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Bill 4626

                    Current Status

Bill Number:                      4626
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020131
Primary Sponsor:                  Rutherford
All Sponsors:                     Rutherford, Weeks, Bales, Hayes, 
                                  Breeland, R. Brown, J. Hines, Lloyd, 
                                  Moody-Lawrence and Whatley
Drafted Document Number:          l:\council\bills\bbm\10658htc02.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Police Officers Retirement after twenty 
                                  years of service


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020131  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 9-11-70, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EARLY RETIREMENT UNDER THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM SO OVER FIVE FISCAL YEARS TO REDUCE FROM TWENTY-FIVE YEARS TO TWENTY YEARS THE REQUIRED CREDITED SERVICE OF A MEMBER OF THIS SYSTEM TO ELECT SERVICE RETIREMENT AT ANY AGE AND TO REQUIRE THE STATE BUDGET AND CONTROL BOARD TO INCREASE EMPLOYER OR EMPLOYEE CONTRIBUTIONS, OR BOTH, TO PAY THE ACTUARIAL COST OF THIS EARLY RETIREMENT.

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

SECTION    1.    Section 9-11-70(2) of the 1976 Code, as last amended by Act 387 of 2000, is further amended to read:

    "(2)    Upon early retirement, the member is entitled to a deferred early retirement allowance commencing upon the attainment of age fifty-five, which is equal to a service retirement allowance computed as provided in Section 9-11-60(2) on the basis of the member's average final compensation and credited service at his date of early retirement. A member with twenty-five or more the years of credited service in the following table is eligible for a service retirement allowance without a reduction. at any age:

Fiscal year of service                                    Years of credited service

        retirement                                                    required

        2002-2003                                                                24

        2003-2004                                                                23

        2004-2005                                                                22

        2005-2006                                                                21

        After June 30, 2006                                                20."

SECTION    2.    The State Budget and Control Board shall increase employer or employee contributions, or both, to the South Carolina Police Officers Retirement System in an amount sufficient to pay the actuarial cost of the early retirement allowed in the provisions of Section 9-11-70(2) of the 1976 Code, as amended by this act.

SECTION    3.    This act takes effect July 1, 2002.

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