South Carolina General Assembly
113th Session, 1999-2000

Download This Version in Microsoft Word format

Bill 509

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

March 25, 1999

S. 509

Introduced by Senator Drummond

S. Printed 3/25/99--S.

Read the first time February 18, 1999.

THE COMMITTEE ON FINANCE

To whom was referred a Bill (S. 509), to amend Section 9-1-1670, Code of Laws of South Carolina, 1976, relating to the effect of an error in records of the State Retirement System, etc., respectfully

REPORT:

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

JOHN DRUMMOND, for Committee.

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES IS:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES IS:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

A review of this bill indicates there will be no impact on the General Fund of the State nor on federal and/or other funds.

Approved By:

Don Addy

Office of State Budget

A BILL

TO AMEND SECTION 9-1-1670, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE EFFECT OF AN ERROR IN RECORDS OF THE STATE RETIREMENT SYSTEM, SO AS TO PROVIDE FOR CORRECTION OF AN ERROR WITHIN TWO YEARS OF ITS COMMISSION UPON WRITTEN CERTIFICATION OF THE ERROR AND CORRECTION OF ITS RECORDS BY THE EMPLOYER, AND TO PROVIDE THAT THE TWO-YEAR LIMIT DOES NOT APPLY TO PENDING REQUESTS FOR CORRECTION.

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

SECTION 1. Section 9-1-1670 of the 1976 Code is amended to read:

"Section 9-1-1670. (A) Should any If a change or error in the records result results in any a member or beneficiary receiving from the system more or less than he would have been entitled to receive had the records been correct, the board shall correct such the error and, as so far as practicable, shall adjust the payment in such a manner so that the actuarial equivalent of the benefit to which such the member or beneficiary was correctly entitled shall be is paid.

(B) The system must correct its records relating to a member upon:

(1) written certification from the employer that the employer's records contained an error that affected the enrollment of the member; and

(2) a showing to the system that all other related records and accounts have been corrected and adjusted to correspond to the change requested of the system.

A correction of the records of the system takes effect only upon payment by the employer and employee to the system of costs as determined by the system.

(C) An employer's request to correct a member's record pursuant to subsection (B) must be made within two years of the commission of the error by the employer."

SECTION 2. This act takes effect upon approval by the Governor, except that the provisions of subsection (C) do not apply to requests to the system to change its records which are pending on the effective date.

----XX----


This web page was last updated on Friday, June 26, 2009 at 3:08 P.M.