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Bill 3129

                    Current Status

Bill Number:                      3129
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990112
Primary Sponsor:                  Lanford
All Sponsors:                     Lanford, Walker, J. Smith, Barfield, 
                                  Simrill, Allison, Maddox, R. Smith, Harrison, 
                                  Jennings, Cotty, Sharpe, Littlejohn, McCraw
Drafted Document Number:          l:\council\bills\kgh\15129htc99.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Early retirement, special benefit 
                                  reduction factor eliminated, Public Officers 
                                  and Employees, Retirement Systems, S.C.


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990112  Introduced, read first time,           30 HWM
                  referred to Committee
House   19981216  Prefiled, referred to Committee        30 HWM


                             Versions of This Bill

TO AMEND SECTION 9-1-1515, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EARLY RETIREMENT UNDER THE SOUTH CAROLINA RETIREMENT SYSTEMS, SO AS TO ELIMINATE THE SPECIAL BENEFIT REDUCTION FACTOR APPLIED TO THE BENEFITS PAID AN EARLY RETIREE WHEN THE MEMBER, BEFORE RETIRING, MAKES A LUMP SUM PAYMENT TO THE SYSTEM IN AN AMOUNT EQUAL TO TWENTY PERCENT OF THE MEMBER'S EARNABLE COMPENSATION FOR EACH YEAR OF CREDITABLE SERVICE LESS THAN THIRTY OR THE AVERAGE OF THE MEMBER'S TWELVE HIGHEST CONSECUTIVE FISCAL QUARTERS OF COMPENSATION AT THE TIME OF PAYMENT, WHICHEVER IS LARGER, AND TO REQUIRE THE MEMBER TO RETIRE NOT MORE THAN NINETY DAYS AFTER THE PAYMENT.

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

SECTION 1. Section 9-1-1515(B) of the 1976 Code, as added by Act 559 of 1990, is amended to read:

"(B) The benefits for a member electing early retirement under this section must be calculated in the manner provided in Section 9-1-1550, except that in lieu of any other reduction factor, his the member's early retirement allowance is reduced by four percent a year, prorated for periods less than one year, for each year of creditable service less than thirty. However, a member's early retirement allowance is not reduced if the member pays into the system, in a lump sum payment before the member's retirement, an amount equal to twenty percent of the member's earnable compensation or the average of the member's twelve highest consecutive fiscal quarters of compensation at the time of payment, whichever is greater, prorated for periods less than one year for each year of creditable service less than thirty. The member's retirement must occur not more than ninety days after the date of the payment."

SECTION 2. This act takes effect upon approval by the Governor and applies with respect to members of the South Carolina Retirement Systems electing early retirement pursuant to Section 9-1-1515 of the 1976 Code on and after that date.

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