South Carolina H4098 amends employer and employee contribution rates under the SCRS and PORS.

South Carolina H4098 amends the South Carolina Retirement System (SCRS) and Police Officers Retirement System (PORS) to allow employers to pick up employee contributions without reducing employee compensation. The bill specifies that employers can elect to cover employee contributions up until July 1st each year. Employee contributions picked up by employers are treated as employer contributions for federal tax purposes but as employee contributions for the retirement system. The bill also clarifies definitions and adjusts certain sections to reflect these changes.

South Carolina H4098 amends employer and employee contribution rates under the SCRS and PORS.

South Carolina H4098 amends the South Carolina Retirement System (SCRS) and Police Officers Retirement System (PORS) to allow employers to pick up employee contributions without reducing employee compensation. The bill specifies that employers can elect to cover employee contributions up until July 1st each year. Employee contributions picked up by employers are treated as employer contributions for federal tax purposes but as employee contributions for the retirement system. The bill also clarifies definitions and adjusts certain sections to reflect these changes.