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H. 3493
STATUS INFORMATION
General Bill
Sponsors: Reps. Bingham, Toole, E.H. Pitts, Huggins, Haley, Ballentine, Cotty, McLeod, Spires and Young
Document Path: l:\council\bills\bbm\9770htc07.doc
Introduced in the House on February 13, 2007
Currently residing in the House Committee on Ways and Means
Summary: SC Retirement System
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/13/2007 House Introduced and read first time HJ-5
2/13/2007 House Referred to Committee on Ways and Means HJ-6
2/14/2007 House Member(s) request name added as sponsor: Toole,
E.H.Pitts, Huggins
2/15/2007 House Member(s) request name added as sponsor: Haley,
Ballentine
2/22/2007 House Member(s) request name added as sponsor: Cotty
3/15/2007 House Member(s) request name added as sponsor: McLeod
4/17/2007 House Member(s) request name added as sponsor: Spires
5/1/2007 House Member(s) request name added as sponsor: Young
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 9-1-1815 SO AS TO PROVIDE AN ADDITIONAL COST OF LIVING INCREASE EQUAL TO 1.4 PERCENT FOR SOUTH CAROLINA RETIREMENT SYSTEM RETIREMENT ALLOWANCES EFFECTIVE JULY 1, 2007, SO THAT THE TOTAL OF INCREASE FOR THESE ALLOWANCES EFFECTIVE JULY 1, 2007, EQUALS THE INCREASES IN THE CONSUMER PRICE INDEX AND TO PROVIDE FOR AN EMPLOYER CONTRIBUTION INCREASE NOT TO EXCEED ONE PERCENT TO FUND THIS COST OF LIVING INCREASE IF EARNING ON SYSTEM ASSETS WOULD NOT OTHERWISE ALLOW THE ADDITIONAL INCREASE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 13, Chapter 1, Title 9 of the 1076 Code is amended by adding:
"Section 9-1-1815. In addition to the one percent increase in the retirement allowance provided for pursuant to Section 9-1-1810(B)(2), the retirement allowance payable on July 1, 2007, must be increased by an additional 1.4 percent for a total of 2.4 percent, which equals the increase in the Consumer Price Index. If this 1.4 percent increase cannot be funded through an increase in estimated rate of return on investments as recognized by the State Budget and Control Board or otherwise, then the employer contribution rate must be increased in an amount not to exceed one percent, in order to fund as much of the additional 1.4 percent increase as possible."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Monday, October 10, 2011 at 1:34 P.M.