Bill > H4577

This bill amends the South Carolina retirement system to ensure that full-time masters-in-equity (judges who handle specific types of civil and administrative legal matters) will participate in the South Carolina Police Officers Retirement System (SCPORS) starting January 1, 2027. Between July 1, 2026, and January 1, 2027, these masters-in-equity will have the option to transfer their existing credited service from the South Carolina Retirement System (SCRS) to SCPORS by paying their accumulated employer and employee contributions, plus an additional five percent of their annual salary for each year of service. After January 1, 2027, masters-in-equity can transfer their credited service according to existing provisions in Section 9-11-40(9) of the state retirement system regulations. The bill will take effect upon the Governor's approval, providing a structured transition for these judicial professionals to join the Police Officers Retirement System.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4577&session=126&summary=B