S*0373(Rat #0050, Act #0027 of 2015)  General Bill, By Setzler
 AN ACT TO AMEND SECTIONS 9-1-1620 AND 9-11-150, BOTH AS AMENDED, CODE OF LAWS
 OF SOUTH CAROLINA, 1976, RELATING TO THE OPTIONAL FORMS OF RETIREMENT
 ALLOWANCES FOR MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH
 CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, RESPECTIVELY, SO AS TO ALLOW A
 MEMBER TO CHANGE THE FORM OF MONTHLY PAYMENT WITHIN FIVE YEARS OF A CHANGE IN
 MARITAL STATUS, INSTEAD OF ONE YEAR. - ratified title

   01/28/15  Senate Introduced and read first time (Senate Journal-page 11)
   01/28/15  Senate Referred to Committee on Finance
                     (Senate Journal-page 11)
   02/18/15  Senate Committee report: Favorable with amendment
                     Finance (Senate Journal-page 11)
   02/19/15  Senate Committee Amendment Adopted (Senate Journal-page 14)
   03/03/15  Senate Read second time (Senate Journal-page 9)
   03/03/15  Senate Roll call Ayes-38  Nays-1 (Senate Journal-page 9)
   03/05/15  Senate Read third time and sent to House
                     (Senate Journal-page 28)
   03/17/15  House  Introduced and read first time (House Journal-page 34)
   03/17/15  House  Referred to Committee on Ways and Means
                     (House Journal-page 34)
   05/21/15  House  Committee report: Favorable Ways and Means
                     (House Journal-page 28)
   05/26/15  House  Read second time (House Journal-page 47)
   05/26/15  House  Roll call Yeas-100  Nays-0 (House Journal-page 48)
   05/27/15  House  Read third time and enrolled (House Journal-page 8)
   05/28/15         Ratified R 50
   06/01/15         Signed By Governor
   06/04/15         Effective date See Act for Effective Date
   06/05/15         Act No. 27

(A27, R50, S373)

AN ACT TO AMEND SECTIONS 9-1-1620 AND 9-11-150, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE OPTIONAL FORMS OF RETIREMENT ALLOWANCES FOR MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, RESPECTIVELY, SO AS TO ALLOW A MEMBER TO CHANGE THE FORM OF MONTHLY PAYMENT WITHIN FIVE YEARS OF A CHANGE IN MARITAL STATUS, INSTEAD OF ONE YEAR.

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

SCRS extension for changing retirement option

SECTION    1.    Section 9-1-1620(B)(1) of the 1976 Code, as last amended by Act 387 of 2000, is further amended to read:

"(1)    A retired member, within five years after a change in marital status, may revoke the form of monthly payment elected and elect a new form of monthly payment, which must be the actuarial equivalent of the maximum retirement allowance payable to the member under law. The new form of monthly payment is effective on the first day of the month in which the election of the new form of monthly payment is received by the system and must be calculated based upon the ages of the retired member and the member's beneficiary or beneficiaries as of that effective date."

SCPORS extension for changing retirement option

SECTION    2.    Section 9-11-150(B)(1) of the 1976 Code, as last amended by Act 387 of 2000, is further amended to read:

"(1)    A retired member, within five years after a change in marital status, may revoke the form of monthly payment elected and elect a new form of monthly payment, which must be the actuarial equivalent of the maximum retirement allowance payable to the member under law. The new form of monthly payment is effective on the first day of the month in which the election of the new form of monthly payment is received by the system and must be calculated based upon the ages of the retired member and the member's beneficiary or beneficiaries as of that effective date."

Time effective

SECTION    3.    This act takes effect upon approval by the Governor and applies to any new form of monthly payment elected thereafter due to a change in marital status.

Ratified the 28th day of May, 2015.

Approved the 1st day of June, 2015.