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 7                       SECTION 28
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 9     TO AMEND SECTION 9-17-10 OF THE 1976 CODE, RELATING TO THE OPTIONAL RETIREMENT PROGRAM FOR
10     FACULTY AND ADMINISTRATION OF PUBLICLY-SUPPORTED FOUR-YEAR AND POSTGRADUATE INSTITUTIONS
11     OF HIGHER EDUCATION, SO AS TO EXTEND ELIGIBILITY FOR THIS PROGRAM TO FACULTY AND
12     ADMINISTRATION OF TECHNICAL COLLEGES.
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14     Section 9-17-10 of the 1976 Code, as added by Act 42 of 1987, is amended to read:
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16           "Section 9-17-10. There is established an optional retirement program for the publicly-supported four-year and postgraduate
17     institutions of higher education and technical colleges.  Only employees of participating institutions holding faculty and administrative
18     positions are eligible to participate in the optional retirement program.  No employee is eligible to participate in the optional retirement
19     program unless he is eligible for membership in the South Carolina Retirement System.  Retirement and death benefits must be provided
20     for participants a participant in the optional retirement program through the purchase of an individual annuity contracts contract, fixed or
21     variable in nature, or a combination thereof.  The State and the participants participant shall contribute toward the purchase of such
22     contracts the contract which must be issued to, and become the property of, the  participants participant."
23