Bills Assigned to Keyword - Retirement (10)
Date of Last Recorded Action: 3/28/2024
H 3726
H 3726
Makes changes to the SC Retirement System
04.04.2017 The conference committee adopted portions of each version of the bill and passed it out favorably.02.14.2017 The House Ways and Means Legislative subcommittee gave this bill a favorable report. Summary of the bill as introduced: Pays down the unfunded liability of the state retirement system and reduces the assumed annual rate of return from 7.5 percent to 7.25 percent.This bill increases the employer contribution rate for SCRS and PORS by 2 percent effective July 1. It increases the employer contribution 1 percent each year through 2023 ultimately producing an employer rate of 18.56 for SCRS and 21.24 for PORS. It also places a cap of 9 percent on the employee contribution rate effective July 1. There is no reduction in cost of living adjustments for retirees.
Sponsor:
William Herbkersman
House Com:
WM
Senate Com:
Fin
Status: Act No. 13
Status Date: 4/28/2017
Keywords:
Retirement
Week of 02.06.2017
Week of 02.13.2017
Week of 04.03.2017
Passed
H 4725
Extends the TERI program to June 30, 2021
Summary of the bill as introduced: Extends the Teacher and Employee Retention Incentive Program to June 30, 2021.
Sponsor:
Robert Brown
House Com:
WM
Senate Com:
Status: Referred to Committee on Ways and Means
Status Date: 1/25/2018
Keywords:
Retirement
TERI
Week of 01.22.2018
Of Interest
H 4930
Deletes the post-retirement earnings limitation for police officers
Summary of the bill as introduced: Deletes the post-retirement earnings limitation for those who may return to work under the Police Officers Retirement System.
Sponsor:
Bruce Bryant
House Com:
WM
Senate Com:
Status: Referred to Committee on Ways and Means
Status Date: 2/14/2018
Keywords:
Retirement
Week of 02.12.2018
Of Interest
H 5000
Creates the optional shared-risk defined benefit plan
Summary of the bill as introduced: Creates the optional shared-risk defined benefit plan to provide retirement requirements and benefits.
Sponsor:
James Lucas
House Com:
WM
Senate Com:
Status: Recommitted to Committee on Ways and Means
Status Date: 5/1/2018
Keywords:
Retirement
Week of 02.19.2018
Of Interest
H 5178
Changes the earnings limitation for covered employees under the state retirement system
Summary of the bill as introduced: Changes the earnings limitation for covered employees under the state retirement system exempt a member from the limitation who retired before November 1, 2017 and for police officers who retired before December 31, 2017.
Sponsor:
Kirkman Finlay
House Com:
WM
Senate Com:
Status: Referred to Committee on Ways and Means
Status Date: 3/22/2018
Keywords:
Retirement
Week of 03.19.2018
Of Interest
S 0394
Makes changes to the state retirement system benefits and contributions
02.21.2017 The Senate Finance Committee gave this bill a favorable report as amended. The amendment makes Public Employment Benefit Authority actuaries' information shareable with the Retirement System Investment Commission. Summary of the bill as introduced: Reduces the assumed annual rate of return from 7.5 percent to 7.25 percent. It increases the employer contribution rate for SCRS and PORS 2 percent effective July 1. Then increases one percent each year through 2023. The bill also places a cap on employee contribution rate effective July 1 to nine percent. There is no reduction in cost of living adjustments.
Sponsor:
Vincent Sheheen
House Com:
WM
Senate Com:
Fin
Status: Referred to Committee on Ways and Means
Status Date: 3/7/2017
Keywords:
Retirement
Week of 02.06.2017
Week of 02.20.2017
Of Interest
S 0828
Allows certain employees to be hired without a loss of retirement benefits
03.28.2018 The Senate Finance Committee recommitted this bill back to the subcommittee. 03.21.2018 The Senate Finance State Retirement System subcommittee gave this bill a favorable report as amended. The amendment extends the exemption for retired employees to return to work without the earnings cap of $10,000. The exemption includes teachers and principals in critical areas and police officers hired as school resource officers or instructors at the Criminal Justice Academy.03.15.2018 The Senate Finance State Retirement System subcommittee carried this bill over.03.06.2018 The Senate Finance State Retirement System subcommittee carried this bill over.Summary of the bill as introduced: Allows certain employees to be hired without a loss of retirement benefits.
Sponsor:
Michael Fanning
House Com:
Senate Com:
Fin
Status: Referred to Committee on Finance
Status Date: 1/9/2018
Keywords:
Retirement
Senate
Week of 03.05.2018
Week of 03.12.2018
Week of 03.19.2018
Week of 03.26.2018
Of Interest
S 0854
Designates that a member of the SC Retirement System is "in service" on the date his application for disability retirement is filed
03.13.2018 The Senate Finance Committee gave this bill a favorable report.03.06.2018 The Senate Finance State Retirement System subcommittee gave this bill a favorable report.Summary of the bill as introduced: Designates that a member of the SC Retirement System "in service" on the date his application for disability retirement is filed if the last day the member was employed in the system occurred not more than one year before the date of filing.
Sponsor:
Vincent Sheheen
House Com:
WM
Senate Com:
Fin
Status: Referred to Committee on Ways and Means
Status Date: 4/3/2018
Keywords:
Employment/Personnel
Retirement
Week of 01.08.2018
Week of 03.05.2018
Week of 03.12.2018
Of Interest
S 1040
Requires new employees to participate in a defined contribution retirement plan beginning July 1, 2019
Summary of the bill as introduced: Requires new employees to participate in a defined contribution retirement plan beginning July 1, 2019.
Sponsor:
Thomas Davis
House Com:
Senate Com:
Fin
Status: Referred to Committee on Finance
Status Date: 2/22/2018
Keywords:
Retirement
Week of 02.19.2018
Of Interest
S 1131
Exempts certain participants in the state retirement system from the $10,000 earnings cap
Summary of the bill as introduced: Exempts certain participants in the state retirement system who participated in the TERI program as of October 31, 2017, from the $10,000 earnings cap.
Sponsor:
John Scott
House Com:
Senate Com:
Fin
Status: Referred to Committee on Finance
Status Date: 3/20/2018
Keywords:
Retirement
Week of 03.19.2018
Of Interest
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