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S. 160
STATUS INFORMATION
General Bill
Sponsors: Senators Mescher, Elliott and Reese
Document Path: l:\s-res\wcm\006reti.mrh.doc
Introduced in the Senate on January 14, 2003
Currently residing in the Senate Committee on Finance
Summary: General Assembly Retirement System, former member provisions
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/8/2003 Senate Prefiled
1/8/2003 Senate Referred to Committee on Finance
1/14/2003 Senate Introduced and read first time SJ-88
1/14/2003 Senate Referred to Committee on Finance SJ-88
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 9-9-50, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CREDITED SERVICE FOR MEMBERS OF THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY, SO AS TO ALLOW A FORMER MEMBER OF THE GENERAL ASSEMBLY WHO IS NOT RECEIVING A RETIREMENT BENEFIT FROM THAT RETIREMENT SYSTEM TO ESTABLISH SERVICE CREDIT IN THE SYSTEM IN THE SAME MANNER THAT AN ACTIVE CONTRIBUTING MEMBER MAY ESTABLISH CREDIT AND TO DELETE AN OBSOLETE PROVISION RELATING TO SERVICE PURCHASE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Subsections (2) and (4) of Section 9-9-50 of the 1976 Code, as last amended by Act 387 of 2000, are further amended to read:
"(2) Notwithstanding any other provision of law, any member of the Retirement System for members of the General Assembly who has rendered service which would have been creditable under a correlated system may establish the service with this System, provided payment is made to the System on the same basis as members of the General Assembly contributed for the same period of time plus interest.
A former member of the General Assembly who is a member of the South Carolina Retirement System may transfer credit from the Retirement System for members of the General Assembly to the South Carolina Retirement System upon payment of an amount equal to four percent of his current salary or the average of his salary in the three highest consecutive years, whichever is greater, for each year of service credited.
(4) A member of the General Assembly or a former member not receiving a retirement benefit pursuant to this chapter may establish service credit in the system for the same types of service, at the same cost, and under the same conditions, as members of the South Carolina Retirement System may establish service in the South Carolina Retirement System pursuant to Section 9-1-1140."
SECTION 2. This act takes effect upon approval by the Governor.
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