The bill H. 3437 proposes amendments to the South Carolina Code of Laws regarding the earnings limitation for retired members returning to covered employment in both the South Carolina Retirement System and the South Carolina Police Officers Retirement System. Specifically, it seeks to exempt certain retired members from the earnings limitation if they meet specific criteria. These criteria include having retired before January 2, 2013, reaching the age of sixty-two at retirement (or fifty-seven for police officers), receiving compensation for public office service, or not having engaged in any compensated work for at least twelve consecutive months after retirement. Additionally, it introduces a new exemption for retired members who are employed in critical needs law enforcement positions, contingent upon approval from the Law Enforcement Training Council.

The bill also emphasizes the importance of accurate certification by retired members regarding their eligibility for these exemptions, stating that any inaccuracies could result in the member being responsible for reimbursing the system for any benefits wrongly paid. Furthermore, the Law Enforcement Training Council is tasked with reviewing and approving positions for the earnings limitation exception and must report annually to legislative committees. The provisions of this act will take effect upon the Governor's approval.

Statutes affected:
12/05/2024: 9-1-1790, 9-11-90
Latest Version: 9-1-1790, 9-11-90