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S. 384

STATUS INFORMATION

General Bill
Sponsors: Senator Reese
Document Path: l:\council\bills\ggs\22846htc03.doc

Introduced in the Senate on February 19, 2003
Currently residing in the Senate Committee on Finance

Summary: Police Officers Retirement System, provisions for increasing and recalculating monthly benefit

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   2/19/2003  Senate  Introduced and read first time SJ-4
   2/19/2003  Senate  Referred to Committee on Finance SJ-4

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/19/2003

TO AMEND SECTION 9-11-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CALCULATION OF RETIREMENT BENEFITS OF MEMBERS OF THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO INCREASE THE MONTHLY BENEFIT FOR CLASS ONE SERVICE FROM TEN DOLLARS AND NINETY-SEVEN CENTS TO FIFTEEN DOLLARS AND THIRTY-EIGHT CENTS A MONTH FOR EACH YEAR OF SERVICE AND TO INCREASE THE MULTIPLIER FRACTION FOR CLASS TWO SERVICE FROM 2.14 PERCENT TO 3.0 PERCENT OF AVERAGE FINAL COMPENSATION FOR EACH YEAR OF SERVICE FOR PERSONS FIRST BECOMING MEMBERS AFTER JUNE 30, 2003, TO REQUIRE THE STATE BUDGET AND CONTROL BOARD TO CALCULATE AND IMPOSE AN ADDITIONAL EMPLOYEE CONTRIBUTION TO BE PAID BY MEMBERS SUBJECT TO THIS REVISED CALCULATION, AND TO ALLOW CURRENT MEMBERS TO ELECT IRREVOCABLY TO PAY THE SAME ADDITIONAL CONTRIBUTION AND HAVE A PROPORTIONATELY INCREASED MONTHLY BENEFIT OR MULTIPLIER FRACTION USED IN THE CALCULATION OF THEIR BENEFIT.

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

SECTION    1.    Section 9-11-60(3) of the 1976 Code, as last amended by Act 387 of 2000, is further amended to read:

"Reserved(3)(a)    For a person first becoming an active member after June 30, 2003, there is substituted:

(i)        for the amount of the monthly retirement allowance provided pursuant to subsection (2)(a) of this section an amount equal to fifteen dollars and thirty-eight cents multiplied by the number of years of the members Class One Service; and

(ii)    for the monthly retirement allowance provided pursuant to subsection (2)(b) of this section, an amount equal to one-twelfth of three percent of the member's average final compensation multiplied by the number of years of the member's Class Two service.

(b)    The board, as trustee of the system, shall cause to be calculated and imposed effective July 1, 2003, an additional employee contribution for active members eligible for the calculation of benefits pursuant to item (a) of this subsection in an amount actuarily determined to defray the costs of this increased benefit.

(c)    The board shall offer all active members whose retirement benefits are calculated pursuant to subsection (2) of this section an irrevocable election to pay the additional employee contribution provided in item (b) of this subsection and at retirement have their benefit increased proportionately for each year or part of a year the member paid the additional employee contribution, not to exceed the benefit determined pursuant to item (a) of this subsection."

SECTION    2.    This act takes effect upon approval by the Governor.

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