Current Status Introducing Body:House Bill Number:3537 Primary Sponsor:Kirsh Committee Number:30 Type of Legislation:GB Subject:Retirement, installment purchase plan Residing Body:House Current Committee:Ways and Means Companion Bill Number:662 Date Tabled:Apr 23, 1991 Computer Document Number:JIC/5346.HC Introduced Date:Feb 19, 1991 Last History Body:House Last History Date:Apr 23, 1991 Last History Type:Tabled in Committee Scope of Legislation:Statewide All Sponsors:Kirsh Klapman Type of Legislation:General Bill
Bill Body Date Action Description CMN
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3537 House Apr 23, 1991 Tabled in Committee 30
3537 House Feb 19, 1991 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 9-1-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PAYROLL DEDUCTION INSTALLMENT PURCHASE PLAN FOR ESTABLISHING CREDIT FOR OUT-OF-STATE SERVICE AND FEDERAL CIVILIAN SERVICE FOR PURPOSES OF THE SOUTH CAROLINA RETIREMENT SYSTEM, SO AS TO EXTEND THE INSTALLMENT PURCHASE PLAN TO MILITARY SERVICE AND OTHER SERVICE FOR WHICH CREDIT IS ESTABLISHED BY ONLY A MEMBER CONTRIBUTION; AND TO AMEND THE 1976 CODE BY ADDING SECTION 9-11-330 SO AS TO EXTEND THE INSTALLMENT PURCHASE PLAN OF THE SOUTH CAROLINA RETIREMENT SYSTEM TO THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-1-80 of the 1976 Code, as added by Act 559 of 1990, is amended to read:
"Section 9-1-80. The Retirement System shall implement a plan enabling members who are eligible to establish credit for out-of-state service, or federal civilian service, military service, or other service for which establishing credit requires only a contribution by the member, to establish that credit by means of payroll deducted installment payments. Interest must be paid on the unpaid balance of the amount due at the rate of the prime rate plus two percent. For purposes of this section, the prime rate is the average of the prime rate charged by the five largest banks in this State measured by deposits. The Retirement System shall prescribe other terms and conditions of the installment payment plan as necessary for its operation, including, but not limited to, the duration of payment plans, minimum payments, and the method of adjusting the interest rate."
SECTION 2. Article 1, Chapter 11, Title 9 of the 1976 Code is amended by adding:
"Section 9-11-330. The Retirement System shall implement a plan enabling members who are eligible to establish credit for out-of-state service, federal civilian service, military service, or other service for which establishing credit requires only a contribution by the member, to establish that credit by means of payroll deducted installment payments. Interest must be paid on the unpaid balance of the amount due at the rate of the prime rate plus two percent. For purposes of this section, the prime rate is the average of the prime rate charged by the five largest banks in this State measured by deposits. The Retirement System shall prescribe other terms and conditions of the installment payment plan as necessary for its operation, including, but not limited to, the duration of payment plans, minimum payments, and the method of adjusting the interest rate."
SECTION 3. This act takes effect upon approval by the Governor.