Current Status Introducing Body:House Bill Number:4443 Primary Sponsor:Boan Committee Number:30 Type of Legislation:GB Subject:Retirement systems, benefit options Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/6140.HC Introduced Date:Feb 25, 1992 Last History Body:House Last History Date:Feb 25, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Boan Type of Legislation:General Bill
Bill Body Date Action Description CMN
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4443 House Feb 25, 1992 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTIONS 9-1-1620 AND 9-11-150, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO BENEFIT OPTIONS UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO PROVIDE THAT BEGINNING FOR PERSONS RETIRING AFTER JUNE 30, 1992, ELECTING THE OPTION THAT ADVANCES AMOUNTS EQUAL TO POTENTIAL SOCIAL SECURITY BENEFITS, WHEN THE AMOUNT ADVANCED HAS BEEN RECOVERED, PLUS INTEREST, THE MEMBER'S BENEFIT ADJUSTS TO THE MAXIMUM BENEFIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Option 4 of Section 9-1-1620 of the 1976 Code, as amended by Act 412 of 1990, is further amended to read:
"Option 4. Effective July 1, 1990 1992, a retirement allowance of the amount that, with his benefit under Title II of the Federal Social Security Act, he will receive, so far as possible, approximately the same amount a year before and after the earliest age at which he becomes eligible, upon application therefor, to receive a Social Security benefit. Cost-of-living and other special increases in benefits are not applied to the amount advanced under this option. After recovery of the amount advanced to the member, plus interest, the benefit adjusts to the maximum benefit;".
SECTION 2. Option 3 of Section 9-11-150 of the 1976 Code, as amended by Act 412 of 1990, is further amended to read:
"Option 3. Effective July 1, 1990 1992, a retirement allowance of the amount that, with his benefit under Title II of the Federal Social Security Act, he will receive, so far as possible, approximately the same amount a year before and after the earliest age at which he becomes eligible, upon application therefor, to receive a Social Security benefit. Cost-of-living and other special increases in benefits are not applied to the amount advanced under this Option. After recovery of the amount advanced to the member, plus interest, the benefit adjusts to the maximum benefit;".
SECTION 3. This act takes effect upon approval by the Governor and applies with respect to persons retiring after June 30, 1992.