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H. 3106
STATUS INFORMATION
General Bill
Sponsors: Reps. Bannister, G.R. Smith, Dillard, Elliott, Hosey and Willis
Document Path: l:\council\bills\sm\20158sa21.docx
Companion/Similar bill(s): 234, 616
Introduced in the House on January 12, 2021
Currently residing in the House Committee on Ways and Means
Summary: Employer and employee contribution rates under SCRS and PORS
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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12/9/2020 House Prefiled
12/9/2020 House Referred to Committee on Ways and Means
1/12/2021 House Introduced and read first time (House Journal-page 75)
1/12/2021 House Referred to Committee on Ways and Means
(House Journal-page 75)
2/2/2021 House Member(s) request name added as sponsor: Willis
View the latest legislative information at the website
VERSIONS OF THIS BILL
TO AMEND SECTIONS 9-1-1085 AND 9-11-225, CODE OF LAWS OF SOUTH CAROLINA, 1976, BOTH RELATING TO EMPLOYER AND EMPLOYEE CONTRIBUTION RATES UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE POLICE OFFICERS RETIREMENT SYSTEM RESPECTIVELY, SO AS TO PROVIDE THAT AN EMPLOYER, UP TO CERTAIN LIMITS, MAY ELECT TO PAY ALL OR A PORTION OF REQUIRED EMPLOYEE CONTRIBUTIONS DURING A FISCAL YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-1-1085 of the 1976 Code is amended by adding a new subsection (E) to read:
"(E) Notwithstanding the employer and employee contribution rates set out in this section, no later than July first, an employer may notify the system of its election to increase its employer contribution rate for the fiscal year beginning that July first by a percentage of earnable compensation no greater than the employee contribution rate for the fiscal year. The employer election under this subsection may not be changed during the fiscal year. The employee contribution rate for employees of an employer electing to increase its employer contribution rate under this subsection must be reduced by the additional percentage of earnable compensation paid by the employer pursuant to this subsection. Additional contributions remitted by an employer under this subsection must be treated as employer contributions."
SECTION 2. Section 9-11-225 of the 1976 Code is amended by adding a new subsection (E) to read:
"(E) Notwithstanding the employer and employee contribution rates set out in this section, no later than July first, an employer may notify the system of its election to increase its employer contribution rate for the fiscal year beginning that July first by a percentage of earnable compensation no greater than the employee contribution rate for the fiscal year. The employer election under this subsection may not be changed during the fiscal year. The employee contribution rate for employees of an employer electing to increase its employer contribution under this subsection must be reduced by the additional percentage of earnable compensation paid by the employer pursuant to this subsection. Additional contributions remitted by an employer under this subsection must be treated as employer contributions."
SECTION 3. This act takes effect upon approval by the Governor.
This web page was last updated on
February 25, 2021 at 12:02 PM