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Current Status Bill Number:View additional legislative information at the LPITS web site.3436 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990203 Primary Sponsor:Robinson All Sponsors:Robinson Drafted Document Number:l:\council\bills\bbm\9984htc99.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Retirement System, S.C. and Police Officers; certain allowance options deleted History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990203 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTIONS 9-1-1620 AND 9-11-15, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RETIREMENT ALLOWANCE OPTIONS UNDER THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICER'S RETIREMENT SYSTEM, SO AS PROSPECTIVELY TO DELETE THE OPTION ALLOWING THE ADVANCEMENT TO THE RETIREE OF AN AMOUNT FOR INCLUSION IN THE RETIREE'S MONTHLY ALLOWANCE EQUIVALENT TO THE RETIREE'S ESTIMATED SOCIAL SECURITY BENEFIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Option 4, Section 9-1-1620 of the 1976 Code, as last amended by Act 412 of 1990, is further amended to read:
"Option 4. Effective July 1, 1990, 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 Reserved;"
SECTION 2. Option 3, Section 9-11-150 of the 1976 Code, as last amended by Act 412 of 1990, is further amended to read:
"Option 3. Effective July 1, 1990, 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 Reserved;"
SECTION 3. This act takes effect on the first day of the sixth month following its approval by the Governor and applies with respect to members of the South Carolina Retirement System and South Carolina Police Officer's Retirement System retiring on or after that date.
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