South Carolina General Assembly
111th Session, 1995-1996

Bill 645

                    Current Status

Bill Number:                    645
Ratification Number:            74
Act Number:                     48
Type of Legislation:            General Bill GB
Introducing Body:               Senate
Introduced Date:                19950316
Primary Sponsor:                Drummond
All Sponsors:                   Drummond and J. Verne Smith 
Drafted Document Number:        jic\5631htc.95
Companion Bill Number:          3881
Date Bill Passed both Bodies:   19950427
Governor's Action:              U  Became law without signature of
                                Governor
Date of Governor's Action:      19950518
Subject:                        Retirement systems, calculation of
                                benefits
History



Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19950518  Act No. A48
------  19950518  Unsigned, became law without
                  signature of Governor
------  19950511  Ratified R74
House   19950427  Read third time, enrolled for
                  ratification
House   19950426  Read second time
House   19950420  Committee report: Favorable              30 HWM
House   19950405  Introduced, read first time,             30 HWM
                  referred to Committee
Senate  19950404  Read third time, sent to House
Senate  19950330  Read second time, notice of
                  general amendments
Senate  19950329  Committee report: Favorable              06 SF
Senate  19950316  Introduced, read first time,             06 SF
                  referred to Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A48, R74, S645)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS 9-1-1970, 9-8-240, 9-9-240, AND 9-11-350 SO AS TO CONFORM THE COMPENSATION OF MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM, RETIREMENT SYSTEM FOR JUDGES AND SOLICITORS, GENERAL ASSEMBLY RETIREMENT SYSTEM, AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM TAKEN INTO ACCOUNT FOR PURPOSES OF CALCULATING BENEFITS TO THE PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986 AND TO PROVIDE EXCEPTIONS.

Be it enacted by the General Assembly of the State of South Carolina:

Retirement benefits

SECTION 1. Chapter 1, Title 9 of the 1976 Code is amended by adding:

"Section 9-1-1970. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

Retirement benefits

SECTION 2. Chapter 8, Title 9 of the 1976 Code is amended by adding:

"Section 9-8-240. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

Retirement benefits

SECTION 3. Chapter 9, Title 9 of the 1976 Code is amended by adding:

"Section 9-9-240. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

Retirement benefits

SECTION 4. Article 1, Chapter 11, Title 9 of the 1976 Code is amended by adding:

"Section 9-11-350. Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996."

Time effective

SECTION 5. This act takes effect upon approval by the Governor.

Became law without the signature of the Governor -- 5/18/95.