2001-2002 Bill 19: General Assembly, Retirement System, Surviving Spouse of Former Member

BIL:19

TYP:General Bill GB

INB:Senate

IND:20010110

PSP:Elliott

SPO:Elliott, Ford, Branton

DDN:l:\s-res\de\007buyi.jh.doc

RBY:Senate

COM:Finance Committee 06 SF

SUB:General Assembly, Retirement System, surviving spouse of former member may purchase service credit, provisions

HST:

BodyDateAction DescriptionComLeg Involved

______

Senate20010110Introduced, read first time,06 SF

referred to Committee

Versions of This Bill

TXT:

A BILL

TO AMEND CHAPTER 1, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE RETIREMENT SYSTEM, BY ADDING SECTION 9-1-535 SO AS TO PROVIDE THAT THE SURVIVING SPOUSE OF A FORMER MEMBER OF THE GENERAL ASSEMBLY MAY PURCHASE UP TO EIGHT YEARS OF SERVICE CREDIT TIME IN THE STATE RETIREMENT SYSTEM, IF THE MEMBER SERVED A MINIMUM OF SIX YEARS BUT LESS THAN EIGHT IN THE GENERAL ASSEMBLY; TO PROVIDE FOR THE RATE AT WHICH THE SERVICE CREDIT TIME MAY BE PURCHASED; AND TO PROVIDE FOR STATE MATCHING CONTRIBUTIONS.

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

SECTION1.Chapter 1, Title 9 of the 1976 Code is amended by adding:

“Section 9-1-535.The surviving spouse of a former member of the General Assembly may elect to purchase up to eight years of service credit time to be credited toward vesting in the state retirement system, provided that the former member served a minimum of six years but less than eight in the General Assembly prior to January 1, 1980.

A surviving spouse may elect to purchase the service credit time at the same rate that was available to the member during his service in the General Assembly. Notwithstanding any other provision of law, a surviving spouse exercising the option pursuant to the provisions of this section is entitled to the state matching contribution at the same rate available to members serving in the General Assembly at the time of exercise of the option.

Nothing contained in this section or any other provision of law shall be interpreted to preclude the surviving spouse of a former member who received a refund of all contributions to the system from exercising the option created pursuant to this section.”

SECTION2.This act takes effect upon approval by the Governor.

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