Bill
H 4147
South Carolina bill would require credit unions to publicly post all fees and charges—at branches and online—boosting transparency for members and prospective customers.
Note on scope and sources
- The available filing text and history appear to include two different legislative drafts from different jurisdictions under the same docket number/title: (A) a Massachusetts private/personal retirement bill for an individual (Joseph Suppa) and (B) a South Carolina statutory amendment requiring credit unions to post fees. Both texts and procedural entries are present in the submitted materials. The summary below treats each text separately and then summarizes procedural/timeline notes as provided.
Purpose
- To authorize the Massachusetts State Board of Retirement to treat certain prior employment periods as “creditable service” for purposes of calculating retirement benefits for a named Massachusetts Department of Transportation employee, Joseph Suppa.
Key provisions
- The State Board of Retirement shall credit Joseph Suppa with service for the periods:
- March 1, 2004 through January 29, 2007, and
- January 29, 2011 through July 15, 2011,
for his employment with the Massachusetts Bay Transportation Authority.
- Crediting is specifically for determining retirement benefits under sections 5 or 10 of Chapter 32 of the Massachusetts General Laws.
- Joseph Suppa must meet all other eligibility requirements in Chapter 32 and Board rules.
- Before any retirement allowance becomes effective, Suppa must pay into the annuity savings fund the retirement contributions he would have made for that prior service, plus buyback interest; payment may be in a lump sum or installments as prescribed by the Board.
- Suppa has 5 years from passage of the act to exercise the buy-back options authorized by the act.
Who is affected
- Directly: Joseph Suppa (named individual).
- Indirectly: Massachusetts State Retirement System (administrative action, potential actuarial/accounting effect); sets a precedent for other private/personal bills granting buyback credit.
Potential impact
- Grants Suppa additional credited service for benefit calculation if he pays required contributions plus interest — potentially increasing his pension.
- Administrative workload for the State Board of Retirement to implement and process payment/buyback.
Purpose
- To increase fee transparency by requiring credit unions to post all fees and charges that may be assessed against a member.
Key provisions
- Credit unions must post — in a conspicuous place at their physical business location and on their website, app, or other electronic platforms used — all fees and charges that may be assessed against a member.
- The act would take effect upon the Governor’s approval (no specific effective date beyond that).
Who is affected
- Credit unions operating in South Carolina (obligation to post fee schedules publicly).
- Credit union members and prospective members (greater visibility of potential charges).
Potential impact
- Improved transparency and consumer awareness of fees.
- Minimal administrative compliance costs for credit unions to display and maintain current fee information.
- The text provided does not specify enforcement mechanisms or penalties for noncompliance.
If you want, I can:
- Produce a short fact sheet suitable for public distribution about either the Massachusetts private bill or the South Carolina credit-union transparency bill; or
- Look up and confirm the current status of the bill in the appropriate state legislative database.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
