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Current Status Bill Number:View additional legislative information at the LPITS web site.24 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:20010110 Primary Sponsor:Land All Sponsors:Land, Grooms, Ford, McGill, Elliott, Reese, Branton, Leventis Drafted Document Number:l:\council\bills\psd\7004htc01.doc Companion Bill Number:3171 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Law Enforcement Officer Retention Incentive Program, Police Officers Retirement Systems, Pensions, Public Employees History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010306 Co-Sponsor added by Senator Leventis ------ 20010112 Companion Bill No. 3171 Senate 20010110 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND CHAPTER 11, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, BY ADDING ARTICLE 5 SO AS TO ENACT THE LAW ENFORCEMENT OFFICER RETENTION INCENTIVE PROGRAM AND PROVIDE FOR ITS OPERATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 11, Title 9 of the 1976 Code is amended by adding:
Section 9-11-810. (A) An active contributing member who is eligible for service retirement under this chapter and complies with the requirements of this article may elect to participate in the Law Enforcement Officer Retention Incentive Program (program). A member electing to participate in this program retires for purposes of the system and the member's normal retirement benefit is calculated on the basis of the member's average final compensation and service credit at the time the program period begins. The program participant shall agree to continue employment with an employer participating in the system for a program period, not to exceed five years. The member shall notify the system before the beginning of the program period. Participation in the program does not guarantee employment for the specified program period.
(B) During the specified program period, receipt of the member's normal retirement benefit is deferred. The member's deferred monthly benefit must be placed in the system's trust fund on behalf of the member. No interest is paid on the member's deferred monthly benefit placed in the system's trust fund during the specified program period.
(C) During the specified program period, the employer shall pay to the system the employer contribution for active members prescribed by law with respect to any program participant it employs, regardless of whether the program participant is a full-time or part-time employee, or a temporary or permanent employee. If an employer who is obligated to the system pursuant to this subsection fails to pay the amount due, as determined by the system, the amount must be deducted from any funds payable to the employer by the State.
(D) A program participant is retired from the retirement system as of the beginning of the program period. A program participant makes no further employee contributions to the system, accrues no service credit during the program period, and is not eligible to receive group life insurance benefits or disability retirement benefits. Accrued annual leave and sick leave used in any manner in the calculation of the program participant's retirement benefit is deducted from the amount of such leave accrued by the participant.
(E) A program participant is retired for retirement benefit purposes only. For employment purposes, a program participant is considered to be an active employee, retaining all other rights and benefits of an active employee and is not subject to the earnings limitation of Section 9-11-90(4)(a) during the program period.
(F) Upon termination of employment either during or at the end of the program period, the member must receive the balance in the member's program account by electing one of the following distribution alternatives:
(1) a lump-sum distribution, paying appropriate taxes; or
(2) to the extent permitted under law, a tax sheltered rollover into an eligible plan.
The member also must receive the previously determined normal retirement benefits based upon the member's average final compensation and service credit at the time the program period began, plus any applicable cost of living increases declared during the program period. The program participant is thereafter subject to the earnings limitation of Section 9-11-90(4)(a).
(G) If a program participant dies during the specified program period, the member's designated program beneficiary must receive the balance in the member's program account by electing one of the following distribution alternatives:
(1) a lump-sum distribution, paying appropriate taxes; or
(2) to the extent permitted under law, a tax sheltered rollover into an eligible plan.
In accordance with the form of system benefit selected by the member at the time the program commenced, the member's designated beneficiary must receive either a survivor benefit or a refund of contributions from the member's system account.
(H) A member is not eligible to participate in the program if the member has participated previously in and received a benefit under this program or any other state retirement system."
SECTION 2. This act takes effect July 1, 2001.
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