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Current Status Bill Number:View additional legislative information at the LPITS web site.245 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:20010131 Primary Sponsor:Reese All Sponsors:Reese and Branton Drafted Document Number:l:\council\bills\bbm\9861htc01.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Retirement Systems, S.C., Police Officers; employment after retirement, maximum may earn without affecting benefits History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010131 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND SECTIONS 9-1-1790 AND 9-11-90, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MAXIMUM AMOUNT WHICH MAY BE EARNED WITHOUT AFFECTING RETIREMENT BENEFITS BY RETIREES UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM AND SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM WHO RETURN TO COVERED EMPLOYMENT, SO AS TO PERMANENTLY INCREASE THE MAXIMUM FROM TWENTY-FIVE THOUSAND DOLLARS TO FIFTY THOUSAND DOLLARS IN A FISCAL YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-1-1790(A) of the 1976 Code, as last amended by Section 27B, Part II, Act 100 of 1999, is further amended to read:
"(A) A retired member of the system may return to employment covered by the system and earn up to twenty-five fifty thousand dollars a fiscal year without affecting the monthly retirement allowance he is receiving from the system. If the retired member continues in service after having earned twenty-five fifty thousand dollars in a fiscal year, his retirement allowance must be discontinued during his period of service in the remainder of the fiscal year. If the employment continues for at least forty-eight consecutive months, the provisions of Section 9-1-1590 apply. The provisions of this section do not apply to an employee or member of the system who has retired mandatorily because of age pursuant to Section 9-1-1530. If an employer fails to notify the system of the engagement of a retired member to perform services, the employer shall reimburse the system for all benefits wrongly paid to the retired member."
SECTION 2. Section 9-11-90(4)(a) of the 1976 Code, as last amended by Section 27C, Part II, Act 100 of 1999, is further amended to read:
"(a) Notwithstanding the provisions of subsections (1) and (2) of this section, a retired member of the system may return to employment covered by the system and earn up to twenty-five fifty thousand dollars a fiscal year without affecting the monthly retirement allowance he is receiving from the system. If the retired member continues in service after having earned twenty-five fifty thousand dollars in a fiscal year, his retirement allowance must be discontinued during the period of service in the remainder of the fiscal year. If the employment continues for at least forty-eight consecutive months, the provisions of Section 9-1-1590 apply. The provisions of this section do not apply to an employee or member of the system who has retired mandatorily because of age pursuant to Section 9-1-1530. If an employer fails to notify the system of the engagement of a retired member to perform services, the employer shall reimburse the system for all benefits wrongly paid to the retired member."
SECTION 3. This act takes effect July 1, 2001.
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