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H. 4505
STATUS INFORMATION
General Bill
Sponsors: Rep. Butler Garrick
Document Path: l:\council\bills\agm\19346htc12.docx
Introduced in the House on January 10, 2012
Currently residing in the House Committee on Ways and Means
Summary: Retirement system for members of General Assembly
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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12/6/2011 House Prefiled
12/6/2011 House Referred to Committee on Ways and Means
1/10/2012 House Introduced and read first time (House Journal-page 64)
1/10/2012 House Referred to Committee on Ways and Means
(House Journal-page 64)
2/24/2012 Scrivener's error corrected
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 9-9-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RETIREMENT AND RETIREMENT ALLOWANCES FOR MEMBERS OF THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY OF THE STATE OF SOUTH CAROLINA (GARS), SO AS PROSPECTIVELY TO ELIMINATE PROVISIONS ALLOWING MEMBERS OF THE GENERAL ASSEMBLY WHO MEET CERTAIN AGE OR CREDITED SERVICE REQUIREMENTS OR WITH AGE AND CREDITED SERVICE REQUIREMENTS TO RECEIVE A GARS RETIREMENT BENEFIT WHILE CONTINUING TO SERVE IN THE GENERAL ASSEMBLY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-9-60 of the 1976 Code, as last amended by Act 334 of 2002, is further amended to read:
"Section 9-9-60. (1) A member of the system may retire upon written application to the board setting forth at what time, not more than ninety days before nor more than six months after the execution and filing of the application, the member desires to be retired, if at the time specified for retirement, the member is no longer in the service of the State, whether as a member of the General Assembly or otherwise, except as provided in Section 9-9-40(3), and has either attained the age of sixty years or completed thirty years of credited service.
(2) Effective July 1, 1989, a retired member shall receive a monthly retirement allowance which is equal to one-twelfth of four and eighty-two hundredths percent of earnable compensation multiplied by the number of years of his credited service prorated for periods less than a year.
(3) A member who has attained the age of seventy and one-half years and has twenty-five years of service or who has attained the age of 70 or has 30 years of service may retire and draw a retirement benefit while continuing to serve in the General Assembly upon written application to the board setting forth at what time, not more than ninety days before nor more than six months after the execution and filing of the application, the member desires to be retired. A member who has retired under this provision shall make no further contributions to the system, shall earn no further service credit, and may not reenter membership in the system.
The member must retire at the beginning of an annual session of the General Assembly and the election to receive the member's retirement allowance under this system is in lieu of receiving the constitutionally mandated per diem salary, currently established at ten thousand four hundred dollars for a regular session. This election if made is irrevocable and applies for as long as that person serves thereafter in the General Assembly including service in both regular and extra sessions."
SECTION 2. A member of the General Assembly who on the effective date of this act is receiving a GARS annuity benefit attributable to that member's credited service in GARS shall continue to receive that benefit as provided by the provisions of Section 9-9-60 in effect immediately before the effective date of this act.
SECTION 3. This act takes effect upon approval by the Governor.
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