Employers may pay employee contributions to retirement systems in lieu of deductions from employee compensation.
This bill amends South Carolina law to allow employers to pay employee contributions to the South Carolina Retirement System and Police Officers Retirement System in lieu of deductions from employee compensation. Employers can elect to pay these contributions without reducing employee compensation. Contributions paid by employers are treated as employer contributions for federal tax purposes but credited as employee contributions for the retirement system. The bill also clarifies definitions and treatment of contributions in the retirement system.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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