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Indicates New Matter
COMMITTEE REPORT
March 25, 1999
S. 509
S. Printed 3/25/99--S.
Read the first time February 18, 1999.
To whom was referred a Bill (S. 509), to amend Section 9-1-1670, Code of Laws of South Carolina, 1976, relating to the effect of an error in records of the State Retirement System, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
JOHN DRUMMOND, for Committee.
EXPLANATION OF IMPACT:
A review of this bill indicates there will be no impact on the General Fund of the State nor on federal and/or other funds.
Approved By:
Don Addy
Office of State Budget
TO AMEND SECTION 9-1-1670, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE EFFECT OF AN ERROR IN RECORDS OF THE STATE RETIREMENT SYSTEM, SO AS TO PROVIDE FOR CORRECTION OF AN ERROR WITHIN TWO YEARS OF ITS COMMISSION UPON WRITTEN CERTIFICATION OF THE ERROR AND CORRECTION OF ITS RECORDS BY THE EMPLOYER, AND TO PROVIDE THAT THE TWO-YEAR LIMIT DOES NOT APPLY TO PENDING REQUESTS FOR CORRECTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-1-1670 of the 1976 Code is amended to read:
"Section 9-1-1670. (A) Should any If a change or error in the records result results in any a member or beneficiary receiving from the system more or less than he would have been entitled to receive had the records been correct, the board shall correct such the error and, as so far as practicable, shall adjust the payment in such a manner so that the actuarial equivalent of the benefit to which such the member or beneficiary was correctly entitled shall be is paid.
(B) The system must correct its records relating to a member upon:
(1) written certification from the employer that the employer's records contained an error that affected the enrollment of the member; and
(2) a showing to the system that all other related records and accounts have been corrected and adjusted to correspond to the change requested of the system.
A correction of the records of the system takes effect only upon payment by the employer and employee to the system of costs as determined by the system.
(C) An employer's request to correct a member's record pursuant to subsection (B) must be made within two years of the commission of the error by the employer."
SECTION 2. This act takes effect upon approval by the Governor, except that the provisions of subsection (C) do not apply to requests to the system to change its records which are pending on the effective date.
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