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S 0134 - Closes the defined benefit state retirement plan to new employees immediately after full funding

Tracking Level: Of Interest
Sponsor: Thomas Davis (R)
Last Action: 1/8/2019 - Senate - Referred to Committee on Finance
Senate Committee: Fin
Assigned To:
RetirementNext Bill

Staff Analysis of the Legislation

Summary of the bill as introduced: Closes the defined benefit state retirement plan to new employees immediately following an actuarial determination that the system is fully funded. This bill also establishes a joint legislative committee to review the annual actuarial valuation.

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Session 123 - (2019-2020)Printer Friendly
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S 0134 General Bill, By Davis and Gregory
Summary: Retirement system
    A BILL TO AMEND SECTION 9-1-1085 OF THE 1976 CODE, RELATING TO EMPLOYER AND EMPLOYEE CONTRIBUTION RATES, TO PROVIDE THAT THE DEFINED BENEFIT PLAN IS CLOSED TO NEW EMPLOYEES IMMEDIATELY FOLLOWING AN ACTUARIAL DETERMINATION THAT THE SYSTEM IS FULLY FUNDED; TO AMEND ARTICLE 1, CHAPTER 1, OF TITLE 9 OF THE 1976 CODE, RELATING TO THE SOUTH CAROLINA RETIREMENT SYSTEM GENERALLY, BY ADDING SECTION 9-1-65, TO ESTABLISH AN ANNUAL JOINT LEGISLATIVE COMMITTEE TO REVIEW THE ANNUAL ACTUARIAL VALUATION AND ESTABLISH THE JOINT LEGISLATIVE COMMITTEE'S AUTHORITY TO REVIEW ANY ACTUARIAL INVESTIGATION AND VALUATIONS PREPARED PURSUANT TO SECTIONS 9-1-250 AND 9-1-260; AND TO DEFINE NECESSARY TERMS.
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12/12/18Senate Prefiled
12/12/18Senate Referred to Committee on Finance
01/08/19Senate Introduced and read first time (Senate Journal-page 103)
01/08/19Senate Referred to Committee on Finance (Senate Journal-page 103)



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