Whereas, Internal Revenue Code (IRC) Section 414(h)(2) permits employer "pickup" of the
employee portion of contributions to a retirement plan, thereby resulting in the deferral of employee contributions; and
Whereas, under the South Carolina Retirement Systems, Police Officers Retirement System, Retirement System for the Members of the General Assembly and Retirement System for Judges and Solicitors plan provisions (see South Carolina Code of Laws Sections 9-1-1140, 9-11-50, 9-9-50(4) and 9-8-50), members may be allowed to purchase prior or additional service credit by means of payroll deducted installment payments;
Be it further resolved that a member may revoke the salary reduction election only in the event of an unforeseeable emergency as that phrase is used and defined in IRC Section 457 and Treasury Regulation Section 1.457-6(c)(2)(i) and if such a revocation is made, the member may not make a new salary reduction election during his period of employment.
Now therefore, be it resolved, that in order to permit tax deferral for these additional amounts through payroll deductions, an employee shall enter into a binding irrevocable payroll deduction authorization and such employee shall not have the option of choosing to receive the amounts directly instead of having them paid by the employer to the South Carolina Retirement System,Police Officers Retirement System, Retirement System for the Members of the General Assembly and Retirement System for Judges and Solicitors;
Be it further resolved that additional amounts herein specified, through payroll deduction from salary, are designated as being picked up by the employer and paid by the employer to the Retirement Systems.
If you left AAFES employment in 1995 or after, employment verificdation must be
obtained by contacting THE WORK NUMBER FOR EVERYONE, a natinal
employment verification service, at 1-900-555-9675. Enter the AAFES company Code of
10509 then enter applicable information as prompted. However, to obtain
verification of your retirement status you must still contact the Benefit Section of AAFES
at the above address.
SOUTH CAROLINA RETIREMENT SYSTEMS
EMPLOYER RESOLUTION ON TAX DEFERRED
PAYROLL DEDUCTIONS FOR INSTALLMENT SERVICE PURCHASE