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Indicates Matter Stricken
Indicates New Matter
AMENDED
April 25, 2001
S. 163
S. Printed 4/25/01--H.
Read the first time March 15, 2001.
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.
Amend Title To Conform
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. A. Section 9-9-60 of the 1976 Code, as last amended by SECTION 7, Part II, Act 1 of 2001, is further amended to read:
"Section 9-9-60. (1) A member of the system may retire upon written application to the board setting forth at what time, not more than ninety days before nor more than six months subsequent to after the execution and filing of the application, he the member desires to be retired, if the member at the time specified for his retirement, the member is no longer in the service of the State, whether as a member of the General Assembly or otherwise, except as provided in Section 9-9-40(3), and has either attained the age of sixty years or completed thirty twenty-eight years of credited service.
(2) Effective July 1, 1989, a retired member shall receive a monthly retirement allowance which is equal to one-twelfth of four and eighty-two hundredths percent of earnable compensation multiplied by the number of years of his credited service prorated for periods less than a year.
(3) A member who has attained the age of seventy and one-half years and has forty twenty-five years of service may retire and draw a retirement benefit while continuing to serve in the General Assembly upon written application to the board setting forth at what time, not more than ninety days before nor more than six months subsequent to after the execution and filing of the application, the member desires to be retired. A member who has retired under this provision shall make no further contributions to the system, shall earn no further service credit, and may not reenter membership in the system.
The member must retire at the beginning of an annual session of the General Assembly and his the election to receive his the member's retirement allowance under this system is in lieu of receiving his the constitutionally mandated per diem salary, currently established at ten thousand four hundred dollars for a regular session. This election if made is irrevocable and applies for as long as that person serves thereafter in the General Assembly including service in both regular and extra sessions."
B. Notwithstanding the general effective date of this act, this section takes effect upon approval by the Governor.
SECTION 5. This act takes effect July 1, 2001.
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