered by the State Retirement System and who is currently a contributing member, may elect to receive prior service credit for service rendered as an employee of the South Carolina Reinsurance Facility upon his paying into the system the actuarial cost as determined by the board."
SECTION 2. This act takes effect upon approval by the Governor.
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