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TO AMEND SECTION 9-11-70, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EARLY RETIREMENT UNDER THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM SO AS TO OVER FIVE FISCAL YEARS REDUCE FROM TWENTY-FIVE YEARS TO TWENTY-THREE YEARS THE REQUIRED CREDITED SERVICE OF A MEMBER OF THIS SYSTEM TO ELECT SERVICE RETIREMENT AT ANY AGE WITHOUT PENALTY AND TO REQUIRE THE STATE BUDGET AND CONTROL BOARD TO INCREASE EMPLOYER OR EMPLOYEE CONTRIBUTIONS, OR BOTH, TO PAY THE ACTUARIAL COST OF THIS REDUCTION IN REQUIRED YEARS OF SERVICE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-11-70(2) of the 1976 Code, as last amended by Act 424 of 1988, is further amended to read:
"(2) Upon early retirement, the member is entitled to a deferred early retirement allowance commencing upon the attainment of age fifty-five, which is equal to a service retirement allowance computed as provided in Section 9-11-60(2) on the basis of the member's average final compensation and credited service at his date of early retirement. A member with twenty-five or more the years of credited service in the following table is eligible for a service retirement allowance without a reduction. at any age:
Fiscal year of service Years of credited service
retirement required
2004-2005 24
After June 30, 2005 23."
SECTION 2. The State Budget and Control Board shall increase employer or employee contributions, or both, to the South Carolina Police Officers Retirement System in an amount sufficient to pay the actuarial cost of the reduction in required years of credited service allowed in the provisions of Section 9-11-70(2) of the 1976 Code, as amended by this act.
SECTION 3. This act takes effect July 1, 2004.
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