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Current Status Bill Number:View additional legislative information at the LPITS web site.3938 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990415 Primary Sponsor:D. Smith All Sponsors:D. Smith Drafted Document Number:l:\council\bills\kgh\15542htc99.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Judges and Solicitors Retirement System, transferring of credited service History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990415 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 9-8-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CREDITED SERVICE AND TRANSFER OF CREDITED SERVICE FOR PURPOSES OF THE RETIREMENT SYSTEM FOR JUDGES AND SOLICITORS, SO AS TO CONFORM THE VESTING REQUIREMENT FOR TRANSFERRING CREDITED SERVICE TO THE SOUTH CAROLINA RETIREMENT SYSTEM FOR A JUDGE OR SOLICITOR WHO ON TERMINATION DOES NOT QUALIFY FOR A BENEFIT UNDER THE JUDICIAL SYSTEM FROM TWELVE YEARS TO THE CURRENT REQUIREMENT FOR VESTING UNDER THE JUDICIAL RETIREMENT SYSTEM OF TEN YEARS FOR JUDGES AND EIGHT YEARS FOR SOLICITORS; TO AMEND SECTION 9-8-60, AS AMENDED, RELATING TO RETIREMENT ELIGIBILITY UNDER THE RETIREMENT SYSTEM FOR JUDGES AND SOLICITORS, SO AS TO ALLOW A RETIREE UNDER THIS SYSTEM TO RECEIVE RETIREMENT BENEFITS WHILE EMPLOYED AS AN ATTORNEY BY AN EMPLOYER COVERED BY THE SOUTH CAROLINA RETIREMENT SYSTEM OR SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM AND REQUIRE MEMBERSHIP IN THOSE SYSTEMS EXCEPT WHEN OPTING OUT AND TO ALLOW A SOLICITOR'S CREDITED SERVICE RATHER THAN ACTIVE SERVICE COUNT TOWARD ADDITIONAL RETIREMENT BENEFITS; AND TO AMEND SECTION 9-8-120, AS AMENDED, RELATING TO REEMPLOYED MEMBERS, SO AS TO MAKE A CONFORMING AMENDMENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-8-50(4) of the 1976 Code is amended to read:
"(4) Any A member upon termination who does not qualify for a monthly benefit may elect to transfer his service credit to the South Carolina Retirement System or other applicable system. Upon such election, the director must shall transfer to the receiving system the required employee and employer contributions. A member is vested after twelve ten years of service in the position as judge or eight years of service in the position of solicitor, and if he terminates services service and leaves his contributions on deposit with the system, he is eligible for a monthly benefit beginning at age fifty-five which is a pro rata proportion his total credited service is to the benefit payable with twenty-four years of service credit."
SECTION 2. Section 9-8-60(1) of the 1976 Code, as last amended by Act 419 of 1998, is further amended to read:
"(1) A member of the system may retire upon written application to the board setting forth at what time, not later than his attaining age seventy-two and not more than ninety days prior nor more than six months subsequent to the execution and filing thereof, the member desires to be retired, if the member at the time so specified for retirement is no longer in the service of the State, except as a member of the General Assembly, and has completed ten years of credited service as a judge or eight years of credited service as a solicitor or was in service as a judge or solicitor on July 1, 1984, and has either attained the age of sixty-five and completed at least twenty years of credited service, or attained age seventy and completed at least fifteen years of credited service, or attained age sixty-five with at least four years' service in the position and has at least twenty-five years' other service with the State, or completed at least twenty-five years of credited service regardless of age. A solicitor is eligible to retire upon completion of twenty-four years of credited service regardless of age. Except as provided below, a person is not eligible to receive a retirement allowance under this system while under employment covered by the South Carolina Retirement System, and the South Carolina Police Officers Retirement System.
A person receiving retirement allowances under this system who is elected to the General Assembly or who is employed as an attorney by an employer as defined in Section 9-1-10(5) or 9-11-10(5) continues to receive the retirement allowances while serving in the General Assembly or so employed and also must also be a member of the General Assembly Retirement System applicable retirement system, unless the person files a statement with the State Budget and Control Board on a form prescribed by the board electing not to participate in the General Assembly applicable retirement system while a member of the General Assembly or while so employed. A person making this election shall not make contributions to the General Assembly applicable retirement system nor shall the State make contributions on the member's person's behalf and the person is not entitled on account of this service to benefits from the General Assembly applicable retirement system after ceasing to be a member of the General Assembly or so employed."
SECTION 3. Section 9-8-60(5) of the 1976 Code, as last amended by Act 522 of 1994, is further amended to read:
"(5) A member who retires, who has completed at least twenty-five years of credited service, or twenty-four years in the case of a solicitor, shall receive a monthly retirement allowance which must be equal to one-twelfth of seventy-one and three-tenths percent of the current active salary of the respective position plus one-twelfth of two and sixty-seven hundredths percent of the current active salary of the respective position for each additional year of active service over twenty-five, or twenty-four in the case of a solicitor. In the case of solicitors, any credited service rather than only active service in excess of twenty-four years must be included for purposes of calculating the additional monthly allowance provided by this subsection. The monthly retirement allowance may not exceed one-twelfth of ninety percent of the current active salary of the respective position."
SECTION 4. Section 9-8-120(2) of the 1976 Code, as last amended by Act 497 of 1994, is further amended to read:
"(2) Except as otherwise provided below, if this return is in a position other than as a solicitor, the beneficiary, upon cessation of service in the position, is entitled to apply for a retirement allowance at the same rate to which the beneficiary was previously entitled, disregarding any reduction therein resulting from a previous election of an option. If the beneficiary's return is as a member of the General Assembly or an attorney employed by an employer as defined in Section 9-1-10(5) or 9-11-10(5), retirement allowances continue as provided by Section 9-8-60(1)."
SECTION 5. This act takes effect upon approval by the Governor.
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