South Carolina General Assembly
115th Session, 2003-2004

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Indicates Matter Stricken
Indicates New Matter

H. 4044

STATUS INFORMATION

General Bill
Sponsors: Rep. G.M. Smith
Document Path: l:\council\bills\gjk\20542sd03.doc

Introduced in the House on April 23, 2003
Currently residing in the House Committee on Ways and Means

Summary: S.C. Retirement System

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   4/23/2003  House   Introduced and read first time HJ-147
   4/23/2003  House   Referred to Committee on Ways and Means HJ-147

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/23/2003

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 9-1-1620, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO OPTIONAL FORMS OF RETIREMENT ALLOWANCES UNDER THE STATE RETIREMENT SYSTEM; AND SECTION 9-11-150, AS AMENDED, RELATING TO OPTIONAL FORMS OF RETIREMENT ALLOWANCES UNDER THE POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO PROVIDE THAT A MEMBER WHO ELECTED A RETIREMENT OPTION THAT INCLUDED AN ADVANCE OF HIS FEDERAL SOCIAL SECURITY BENEFITS WHICH IS NO LONGER OFFERED AS A RETIREMENT OPTION MAY CHANGE THIS ELECTION ON A ONE-TIME BASIS TO ANY OTHER RETIREMENT OPTION NOW OFFERED, AND TO PROVIDE THAT IN ADDITION TO OTHER BENEFIT ADJUSTMENTS REQUIRED TO REFLECT THE MEMBER'S NEW ELECTION, THE REVISED BENEFIT ALLOWANCE SHALL BE ADJUSTED TO REFLECT AN ACTUARIAL RECOUPMENT OF THE FEDERAL SOCIAL SECURITY BENEFITS PREVIOUSLY ADVANCED PLUS SPECIFIED INTEREST.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 9-1-1620 of the 1976 Code, as last amended by Act 387 of 2000, is further amended by adding:

"(E)    A member who elected a retirement option that included an advance of his federal Social Security benefits which is no longer offered as a retirement option under the system may change this election on a one-time basis to any other retirement option now offered retirees under this system. In addition to other benefit adjustments required to reflect the member's new election, the revised benefit allowance under the option elected shall be adjusted to reflect an actuarial recoupment of the federal Social Security benefits previously advanced plus interest at the rate of eight percent per annum."

SECTION    2.    Section 9-11-150 of the 1976 Code, as last amended by Act 387 of 2000, is further amended by adding:

"(E)    A member who elected a retirement option that included an advance of his federal Social Security benefits which is no longer offered as a retirement option under the system may change this election on a one-time basis to any other retirement option now offered retirees under this system. In addition to other benefit adjustments required to reflect the member's new election, the revised benefit allowance under the option elected shall be adjusted to reflect an actuarial recoupment of the federal Social Security benefits previously advanced plus interest at the rate of eight percent per annum."

SECTION    3.    This act takes effect upon approval by the Governor.

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