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H 5260 -
Creates the Optional Shared-Risk Defined Benefit Plan
Tracking Level:
Of Interest
Sponsor:
Jeffrey Bradley
Last Action:
2/20/2020 - House - Member(s) request name added as sponsor: B.Cox, Morgan
House Committee:
WM
Assigned To:
Health Insurance
Next Bill
Retirement
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Staff Analysis of the Legislation
Summary of the bill as introduced
: Creates a new retirement plan with requirements and benefits, a maximum 6% rate of return and 100% funding at inception.
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Session 123 - (2019-2020)
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H 5260 General Bill, By
Bradley
,
Lucas
,
Daning
,
Davis
,
Long
,
Stringer
,
Erickson
,
Bannister
,
Haddon
,
Elliott
,
Taylor
,
Herbkersman
,
B. Cox
and
Morgan
Summary:
Optional shared-risk defined benefit plan
A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING ARTICLE 19 TO CHAPTER 1, TITLE 9 SO AS TO CREATE THE OPTIONAL SHARED-RISK DEFINED BENEFIT PLAN, TO PROVIDE RETIREMENT REQUIREMENTS AND BENEFITS, TO PROVIDE FOR A MAXIMUM SIX PERCENT RATE OF RETURN, TO PROVIDE THAT THE PLAN IS ONE HUNDRED PERCENT FUNDED AT INCEPTION AND TO PROVIDE FOR CERTAIN RESTRICTIONS TO PLAN ENROLLMENT; BY ADDING SECTION 9-1-110 SO AS TO ALLOW AN EMPLOYER TO WITHDRAW FROM THE SOUTH CAROLINA RETIREMENT SYSTEM IN CERTAIN SITUATIONS; TO AMEND SECTION 9-1-10, AS AMENDED, RELATING TO DEFINITIONS, SO AS TO ADD "CLASS FOUR MEMBER"; TO AMEND SECTION 9-1-1790, RELATING TO THE AMOUNT THAT MAY BE EARNED BY AN EMPLOYEE RETURNING TO WORK, SO AS TO PROVIDE THAT AN EMPLOYEE WHO RETURNS TO COVERED EMPLOYMENT AFTER RETIREMENT MAY NOT CONTINUE TO RECEIVE THE MONTHLY RETIREMENT ALLOWANCE THE MEMBER IS RECEIVING FROM THE SYSTEM AND TO PROVIDE THAT THE EMPLOYER MAY CHOOSE TO PARTICIPATE IN A DEFERRED COMPENSATION PROGRAM FOR THOSE INDIVIDUALS; AND TO AMEND CHAPTER 20 OF TITLE 9, RELATING TO THE STATE OPTIONAL RETIREMENT PROGRAM, SO AS TO RENAME THE PROGRAM THE "DEFINED CONTRIBUTION PRIMARY RETIREMENT PLAN" (DCPRP), TO PROVIDE FOR A DEFAULT VENDOR AND INVESTMENT OPTION, TO PROVIDE SELECTION CRITERIA FOR VENDORS, TO PROVIDE RESPONSIBILITIES FOR VENDORS, TO PROVIDE FOR THE LENGTH OF VENDOR CONTRACTS, TO PROVIDE FOR THE NUMBER OF VENDORS THAT THE PUBLIC EMPLOYEE BENEFIT AUTHORITY MAY CONTRACT WITH, TO PROVIDE THAT AT LEAST ONE VENDOR OFFERS FIXED RATE AND VARIABLE ANNUITIES, TO PROVIDE THAT A MEMBER MAY NOT BORROW AGAINST HIS DCPRP, TO PROVIDE FOR VESTING REQUIREMENTS, TO PROVIDE FOR EMPLOYER AND EMPLOYEE CONTRIBUTION RATES, TO PROVIDE THAT CERTAIN EDUCATION MUST BE OFFERED TO MEMBERS, AND TO PROVIDE THAT A CLASS TWO OR CLASS THREE MEMBER MAY CHOOSE TO BECOME A CLASS FOUR MEMBER.
View full text
02/19/20
House
Introduced and read first time (
House Journal-page 58
)
02/19/20
House
Referred to Committee on Ways and Means (
House Journal-page 58
)
02/20/20
House
Member(s) request name added as sponsor: B.Cox, Morgan
Municipal Association of South Carolina
1411 Gervais St., PO Box 12109, Columbia, SC 29211
Phone: 803.799.9574, Fax: 803.933.1299,
mail@masc.sc