S 0636 Joint Resolution, By Reese
 A JOINT RESOLUTION TO PROVIDE FOR A NONRETROACTIVE INCREASE IN THE STATE
 RETIREMENT BENEFITS OF RETIREES OF THE SOUTH CAROLINA RETIREMENT SYSTEM AND
 THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM WHO RETIRED BEFORE JULY
 1, 1990, HAVING ELECTED OPTION 4 OR 3 RESPECTIVELY, IF A REVISED METHOD OF THE
 CALCULATION OF THEIR BENEFITS RESULTS IN AN AMOUNT HIGHER THAN THE AMOUNT THEY
 RECEIVE OR ARE SCHEDULED TO RECEIVE.

   04/26/01  Senate Introduced and read first time SJ-5
   04/26/01  Senate Referred to Committee on Finance SJ-5

TO PROVIDE FOR A NONRETROACTIVE INCREASE IN THE STATE RETIREMENT BENEFITS OF RETIREES OF THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM WHO RETIRED BEFORE JULY 1, 1990, HAVING ELECTED OPTION 4 OR 3 RESPECTIVELY, IF A REVISED METHOD OF THE CALCULATION OF THEIR BENEFITS RESULTS IN AN AMOUNT HIGHER THAN THE AMOUNT THEY RECEIVE OR ARE SCHEDULED TO RECEIVE.

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

SECTION 1. The amount of the monthly benefit due a retiree of the South Carolina Retirement System or the South Carolina Police Officers Retirement System who retired before July 1, 1990, having elected Option 4 or 3 respectively, must be calculated assuming the law with respect to these options in effect July 1, 1990, to have been in effect when the retiree retired. This calculation must be made only when the benefit otherwise due the retiree is scheduled to decrease, or on the effective date of this joint resolution, if the retiree has attained the age of sixty-two years. If this calculation results in a higher benefit than the benefit the retiree otherwise receives or is scheduled to receive, then the member shall receive the higher benefit beginning from the effective date of this joint resolution or the retiree attains the age of sixty-two years, whichever is later.

Nothing in this joint resolution may be construed to create any right for retroactive benefits.

SECTION 2. This joint resolution takes effect on the first day of the second month following approval by the Governor.