Download This Bill in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
S. 962
STATUS INFORMATION
General Bill
Sponsors: Senator Peeler
Document Path: l:\council\bills\bbm\10996htc14.docx
Companion/Similar bill(s): 4536
Introduced in the Senate on January 21, 2014
Currently residing in the Senate Committee on Finance
Summary: South Carolina Retirement System
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/21/2014 Senate Introduced and read first time (Senate Journal-page 12) 1/21/2014 Senate Referred to Committee on Finance (Senate Journal-page 12)
View the latest legislative information at the website
VERSIONS OF THIS BILL
TO AMEND SECTION 9-1-580, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE OPTION OF CERTAIN EMPLOYEES OF HOSPITAL MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM (SCRS) TO OPT OUT OF MEMBERSHIP IN SCRS, SO AS TO ALLOW ALL SUCH EMPLOYEES, RATHER THAN SPECIFIC CATEGORIES OF HOSPITAL EMPLOYEES TO OPT OUT OF MEMBERSHIP IN SCRS AND TO EXTEND THIS OPTION TO EMPLOYEES OF A HOSPITAL SYSTEM THAT IS AN EMPLOYER MEMBER OF SCRS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-1-580 of the 1976 Code, as last amended by Act 112 of 2007, is further amended to read:
"Section 9-1-580. (A) Any persons employed by a hospital or hospital system, which is an employer under the system by application, in the capacity of a physician, nursing service personnel, technicians, housekeeping personnel, dietary personnel, and laundry personnel may elect not to become members of the South Carolina Retirement System, if this option is exercised within thirty days after they enter upon the discharge of their duties. The option provided for in this section is irrevocable.
(B) If for any reason, a determination is made that a person who exercised the option provided for in subsection (A) is entitled to any benefit provided pursuant to this title, the cost to establish service credit must be calculated pursuant to Section 9-1-1140(A). This calculation must be based on the person's current salary or career highest fiscal year salary for any period of time the person was employed in a position that otherwise would have been covered by membership in the system, regardless of whether the person requests to purchase all of the eligible service credit. The calculated cost must be paid solely by the person's employer, the person, or any combination of these.
(C) For purposes of this section, 'physician' means a person who is licensed to practice medicine or osteopathy in this State in accordance with Chapter 47, Title 40."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on January 23, 2014 at 12:57 PM