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 9                       SECTION 28
10
11     TO AMEND SECTIONS 9-17-10, 9-17-30, AND 9-17-40, AS AMENDED, OF THE 1976 CODE, RELATING TO THE OPTIONAL
12     RETIREMENT PROGRAM FOR FACULTY AND ADMINISTRATION OF PUBLICLY-SUPPORTED FOUR-YEAR AND
13     POSTGRADUATE INSTITUTIONS OF HIGHER EDUCATION, SO AS TO EXTEND ELIGIBILITY FOR THIS PROGRAM TO
14     FACULTY AND ADMINISTRATION OF TECHNICAL COLLEGES AND TO REVISE THE MANNER IN WHICH
15     CONTRIBUTIONS ARE PAID FOR MEMBERS ELECTING THE OPTIONAL PROGRAM.
16
17     A.  Section 9-17-10 of the 1976 Code, as added by Act 42 of 1987, is amended to read:
18
19           "Section 9-17-10.     There is established an optional retirement program for the publicly-supported four-year and postgraduate institutions
20     of higher education and technical colleges.  Only employees of participating institutions holding faculty and administrative positions are eligible
21     to participate in the optional retirement program.  No employee is eligible to participate in the optional retirement program unless he is eligible
22     for membership in the South Carolina Retirement System.  Retirement and death benefits must be provided for participants a participant in the
23     optional retirement program through the purchase of an individual annuity contracts contract, fixed or variable in nature, or a combination
24     thereof.  The State and the participants participant shall contribute toward the purchase of such contracts the contract which must be issued
25     to, and become the property of, the  participants participant.  Eligibility is determined solely by the South Carolina Retirement System."
26
27     B.   Section 9-17-30 of the 1976 Code, as added by Act 42 of 1987, is amended to read:
28
29           "Section 9-17-30.      Eligible employees employed by publicly-supported four-year and post-graduate institutions of higher education on
30     or after July 1, 1987, shall elect either to join the South Carolina Retirement System or to participate in the optional retirement program under
31     this chapter on or before December 1, 1987, or within ninety days after entry into service, whichever is later. Eligible employees employed by
32     a publicly-supported technical college on or after July 1, 1998, shall elect either to join the South Carolina Retirement System or to participate
33     in the optional retirement program under this chapter on or before December 1, 1998, or within ninety days after entry into service, whichever
34     is later.  The election must be made in writing and filed with the Retirement System and the appropriate officer of the employee's participating



PART II                                                                            PAGE 559

 1     institution and is effective on the date of employment.  In the event If an eligible employee fails to make the election provided in this section,
 2     he the member is considered to have elected membership in the South Carolina Retirement System."
 3
 4     C.   Section 9-17-40 of the 1976 Code, as amended by Act 171 of 1991, is further amended to read:
 5
 6           "Section 9-17-40.     Each participant shall contribute monthly to the program the same amount which he would be required to contribute
 7     to the South Carolina Retirement System if he were a member of that system.  Participant contributions may be made by payroll deduction, by
 8     a reduction in salary, or by employer pick up in accordance with any applicable provisions of the United States Internal Revenue Code. Each
 9     participating institution shall contribute on behalf of each participant the same amount it would be required to contribute to the South Carolina
10     Retirement System if the participant were a member of that system.  Each participating institution shall remit both the participants' and its own
11     contributions to the Retirement System at the time it remits contributions for members of the Retirement System. The Retirement System shall
12     remit to the designated companies, for application to participants' contracts, an amount equal to the participant's contribution plus that
13     percentage of each participating institution's contribution which would have been used to fund all Retirement System benefits for future service
14     if the participants had been members of the Retirement System, but the participating institution's contribution may not be less than four and
15     one-quarter percent of compensation.  The participating institution shall remit the remainder of its required contribution to the Retirement
16     System."
17