South Carolina General Assembly
113th Session, 1999-2000

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Bill 3894

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

Indicates Matter Stricken

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RECALLED

May 25, 2000

H. 3894

Introduced by Rep. D. Smith

S. Printed 5/25/00--S.

Read the first time May 6, 1999.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES IS:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES IS:

Minimal (Some additional costs expected but can be absorbed)

EXPLANATION OF IMPACT:

A review of this bill by the retirement system indicates there will be minimal impact on the retirement systems.

Approved By:

Don Addy

Office of State Budget

A BILL

TO AMEND SECTION 9-8-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CREDITED SERVICE AND TRANSFER OF CREDITED SERVICE FOR PURPOSES OF THE RETIREMENT SYSTEM FOR JUDGES AND SOLICITORS, SO AS TO CONFORM THE VESTING REQUIREMENT FOR TRANSFERRING CREDITED SERVICE TO THE SOUTH CAROLINA RETIREMENT SYSTEM FOR A JUDGE OR SOLICITOR WHO ON TERMINATION DOES NOT QUALIFY FOR A BENEFIT UNDER THE JUDICIAL SYSTEM FROM TWELVE YEARS TO THE CURRENT REQUIREMENT FOR VESTING UNDER THE JUDICIAL RETIREMENT SYSTEM OF TEN YEARS FOR JUDGES AND EIGHT YEARS FOR SOLICITORS.

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

SECTION 1. Section 9-8-50(4) of the 1976 Code is amended to read:

"(4) Any A member upon termination who does not qualify for a monthly benefit may elect to transfer his service credit to the South Carolina Retirement System or other applicable system. Upon such election, the director must shall transfer to the receiving system the required employee and employer contributions. A member is vested after twelve ten years of service in the position as judge or eight years of service in the position of solicitor, and if he terminates services service and leaves his contributions on deposit with the system, he is eligible for a monthly benefit beginning at age fifty-five which is a pro rata proportion his total credited service is to the benefit payable with twenty-four years of service credit."

SECTION 2. This act takes effect upon approval by the Governor.

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