South Carolina General Assembly
114th Session, 2001-2002

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Bill 163

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Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

April 19, 2001

    S. 163

Introduced by Senators Martin and Reese

S. Printed 4/19/01--H.

Read the first time March 15, 2001.

            

THE COMMITTEE ON WAYS AND MEANS

    To whom was referred a Bill (S. 163) 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, etc., respectfully

REPORT:

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

ROBERT W. HARRELL, JR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

    The State Retirement Division and its actuaries have determined that the implementation of this bill would not result in any increase in the contribution rates or the unfunded actuarial liability amortization period for the two systems.

    Approved By:

    Don Addy

    Office of State Budget

A 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 who has been retired for at least sixty days 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 a retired member of the system returns to employment covered by the system sooner than sixty days after retirement, the member's retirement allowance is suspended while the member remains employed by the participating employer. 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 who has been retired for at least sixty days 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 9-11-90(3) 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 a retired member of the system returns to employment covered by the system sooner than sixty days after retirement, the member's retirement allowance is suspended while the member remains employed by the participating employer. 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.    Section 9-1-1530 of the 1976 Code is repealed.

SECTION    4.    This act takes effect July 1, 2001.

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