General Appropriations Bill H. 4775 for the fiscal year beginning July 1, 2000
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TO AMEND CHAPTER 1, TITLE 9, OF THE 1976 CODE, RELATING TO THE SOUTH CAROLINA RETIREMENT SYSTEM, BY ADDING ARTICLE 17 SO AS TO ENACT THE TEACHER AND EMPLOYEE RETENTION INCENTIVE PROGRAM AND PROVIDE FOR ITS OPERATION; TO AMEND SECTIONS 9-1-1510 AND 9-1-1550, BOTH AS AMENDED, RELATING TO SERVICE RETIREMENT UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM, SO AS TO REDUCE FROM THIRTY TO TWENTY-EIGHT THE YEARS OF CREDITABLE SERVICE REQUIRED TO RETIRE AT ANY AGE WITHOUT PENALTY; TO AMEND SECTIONS 9-1-1515, AS AMENDED, 9-1-1660, AND 9-1-1770, AS AMENDED, AND 9-1-1850, AS AMENDED, RELATING TO EARLY RETIREMENT OPTIONS, ELECTION OF A BENEFIT ON THE INSERVICE DEATH OF A MEMBER, AND AMOUNTS DUE ESTATES OF DECEASED MEMBERS UNDER THE GROUP LIFE INSURANCE PLAN, SO AS TO PROVIDE THAT THE ELECTION OF A MEMBER WITH TWENTY-FIVE YEARS CREDITED SERVICE TO BUY SUFFICIENT CREDIT FOR SERVICE RETIREMENT APPLIES TO THE SOUTH CAROLINA RETIREMENT SYSTEM, UPDATE THE BENEFIT ELECTION OPTION ON THE INSERVICE DEATH OF A MEMBER TO REFLECT OTHER CHANGES SINCE ORIGINAL ENACTMENT AND MAKE TECHNICAL CORRECTIONS, AND TO CONFORM THESE OPTIONS AND BENEFITS TO SERVICE RETIREMENT AFTER TWENTY-EIGHT YEARS CREDITABLE SERVICE AT ANY AGE WITHOUT PENALTY AS PROVIDED IN THIS ACT; TO AMEND SECTIONS 9-1-1810 AND 9-11-310, RELATING TO THE ANNUAL COST OF LIVING ADJUSTMENT AUTHORIZED FOR RETIREES AND BENEFICIARIES UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS' RETIREMENT SYSTEM AND THE METHOD OF CALCULATING THE ADJUSTMENT, SO AS TO MAKE MANDATORY THE PAYMENT OF AMOUNTS UP TO ONE PERCENT CALCULATED UNDER THE ADJUSTMENT FORMULA, ELIMINATE ANY ADJUSTMENT IN EXCESS OF THE RATE OF INFLATION, TO DELETE OBSOLETE PROVISIONS, AND TO CONFORM IN BOTH SECTIONS REFERENCES TO THE CONSUMER PRICE INDEX USED IN CALCULATING THE COST OF LIVING ADJUSTMENT; AND TO EXTEND ADDITIONAL EMPLOYER CONTRIBUTIONS FOR THE UNFUNDED LIABILITIES OF THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS' RETIREMENT SYSTEM FOR WHATEVER PERIOD IS REQUIRED TO PAY THE ACTUARIAL COSTS INCURRED BY THESE SYSTEMS UNDER THE PROVISIONS OF THIS SECTION.
A. Chapter 1, Title 9 of the 1976 Code is amended by adding:
Section 9-1-2210. (A) An active contributing member who is eligible for service retirement under this chapter and complies with the requirements of this article may participate in the Teacher and Employee Retention Incentive Program (program) when offered such an employment program by an employer participating in the system. A member participating in this program retires for purposes of the system and the member's normal retirement benefit is calculated on the basis of the member's average final compensation and service credit at the time the program period begins. A member is ineligible to participate in the program after receiving a normal retirement benefit from the system. The program participant shall agree to continue employment with an employer or employers participating in the system for a specified program period, but the total program period regardless of the number of employers may not exceed five years from the time the program begins. A break in service while participating in the program ends the program for the participant. Service for purposes of this program is determined as if it were service credit earned under the system. The member shall notify the system of the length of the program period before the beginning of the program period and of any change in employer while in the program. Participation in the program does not guarantee employment for the specified program period.
(B) During the specified program period, receipt of the member's normal retirement benefit is deferred. The member's deferred monthly benefit must be placed in the system's trust fund on behalf of the member. No interest is paid on the member's deferred monthly benefit placed in the system's trust fund during the specified program period.
(C) During the specified program period, the employer shall pay to the system the employer contribution for active members prescribed by law with respect to any program participant it employs, regardless of whether the program participant is a full-time or part-time employee, or a temporary or permanent employee. If an employer who is obligated to the system pursuant to this subsection fails to pay the amount due, as determined by the system, the amount must be deducted from any funds payable to the employer by the State.
(D) A program participant is considered to be retired as of the beginning of the program period. A program participant makes no further employee contributions to the system, accrues no service credit during the program period, and is not eligible to receive group life insurance benefits. Accrued annual leave and sick leave used in any manner in the calculation of the program participant's retirement benefit is deducted from the amount of such leave accrued by the participant and the balance, if any, transfers to the program employment in accordance with the employer's leave policies. A program employee accrues leave as a regular employee.
(E) A program participant is not subject to the earnings limitation imposed by this law on reemployed retirees during the specified program period.
(F) Upon termination of employment either during or at the end of the program period, the member must receive the balance in the member's program account by electing either:
(1) a lump-sum distribution, paying appropriate taxes; or
(2) a tax sheltered rollover into an eligible plan.
The member also must receive the previously determined normal retirement benefits plus any applicable cost of living increases declared during the program period, based upon the member's average final compensation and service credit at the time the program period began.
(G) If a program participant dies during the specified program period, the member's designated program beneficiary must receive the balance in the member's program account by electing either:
(1) a lump-sum distribution, paying appropriate taxes; or
(2) a tax sheltered rollover into an eligible plan.
In accordance with the form of system benefit selected by the member at the time the program commenced, the member's designated system beneficiary must receive either a survivor benefit or a refund of contributions from the member's system account.
(H) If a program participant fails to terminate employment with an employer participating in the retirement system within one month after the end of the specified program period, the member:
(1) forfeits all deferred retirement benefits accumulated during the program period;
(2) is considered an active employee as of the end of the specified program period; and
(3) becomes an active member of the retirement system as of the end of the program period.
A member who failed to terminate employment at the end of the program period may establish service credit for the program period by paying the normal employee contribution required of active members, plus regular interest, for the period the member participated in the program based on the member's salary during the program period.
(I) A member is not eligible to participate in the program if the member has previously participated in and received a benefit under this program."
B. The first paragraph of Section 9-1-1510 of the 1976 Code is amended to read:
"Any A member may retire upon written application to the board system setting forth at what time, not more than ninety days prior before nor more than six months subsequent to after the execution and filing thereof of the application, he desires to be retired, if such the member at the time so specified for his service retirement shall have has attained the age of sixty years or shall have has thirty twenty-eight or more years of creditable service and shall have has separated from service and, if the time so specified is subsequent to after the date of application, notwithstanding that, during such the period of notification, he may have separated from service."
C. Section 9-1-1515 of the 1976 Code, as amended by Section 52, Part II, Act 100 of 1999, is further amended to read:
"Section 9-1-1515. (A) In addition to other types of retirement provided by this chapter, a member who has attained the age of fifty-five years and who has at least twenty-five years of creditable service may elect early retirement. A member electing early retirement shall apply in the manner provided in Section 9-1-1510.
(B) The benefits for a member electing early retirement under this section must be calculated in the manner provided in Section 9-1-1550, except that in lieu of any other reduction factor, the member's early retirement allowance is reduced by four percent a year, prorated for periods less than one year, for each year of creditable service less than thirty twenty-eight. However, a member's early retirement allowance is not reduced if the member pays into the system, in a lump sum payment before the member's retirement, an amount equal to twenty percent of the member's earnable compensation or the average of the member's twelve highest consecutive fiscal quarters of compensation at the time of payment, whichever is greater, prorated for periods less than one year for each year of creditable service less than thirty twenty-eight. The member's retirement must occur not more than ninety days after the date of the payment.
(C) A member who elects early retirement under this section is ineligible to receive any cost-of-living increase provided by law to retirees until the second July first after the date the member attains age sixty; or the second July first after the date the member would have thirty twenty-eight years' creditable service had he not retired, whichever is earlier.
(D) (1) Except as provided in item (2) of this subsection, a member who elects early retirement under this section is not covered by the State Insurance Benefits Plan until the earlier of:
(a) the date the member attains age sixty, or
(b) the date the member would have thirty twenty-eight years' creditable service had he not retired.
(2) A member taking early retirement may maintain coverage under the State Insurance Benefits Plan until the date his coverage is reinstated pursuant to item (1) of this subsection by paying the total premium cost, including the employer's contribution, in the manner provided by the Division of Insurance Services of the State Budget and Control Board."
D. Subsections (A) and (B) of Section 9-1-1550 of the 1976 Code, as last amended by Act 189 of 1989, are further amended to read:
"(A) Upon retirement from service on or after July 1, 1964, a Class One member shall receive a service retirement allowance which shall consist of:
(1) An employee annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement; and
(2) An employer annuity equal to the employee annuity allowable at the age of sixty-five years or at age of retirement, whichever is less, computed on the basis of contributions made prior to the age of sixty-five years; and
(3) If he has a prior service certificate in full force and effect, an additional employer annuity which must be equal to the employee annuity which would have been provided at age sixty-five or at age of retirement, whichever is less, by twice the contributions which he would have made during his entire period of prior service had the system been in operation and had he contributed thereunder during such entire period.
Upon retirement from service on or after July 1, 1989 December 31, 2000, a Class One member shall receive a service retirement allowance computed as follows: If the member's service retirement date occurs on or after his sixty-fifth birthday, or after he has completed thirty twenty-eight or more years of creditable service, the allowance must be equal to one and forty-five hundredths percent of his average final compensation multiplied by the number of years of his creditable service.
If the member's service retirement date occurs before his sixty-fifth birthday and before he completes thirty twenty-eight years of creditable service, his service retirement allowance is computed as above, but is reduced by five-twelfths of one percent thereof for each month by which his retirement date precedes the first day of the month, prorated for periods less than a month, coincident with or next following his sixty-fifth birthday.
Notwithstanding the foregoing provisions, any Class One member who retires on or subsequent to July 1, 1976, shall receive not less than the benefit provided under the formula in effect before July 1, 1976.
(B) Upon retirement from service on or after July 1, 1989 December 31, 2000, a Class Two member shall receive a service retirement allowance computed as follows:
(1) If the member's service retirement date occurs on or after his sixty-fifth birthday or after he has completed thirty twenty-eight or more years of creditable service, the allowance must be equal to one and eighty-two hundredths percent of his average final compensation, multiplied by the number of years of his creditable service.
(2) If the member's service retirement date occurs before his sixty-fifth birthday and before he completes the thirty twenty-eight years of creditable service, his service retirement allowance is computed as in item (1) above but is reduced by five-twelfths of one percent thereof for each month, prorated for periods less than a month, by which his retirement date precedes the first day of the month coincident with or next following his sixty-fifth birthday.
(3) Notwithstanding the foregoing provisions, a Class Two member whose creditable service began before July 1, 1964, shall receive not less than the benefit provided by subsection (A) of this section."
E. Section 9-1-1660 of the 1976 Code is amended to read:
"Section 9-1-1660. (1) The person nominated by a member to receive the full amount of his accumulated contributions in the event of his death before retirement may, if such the member dies after the attainment of age sixty-five sixty or after the accumulation of fifteen years of creditable service and death occurs in service, elect to receive in lieu of the accumulated contributions an allowance for life in the same amount as if the deceased member had retired at the time of his death and had named the person as beneficiary under an election of Option 2 of Section 9-1-1620. For purposes of the benefit calculation, a member under age sixty with less than thirty twenty-eight years' credit is assumed to be sixty years of age.
(2) Any A person otherwise eligible under subsection (1) of this section to elect to receive an allowance who has attained age sixty-five or after the accumulation of thirty years of creditable service or after the attainment of age sixty with twenty or more years of creditable service but who has received a refund of the member's accumulated contributions under Section 9-1-1650 may, upon repayment of the refund to the system in a single sum, make the election provided for in subsection (1). The monthly payments under Option 2 to the person date from the time of the repayment of the accumulated contributions to the system."
F. The last paragraph of Section 9-1-1770 of the 1976 Code, as last amended by Act 412 of 1990, is further amended to read:
"Upon the death of a retired member on or after July 1, 1985 after December 31, 2000, there must be paid to the designated beneficiary or beneficiaries, if living at the time of the retired member's death, otherwise to the retired member's estate, a death benefit of one thousand dollars if the retired member had ten years of creditable service but less than twenty years, two thousand dollars if the retired member had twenty years of creditable service but less than thirty twenty-eight, and three thousand dollars if the retired member had at least thirty twenty-eight years of creditable service at the time of retirement, provided the retired member's most recent employer prior to retirement is covered by the Group Life Insurance Program."
G. Section 9-1-1810 of the 1976 Code is amended to read:
"Section 9-1-1810. As of the end of each calendar year commencing with the year ending December 31, 1969, the increase in the ratio of the Consumer Price Index to the index as of December 31, 1968, or the most recent prior December thirty-first subsequent thereto as of which an increase in retirement allowances was granted, must be determined, and if the increase equals or exceeds three four percent, the retirement allowance, inclusive of the supplemental allowances payable under the provisions of Sections 9-1-1910, 9-1-1920, and 9-1-1930, of each beneficiary in receipt of an allowance as of December 31, 1968, or the most recent December thirty-first subsequent thereto as of which an increase was granted, must be increased by four percent. If the increase in the index is less than three four percent, the retirement allowance, inclusive of supplemental allowances, all as determined above, must be increased by a percentage equal to the increase in the index. The increase in retirement allowances shall commence commences the July first immediately following the December thirty-first that the increase in ratio was determined. Beginning with the calendar year ending December 31, 1981, and all increases in retirement allowances must be granted to these beneficiaries in receipt of a retirement allowance on July first immediately preceding the effective date of the increase. Any increase in allowances after the first five increases shall become is effective only if the additional liabilities, on account because of the increase in allowances, do not require an increase in the total employer rate of contribution except that any increase of up to and including one percent must be paid. Any increase in allowance granted hereunder pursuant to this section must be included in the determination of any subsequent increases, irrespective of any subsequent decrease in the Consumer Price Index.
The allowance of a surviving annuitant of a beneficiary whose allowance is increased under this section must, when and if payable, be increased by the same percent.
For purposes of this section, 'Consumer Price Index' means the Consumer Price Index for Wage Earners and Clerical Workers, as published by the United States Department of Labor, Bureau of Labor Statistics."
H. Section 9-1-1850 of the 1976 Code, as last amended by Act 420 of 1994, is further amended to read:
"Section 9-1-1850. (A) (1) A member who has at least twenty-five years of creditable service in any retirement the system provided in this title chapter may elect to receive up to five three years of additional service credit as though the additional service credit were rendered by the member as an employee or member by paying into the member's retirement system South Carolina Retirement System the amount provided in this item. The required amount is determined by multiplying the member's current salary or the highest fiscal year salary in the member's work career, whichever is greater, by the percentage provided in this item and multiplying the result by the number of years credited, prorated for periods less than one year. The applicable percentage of salary to calculate the payment allowed pursuant to this subsection is as follows:
Years to be Credited Percentage of Salary
(a) not more than one year 58 percent
(b) over one year but not more than two years 54 percent for each year
(c) over two years but not more than three years 50 percent for each year
(d) over three years, but not more than four years 46 percent for each year
(e) over four years 42 percent for each year
(2) The member also shall pay the employer and employee cost for health and dental insurance for a time period equal to the period of service credit purchased, or until the date the member attains age sixty, at which time the member becomes eligible for employer-paid health and dental insurance.
(3) Any service credit purchased under this subsection qualifies the member for retirement, and the member must retire within ninety days after the purchase.
(B) As an alternative to the option provided in subsection (A), the member, if he has at least twenty-five years of creditable service, may elect to receive up to five three years of additional service credit as though the additional service credit were rendered by him as an employee or member upon paying into his retirement system, during the ensuing number of years he wishes to purchase in the manner the Comptroller General shall direct, the employer and employee contributions that would be due for the position that he presently holds at the salary level in effect during those years. If the position is consolidated or eliminated after the member's retirement, he shall pay the employer and employee contributions during the remaining required years at a level equal to what these contributions were for the position before its consolidation or elimination. The member also shall pay the employer and employee cost for health and dental insurance in effect during the ensuing years the member wishes to purchase. The additional service credit qualifies the member for retirement, and the member must retire within ninety days subsequent to electing the option provided by subsection (B). The salary level of the position the member presently holds, during the ensuing years the member pays the employer and employee contributions, is attributable to the member for purposes determining the member's average final compensation.
The retirement benefits of the member shall not commence until the time benefits would have been paid when the member had completed thirty twenty-eight years of service."
I. Section 9-11-310 of the 1976 Code is amended to read:
"Section 9-11-310. As of the end of each calendar year commencing with the year ending December 31, 1974, the increase in the ratio of the Consumer Price Index to such the index as of December 31, 1973, or the most recent prior December thirty-first subsequent thereto as of which an increase in retirement allowances was granted, must be determined, and if the increase equals or exceeds three four percent, the retirement allowance, exclusive of any part thereof derived from accumulated additional contributions, of each beneficiary in receipt of an allowance as of December 31, 1973, or the most recent December thirty-first subsequent thereto as of which an increase was granted, must be increased by four percent. If the increase in the index is less than three four percent, the retirement allowances, as determined above, must be increased by a percentage equal to the increase in the index. The increase in retirement allowances must commence commences the July first immediately following the December thirty-first that the increase in ratio was determined.
Beginning with the calendar year ending December 31, 1981, all All increases in retirement allowances must be granted to those beneficiaries in receipt of a retirement allowance on July first immediately preceding the effective date of the increase. The increase in allowances after the first five such increases shall become becomes effective only if the additional liabilities on account of the increase in allowances do not require an increase in the employer rate of contribution except that any increase of up to and including one percent must be paid. Any increase in allowance granted hereunder pursuant to this section is permanent, irrespective of any subsequent decrease in the Consumer Price Index, and must be included in determining any subsequent increase.
The allowance of a surviving annuitant of a beneficiary whose allowance is increased under this section, must, when and if payable, must be increased by the same percent.
For purposes of this section, 'Consumer Price Index' means the Consumer Price Index (all items--United States city average), for Wage Earners and Clerical Workers as published by the United States Department of Labor, Bureau of Labor Statistics."
J. The additional employer contributions to meet the unfunded liabilities of the South Carolina Retirement System and the South Carolina Police Officers' Retirement System are extended for whatever period is necessary to pay the actuarial costs incurred by these systems under the provisions of subsections B through I of this section.
K. This section takes effect January 1, 2001.
TO AMEND SECTION 12-36-2120, AS AMENDED, OF THE 1976 CODE, RELATING TO SALES AND USE TAX EXEMPTIONS, SO AS TO EXEMPT FROM THE TAX SALES OF CLOTHING, CLOTHING ACCESSORIES, FOOTWEAR, SCHOOL SUPPLIES, AND COMPUTERS DURING A PERIOD BEGINNING 12:01 A.M. ON THE FIRST FRIDAY IN AUGUST AND ENDING AT TWELVE MIDNIGHT THE FOLLOWING SUNDAY, TO PROVIDE EXCEPTIONS, AND TO REQUIRE THE DEPARTMENT OF REVENUE BEFORE JULY TENTH OF EACH YEAR TO PUBLISH AND MAKE AVAILABLE TO THE PUBLIC AND RETAILERS A LIST OF THE ARTICLES QUALIFYING FOR THIS EXEMPTION.
Section 12-36-2120 of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( ) (a) sales taking place during a period beginning 12:01 a.m. on the first Friday in August and ending at twelve midnight the following Sunday of:
(i) clothing;
(ii) clothing accessories including, but not limited to, hats, scarves, hosiery, and handbags;
(iii) footwear;
(iv) school supplies including, but not limited to, pens, pencils, paper, binders, notebooks, books, bookbags, lunchboxes, and calculators;
(v) computers, printers and printer supplies, and computer software.
(b) The exemption allowed by this item does not apply to:
(i) sales of jewelry, cosmetics, eyewear, wallets, watches;
(ii) sales of furniture;
(iii) a sale of an item placed on layaway or similar deferred payment and delivery plan however described;
(iv) rental of clothing or footwear;
(v) a sale or lease of an item for use in a trade or business.
(c) Before July tenth of each year, the department shall publish and make available to the public and retailers a list of those articles qualifying for the exemption allowed by this item."
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TO AMEND THE 1976 CODE BY ADDING SECTION 8-23-110 SO AS TO DIRECT THE DEFERRED COMPENSATION COMMISSION TO ENSURE THAT APPROPRIATE DEFERRED COMPENSATION PLAN DOCUMENTS ALLOW EMPLOYER CONTRIBUTIONS, TO ALLOW POLITICAL SUBDIVISIONS OF THE STATE, INCLUDING SCHOOL DISTRICTS, PARTICIPATING IN STATE DEFERRED COMPENSATION PLANS OR IN SUCH PLANS OF OTHER PROVIDERS TO MAKE EMPLOYER CONTRIBUTIONS, AND TO PROVIDE FOR MATCHING OR OTHER CONTRIBUTIONS BY THE STATE TO STATE EMPLOYEES PARTICIPATING IN SUCH PLANS TO THE EXTENT FUNDS ARE APPROPRIATED FOR THIS PURPOSE, AND TO PROVIDE THAT THE AMOUNT, TERMS, AND CONDITIONS OF THE CONTRIBUTIONS MUST BE DETERMINED BY THE STATE BUDGET AND CONTROL BOARD.
A. The 1976 Code is amended by adding:
"Section 8-23-110. (A) The commission shall ensure that plan documents governing deferred compensation plans administered by the commission permit employer contributions to the extent allowed under the Internal Revenue Code.
(B) Political subdivisions of the State, including school districts, participating in deferred compensation plans administered by the commission or such plans offered by other providers may make matching or other contributions on behalf of their participating employees.
(C) As an additional benefit for state employees, and to the extent funds are appropriated for this purpose, the State shall make matching or other contributions on behalf of state employees participating in the deferred compensation plans offered by the commission or such plans offered by other providers in an amount and under the terms and conditions prescribed for such contributions by the State Budget and Control Board."
B. This section takes effect July 1, 2000.
TO AMEND SECTION 12-6-40, AS AMENDED, OF THE 1976 CODE, RELATING TO DEFINITIONS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO UPDATE THE REFERENCE DATE WHEREBY THIS STATE ADOPTS VARIOUS PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986.
Section 12-6-40(A) of the 1976 Code, as last amended by Act 114 of 1999, is further amended to read:
"(A) 'Internal Revenue Code' means the Internal Revenue Code of 1986 as amended through December 31, 1998 1999, and includes the effective date provisions contained therein."
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TO AMEND SECTION 59-149-50, OF THE 1976 CODE, RELATING TO THE ELIGIBILITY REQUIREMENTS FOR A LIFE SCHOLARSHIP, SO AS TO DELETE THE REQUIREMENT THAT STUDENTS MUST PASS ALL COURSES REQUIRED FOR A STAR DIPLOMA; TO REPEAL SECTIONS 59-39-105 AND 59-39-190 RELATING TO THE REQUIREMENTS AND THE PROMULGATION OF REGULATIONS FOR THE STAR DIPLOMA, AND TO REPEAL SECTION 59-103-175, RELATING TO INCLUDING STAR DIPLOMA INFORMATION IN HIGH SCHOOL AND HIGHER EDUCATION AWARENESS COUNSELING, ALL SO AS TO REPEAL THE STAR DIPLOMA PROGRAM.
A. Section 59-149-50 of the 1976 Code, as added by Act 418 of 1998, is amended to read:
"Section 59-149-50. (A) To be eligible for a LIFE Scholarship, a student must be either a member of a class graduating from a high school located in this State on or after May, 1995, a home school student who has successfully completed a high school home school program in this State in the manner required by law on or after May, 1995, or a student graduating from a preparatory high school outside this State on or after May, 1995, while a dependent of a parent or guardian who is a legal resident of this State and has custody of the dependent, and these students must also meet the requirements of subsection (B). In addition, beginning with the 1998-99 school year for those students who graduate from high school on or after May, 1998, the student must have graduated from high school with a minimum of a 3.0 cumulative grade average on a 4.0 scale, and have scored 1000 or better on the Scholastic Aptitude Test (SAT) or have the equivalent ACT score, 1050 or better beginning with school year 2000-2001, and 1100 or better beginning with school year 2002-2003; provided that if the student is to attend such a public or independent two-year college or university in this State, including a technical college, the SAT requirement does not apply. If a student chooses to attend such a public or independent institution of this State and does not make the required SAT score or the required high school grade point average, as applicable, the student may earn a LIFE Scholarship after his freshman year if he meets the grade point average and semester credit hour requirements of subsection (B).
(B) Students receiving a LIFE Scholarship to retain it and students currently enrolled in an eligible institution to receive such a scholarship must earn a 3.0 cumulative grade point average on a 4.0 scale each year and earn at least thirty credit hours each year for the maximum of semesters permitted at that institution by Section 59-149-60.
(C) Students who were LIFE Scholarship recipients seeking a degree at such a public or independent institution of this State during their freshman or other year who failed to earn a cumulative 3.0 at the end of the term they attempted the requisite number of hours required by subsection (B) may regain eligibility if their cumulative grade average is a 3.0 at the end of the term they have attempted at least sixty hours if they are a sophomore or ninety hours if they are a junior.
(D) By the year 2000, students graduating from high school to be eligible for a LIFE Scholarship must have passed all courses required for a STAR diploma."
B. Sections 59-39-105, 59-39-190, and 59-103-175 of the 1976 Code are repealed.
C. The funds appropriated for the LIFE Scholarship program in the general appropriations act of 2000-2001 must be adjusted to include the additional students qualifying for a LIFE Scholarship pursuant to the provisions of Section 59-149-50 as amended by subsection (A).
D. This section takes effect July 1, 2000.
TO AMEND SECTION 9-1-1795 OF THE 1976 CODE, RELATING TO AN EXCEPTION TO THE LIMITATION OF CERTAIN EARNINGS OF A RETIRED CERTIFIED TEACHER IN A FISCAL YEAR A RETIREE MAY RECEIVE FROM A COVERED EMPLOYER UNDER THE STATE RETIREMENT SYSTEM WITHOUT LOSS OF RETIREMENT BENEFITS, SO AS TO CHANGE FROM JULY 15 TO MAY 31 OF EACH YEAR THE TIME BEFORE WHICH A MEMBER OF THE SYSTEM MAY NOT BE CONSIDERED FOR EMPLOYMENT BY A SCHOOL DISTRICT.
A. Section 9-1-1795(B) of the 1976 Code, as added by Section 82, Part II, Act 100 of 1999 is amended to read:
"(B) For the provisions of this section to apply, the Department of Education must review and approve, from the documentation provided by the school district, that no qualified, non-retired nonretired member is available for employment in the position and that the member selected for employment meets the requirements of this section. However, a school district may not consider a member of the system for employment before July 15 May 31 of each year. After approval is received from the Department of Education, school districts must notify the State Board of Education of the engagement of a retired member as a teacher and the department must notify the State Retirement System of their exemption from the earnings limitation. If the employing district fails to notify the department of the engagement of a retired member as a teacher, the district shall reimburse the system for all benefits wrongly paid to the retired member."
B. This section takes effect July 1, 2000.
TO AMEND SECTION 59-1-420, AS AMENDED, OF THE 1976 CODE, RELATING TO THE LENGTH OF THE SCHOOL TERM, SO AS TO REVISE THE MANNER IN WHICH THE TEN DAYS NOT REQUIRED FOR STUDENT INSTRUCTION MUST BE USED.
A. Section 59-1-420 of the 1976 Code, is amended to read:
"Section 59-1-420. Notwithstanding any other provision of law, the statutory school term is one hundred ninety days annually and at least one hundred eighty days must be used for student instruction. and Of the remaining ten days, may two days must be used for preparation of opening and closing of schools, for in-service training, and for teacher planning and preparation time. At least three days may be used for the opening and closing of schools and for teacher planning and preparation and two days may be used in teacher-parent conferences with emphasis upon failing and underachieving students. Provided, further, that conferences may be held on Saturday at the direction of the local school board. Three days must be used for collegial professional development based upon the educational standards as required by Section 59-18-300 of the Education Accountability Act of 1998. The professional development shall address, at a minimum, academic achievement standards incuding strengthening teachers' knowledge in their content area, teaching techniques, and assessment. The remaining five days may be used for teacher planning, academic plans, and parent conferences."
B. The provisions of Section 59-1-420 of the 1976 Code as amended in subsection A. apply beginning with school year 2000-2001.
TO AMEND TITLE 9, OF THE 1976 CODE, RELATING TO THE VARIOUS STATE RETIREMENT SYSTEMS, BY ADDING CHAPTER 20 SO AS TO ENACT THE OPTIONAL RETIREMENT PROGRAM FOR TEACHERS AND SCHOOL ADMINISTRATORS AND PROVIDE FOR ITS OPERATION.
A. Title 9 of the 1976 Code is amended by adding:
Section 9-20-20. There is established an optional retirement program for public school (kindergarten through grade twelve) teachers, specialists, coordinators, and administrators. An employee is not eligible to participate in the optional retirement program unless the employee is eligible for membership in the South Carolina Retirement System. Retirement and death benefits must be provided for a participant in the optional retirement program through individual annuity contracts or individual certificates issued for group annuity contracts, fixed or variable in nature, or a combination of them, which must be issued to, and become the property of, the participant, or through mutual fund companies, or through state or national banking institutions. The employer and the participant shall contribute toward the purchase of the contract or investment under this program. The contribution made by the employer must be derived, in whole or in part, from the funds appropriated annually by the General Assembly as Aid to School Districts - Employer Contributions in the Department of Education appropriation in the annual general appropriations act. In accordance with the definition provided in Section 9-20-10(2), the State Department of Education annually shall provide to the South Carolina Retirement System a listing of positions that qualify an employee for the optional retirement program.
Section 9-20-30. The South Carolina Retirement System shall provide for the administration of the optional retirement program under this chapter. The director of the South Carolina Retirement System shall designate no fewer than four companies to provide annuity contracts, mutual fund accounts, or similar investment products offered through state or national banking institutions, or a combination of them, under the program. In making the designation the director shall consider:
(1) the nature and extent of the rights and benefits to be provided by the contracts or accounts, or both, of participants and their beneficiaries;
(2) the relation of the rights and benefits to the amount of contributions to be made;
(3) the suitability of these rights and benefits to the needs of the participants;
(4) the ability and experience of the designated companies in providing suitable rights and benefits under the contracts or accounts, or both;
(5) the ability and experience of the designated companies to provide suitable education and investment options.
Section 9-20-40. Employees first employed in an eligible position or job classification within each school district after June 30, 2000, shall elect either to join the South Carolina Retirement System or to participate in the optional retirement program under this chapter on or before December 1, 2000, or within ninety days after the entry into service, whichever is later, or failing to make the initial election within the required time, the employee is considered to have elected membership in the South Carolina Retirement System. An election made pursuant to this section must be made in writing and filed with the retirement system and the appropriate officer of the employee's participating employer and is effective on the date of employment.
The election to participate in the optional retirement program is irrevocable. However, an employee who participates in the optional retirement program may irrevocably elect to join the South Carolina Retirement System upon the passage of five consecutive calendar years after initial enrollment in the optional retirement program. The optional retirement participant must make this election to participate in the South Carolina Retirement System within ninety days after the expiration of five consecutive calendar years after the employee's initial enrollment in the optional retirement program, or failing to make the election within the allotted time, the employee is considered to have irrevocably elected to participate in the optional retirement program. Upon joining the system, the employee may establish up to five years of credit in the system for service earned while participating in the optional retirement program, by making a payment to the system in an amount determined by the board.
Section 9-20-50. Each participant shall contribute monthly to the program the same amount he would be required to contribute to the South Carolina Retirement System if the participant were a member of that system. Participant contributions may be made by payroll deduction, by a reduction in salary, or by employer pick up in accordance with any applicable provisions of the Internal Revenue Code of 1986. Each employer shall contribute on behalf of each participant the same amount it would be required to contribute to the South Carolina Retirement System if the participant were a member of that system. Each employer shall remit to the designated companies, for application to participants' contracts or accounts, or both, an amount equal to the participant's contribution plus that percentage of each employer's contribution which would have been used to fund all retirement system benefits for future service if the participants had been members of the retirement system, but the employer's contribution may not be less than four and one-quarter percent of compensation. The employer shall remit the remainder of its required contribution to the retirement system, but the contribution to the retirement system must not be less than two and fifty-five hundredths percent of the employee's compensation.
Section 9-20-60. No retirement benefit or preretirement death benefit may be paid by the State for service rendered while participating in the optional retirement program. The benefits are payable to optional retirement program participants or their beneficiaries by the designated companies in accordance with the terms of the contracts issued to participants."
B. This section takes effect July 1, 2000.
TO AMEND SECTION 59-149-10, OF THE 1976 CODE, RELATING TO LIFE SCHOLARSHIPS, INCLUDING THE ANNUAL AMOUNTS THEREOF, SO AS TO INCREASE FROM TWO THOUSAND DOLLARS A YEAR TO THREE THOUSAND DOLLARS A YEAR, THE MAXIMUM AMOUNT OF SUCH SCHOLARSHIPS FOR ELIGIBLE STUDENTS ATTENDING FOUR-YEAR PUBLIC OR INDEPENDENT INSTITUTIONS, AND TO INCREASE THE AMOUNT OF SUCH SCHOLARSHIPS THAT ELIGIBLE STUDENTS ATTENDING TWO-YEAR PUBLIC OR INDEPENDENT INSTITUTIONS, INCLUDING STATE TECHNICAL COLLEGES MAY RECEIVE FROM A MAXIMUM OF ONE THOUSAND DOLLARS A YEAR TO THE COST OF TUITION FOR THIRTY CREDIT HOURS A YEAR, AND TO PROVIDE THESE INCREASES BEGIN WITH SCHOOL YEAR 2000-2001.
Section 59-149-10 of the 1976 Code is amended by adding a new subsection (D) to read:
"(D) Beginning with school year 2000-2001, the annual amount of a LIFE Scholarship for eligible resident students attending a four-year public or independent institution as defined herein is increased from the cost of attendance up to a maximum of two thousand dollars a year to the cost of attendance up to a maximum of three thousand dollars a year, and the annual amount of a LIFE Scholarship for eligible resident students attending a two-year public or independent institution as defined herein which includes state technical colleges is increased from the cost of attendance up to a maximum of one thousand dollars a year to the cost of tuition for thirty credit hours a year or its equivalent. Tuition for this purpose means the amount charged for registering for credit hours of instruction and shall not include other fees, charges or costs of textbooks."
TO AMEND SECTION 59-118-30, AS AMENDED, OF THE 1976 CODE, RELATING TO DEFINITIONS IN REGARD TO THE SOUTH CAROLINA ACADEMIC ENDOWMENT INCENTIVE ACT WHERE MATCHING STATE FUNDS ARE PROVIDED TO QUALIFYING COLLEGES AND UNIVERSITIES FOR ENDOWMENT GIFTS UNDER CERTAIN CONDITIONS, SO AS TO REVISE THE DEFINITION OF "QUALIFYING COLLEGE OR UNIVERSITY" TO INCLUDE TWO-YEAR STATE-SUPPORTED INSTITUTIONS INCLUDING COLLEGE OR UNIVERSITY REGIONAL CAMPUSES.
Section 59-118-30(1) of the 1976 Code, as last amended by Act 419 of 1998, is further amended to read:
"(1) 'Qualifying college or university' means a state-supported, post-secondary two-year or four-year educational institution institutions including college or university regional campuses offering undergraduate, master, or doctoral degree programs and also includes a technical college under the jurisdiction of the State Board for Technical and Comprehensive Education."
TO AMEND SECTION 12-36-2120, AS AMENDED, OF THE 1976 CODE, RELATING TO SALES AND USE TAX EXEMPTIONS, SO AS TO REDUCE BY ONE PERCENT A YEAR THE STATE PORTION OF SALES TAX ON FOOD ITEMS WHICH LAWFULLY MAY BE PURCHASED WITH UNITED STATES DEPARTMENT OF AGRICULTURE FOOD COUPONS, TO EXEMPT COMPLETELY FROM THE STATE PORTION OF THE TAX ALL SUCH FOOD AND MEALS EFFECTIVE JANUARY 1, 2005, TO PROVIDE FOR THE USE OF THE REVENUE FROM THE REDUCED RATES OF TAX DURING THE PHASE-IN PERIOD, AND TO ALLOW A COUNTY BY ORDINANCE TO EXEMPT FOOD ITEMS FROM LOCAL SALES AND USE TAXES.
A. Section 12-36-2120 of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( ) (a) effective January 1, 2005, food items eligible for purchase with United States Department of Agriculture food coupons, but this exemption does not apply for local sales and use taxes except where such taxes specifically exempt these items;
(b) effective January 1, 2001, the governing body of a county by ordinance may exempt items described in subitem (a) of this item from any local sales and use tax imposed in the county which by its terms does not otherwise exempt such items. This local exemption may extend to all or a portion of the local tax."
B. Notwithstanding the rates of tax imposed pursuant to Chapter 36, Title 12 of the 1976 Code, the rate of tax imposed pursuant to that chapter on the gross proceeds of sales, or the sale price of food items eligible for purchase with United States Department of Agriculture food coupons, is four percent for sales from January 1, 2001, through December 31, 2001, three percent for such sales from January 1, 2002, through December 31, 2002, two percent for such sales from January 1, 2003, through December 31, 2003, and one percent for such sales from January 1, 2004, through December 31, 2004. Eighty percent of the revenues from sales taxes raised by the special tax rates provided by this section must be credited to the general fund of this State and used as sales taxes are used, and the remainder must be credited to the Education Improvement Act Fund. Except where otherwise exempt, the local sales and use taxes authorized by law continue to apply to those sales subject to the reduced state rate of tax provided in this section.
TO AMEND SECTION 12-6-520 OF THE 1976 CODE, RELATING TO ANNUAL INFLATION ADJUSTMENTS TO STATE INCOME TAX BRACKETS, SO AS TO DELETE THE PROVISION LIMITING THE INFLATION ADJUSTMENT TO ONE-HALF OF THE ACTUAL INFLATION RATE AND TO FOUR PERCENT IN A YEAR, TO DELETE REDUNDANT LANGUAGE, AND TO PHASE IN THIS PROVISION OVER TWO TAXABLE YEARS.
A. Section 12-6-520 of the 1976 Code, as added by Act 76 of 1995, is amended to read:
"Section 12-6-520. Each December 15, the department shall cumulatively adjust the brackets in Section 12-6-510 in the same manner that brackets are adjusted in Internal Revenue Code Section (1)(f). However, the adjustment is limited to one-half of the adjustment determined by Internal Revenue Code Section (1)(f), may not exceed four percent a year, and but the rounding amount provided in (1)(f)(6) is ten dollars. The brackets, as adjusted, apply in lieu of those provided in Section 12-6-510 for taxable years beginning in the succeeding calendar year. Inflation adjustments must be made cumulatively to the income tax brackets."
B. This section takes effect upon approval by the Governor and first applies for income tax brackets applicable for taxable year 2000. Notwithstanding the inflation adjustment required pursuant to Section 12-6-520 of the 1976 Code as amended by this section, the adjustment applicable for taxable year 2000 is limited to three-fourths of the adjustment otherwise required. Notwithstanding the date required for bracket adjustments provided in Section 12-6-520 of the 1976 Code as amended by this section, the adjustment required for taxable year 2000 brackets must be made no later than fifteen days after the effective date of this section.
TO AMEND ARTICLE 11, CHAPTER 13, TITLE 51, OF THE 1976 CODE, RELATING TO PATRIOT'S POINT DEVELOPMENT AUTHORITY, BY ADDING SECTION 51-13-765, SO AS TO ALLOW THE PATRIOT'S POINT DEVELOPMENT AUTHORITY TO MAINTAIN SPECIAL ACCOUNTS WHICH RETAIN AND CARRY OVER CERTAIN FUNDS FROM YEAR TO YEAR, TO HOLD ALL SPECIAL ACCOUNT EARNINGS AND INTEREST FOR THE BENEFIT OF THE AUTHORITY, AND TO REQUIRE ANNUAL REPORTS OF RECEIPTS AND EXPENDITURES FROM THESE ACCOUNTS.
A. Article 11, Chapter 13, Title 51 of the 1976 Code is amended by adding:
"Section 51-13-765. (A) The Patriot's Point Development Authority may maintain special accounts controlled by the authority and made up of funds received by the authority in the form of federal funds, donations, and grants made available to it. The authority may retain and carry over these funds it has on account from fiscal year to fiscal year. The receipt and expenditure of funds in these accounts must be reported in an annual fiscal audit of the authority. These receipts and expenditures also must be reported to the House Ways and Means Committee and Senate Finance Committee.
(B) All earnings and interest accrued on accounts held by the authority must be retained and expended by the authority to carry out its purpose and mission."
B. This section takes effect July 1, 2000.
TO AMEND SECTION 56-3-910, AS AMENDED, OF THE 1976 CODE, RELATING TO THE DISPOSITION OF MOTOR VEHICLE LICENSING AND REGISTRATION FEES, SO AS TO PROVIDE FOR THE CREDITING OF MOTOR VEHICLE LICENSING AND REGISTRATION FEES AND PENALTIES NOT ALREADY CREDITED TO THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK TO THE STATE HIGHWAY FUND BEGINNING, JULY 1, 2000.
A. Section 56-3-910 of the 1976 Code, as amended by Act 148 of 1997, is further amended to read:
"Section 56-3-910. (A) All fees and penalties collected by the department under the provisions of this chapter shall must be placed in the state general fund distributed as provided in subsection (B) of this section except for fees and penalties collected pursuant to Sections 56-3-660 and 56-3-670, all of which must be placed in the state highway account of the South Carolina Transportation Infrastructure Bank.
(B) Beginning in fiscal year 1998-99, one-half of the revenues are remitted to the bank in fiscal year 1998-99, and the entirety of the revenue is remitted to the bank in fiscal year 1999-00 and thereafter. Twenty percent of the fees and penalties collected pursuant to this chapter, except for those provided for separately in subsection (A) of this section, must be credited to the State Highway Fund of the Department of Transportation and eighty percent to the general fund of the State, beginning in fiscal year 2000-2001.
B. This section takes effect July 1, 2000.
TO AMEND SECTION 56-3-2332 OF THE 1976 CODE, RELATING TO THE ISSUE OF THE STANDARD LICENSE PLATE TO A VEHICLE MANUFACTURER FOR VEHICLES USED IN EMPLOYEE BENEFIT PROGRAMS, TESTING, OR PROMOTIONAL PURPOSES, SO AS TO INCREASE THE ANNUAL REGISTRATION FEE FROM SIX HUNDRED NINETY-SEVEN DOLLARS AND FORTY-SIX CENTS TO EIGHT HUNDRED EIGHTY DOLLARS.
A. Section 56-3-2332(B) of the 1976 Code, as added by Act 155 of 1997, is amended to read:
"(B) The annual registration fee for this plate is six eight hundred ninety-seven eighty dollars and forty-six cents.
(1) The plates issued in connection with an employee benefit program may be used only on vehicles provided for the applicant's employees. In the application, the manufacturer shall notify the department in which county the employee assigned the vehicle resides. Twenty dollars and fifty cents of the fee must be credited to the general fund of the State and six eight hundred seventy-seven fifty-nine dollars and forty-six fifty cents must be remitted to the county noted on the application. Amounts received by a county pursuant to this subsection must be credited to the accounts of taxing entities in the county as if it were a county property tax and are instead of state sales or use taxes. If the employee resides outside this State, the fee must be credited pro rata to all other counties due amounts under this section. The names and addresses of the employees are not required to be submitted to the department, but the department may require the documentation it determines necessary to ensure compliance with the provisions of this section.
(2) The plates issued in connection with testing, distribution, evaluation, and promotion, not to exceed fifty plates, may be used only for those purposes. Twenty dollars and fifty cents of the fee must be credited to the general fund of the State and six eight hundred seventy-seven fifty-nine dollars and forty-six fifty cents must be remitted to the county in which the principal facility of the manufacturer is located. Amounts received by a county pursuant to this subsection must be credited to the accounts of taxing entities in the county as if it were a county property tax and are instead of state sales or use taxes. The department may require the documentation it determines necessary to ensure compliance with the provisions of this subsection."
B. This section takes effect January 1, 2001.
TO AMEND SECTION 1-11-710, AS AMENDED, OF THE 1976 CODE, RELATING TO DUTIES OF THE STATE BUDGET AND CONTROL BOARD IN ESTABLISHING AND MAINTAINING THE STATE GROUP HEALTH, DENTAL, LIFE, AND DISABILITY INSURANCE PLANS, SO AS TO REQUIRE A PUBLIC HEARING BEFORE THE BOARD MAY INCREASE EMPLOYEE PAID PREMIUMS OR REDUCE BENEFITS IN THE HEALTH AND DENTAL INSURANCE PLANS, TO PROHIBIT ANY SUCH ADJUSTMENTS IN THE HEALTH AND DENTAL INSURANCE PLANS EXCEPT WHILE THE GENERAL ASSEMBLY IS MEETING IN REGULAR SESSION, AND TO ADJUST EMPLOYEE CONTRIBUTIONS, DEDUCTIBLES, AND COPAYMENTS IN THE STATE HEALTH INSURANCE PLAN EFFECTIVE JANUARY 1, 2001.
A. Section 1-11-710(A)(3) of the 1976 Code, as added by Act 364 of 1992, is amended to read:
"(3) (a) adjust the plan, benefits, or contributions of any but the health and dental insurance plans, at any time to insure ensure the fiscal stability of the system.;
(b) adjust the health or dental insurance plan, or both, the benefits of, or contributions for these plans to ensure the stability of these plans. When an adjustment requires increased employee contributions or has the effect of reducing benefits, a public hearing must be held on the adjustments and no such adjustments may be made except while the General Assembly is meeting in regular session."
B. The State Budget and Control Board shall make the following adjustments in the state health plan effective January 1, 2001:
(1) all employee-paid premiums are increased by five dollars a month;
(2) individual deductibles in the economy and standard plans are increased by fifty dollars and family deductibles in both plans are increased by one hundred dollars;
(3) the coinsurance amount in the standard plan is revised from fifteen to twenty percent and revised in the economy plan from twenty to twenty-five percent.
All other elements of the plans including, but not limited to, the fifteen hundred dollar "cap" and the elements of the prescription drug benefit must remain unchanged from the manner in which the plans operated on January 1, 2000, except that the "cap" on the prescription drug benefit is reduced from fifteen hundred dollars to one thousand dollars.
TO AMEND SECTION 9-9-60, AS AMENDED, OF THE 1976 CODE, RELATING TO SERVICE RETIREMENT UNDER THE GENERAL ASSEMBLY RETIREMENT SYSTEM, SO AS TO REDUCE FROM THIRTY TO TWENTY-EIGHT YEARS THE AMOUNT OF SERVICE CREDIT REQUIRED TO RETIRE AT ANY AGE.
A. Section 9-9-60(1) of the 1976 Code, as last amended by Act 497 of 1994, is further amended to read:
"(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 subsequent to the execution and filing of the application, he desires to be retired, if the member at the time specified for his retirement 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 twenty-eight years of credited service."
B. This section takes effect June 30, 2001.
TO AMEND THE 1976 CODE BY ADDING ARTICLE 5 TO CHAPTER 30, TITLE 46 SO AS TO ESTABLISH THE SOUTH CAROLINA TOBACCO SETTLEMENT FUND INTO WHICH MONIES RECEIVED FROM THE MASTER SETTLEMENT AGREEMENT BETWEEN VARIOUS UNITED STATES TOBACCO PRODUCT MANUFACTURERS AND THE STATE OF SOUTH CAROLINA MUST BE DEPOSITED; TO DIVIDE THE FUND INTO SUBFUNDS A AND B, AND AUTHORIZE APPROPRIATIONS FROM SUBFUND A TO SUBFUND B, AND TO PROVIDE THAT THESE TOBACCO SETTLEMENT PROCEEDS BE TREATED SEPARATELY FOR ALL BUDGETARY PURPOSES.
Chapter 30, Title 46 of the 1976 Code is amended by adding:
Section 46-30-510. (A) There is established in the State Treasury a fund separate and distinct from the general fund of the State and all other funds entitled the South Carolina Tobacco Settlement Fund. This fund is divided into Subfunds A and B. The net revenue received from the tobacco settlement proceeds must be deposited by the State Treasurer in Subfund A. The General Assembly may appropriate revenues from Subfund A to Subfund B pending ultimate distribution of Subfund B revenues for those purposes the General Assembly shall provide by law. All interest or income earned by a subfund must be retained in the subfund and used for its stated purposes.
(B) Monies deposited and credited to the general fund pursuant to Paragraph 72.73, Part IB, Act 100 of 1999, are deemed to have been credited to Subfund A of the separate and distinct Tobacco Settlement Fund created herein and may not be considered in the sums from which percentage calculations are made and percentage allocations are determined for any other budgetary purpose whatever."
All Acts or parts of Acts inconsistent with any of the provisions of Part I of this Act are hereby suspended for Fiscal Year 2000-2001.
All Acts or parts of Acts inconsistent with any of the provisions of Part II of this Act are hereby repealed.
Except as otherwise specifically provided herein, this Act shall take effect immediately upon its approval by the Governor.
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