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Bill 1181

                    Current Status

Bill Number:                      1181
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20020403
Primary Sponsor:                  Elliott
All Sponsors:                     Elliott
Drafted Document Number:          l:\council\bills\bbm\10988htc02.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          General Assembly Retirement System, 
                                  provisions regarding survivor benefit options


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20020403  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 9-9-70, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SURVIVOR BENEFIT OPTION ELECTION FOR RETIRING MEMBERS OF THE GENERAL ASSEMBLY RETIREMENT SYSTEM, GARS, SO AS TO PROVIDE THAT THE SURVIVING SPOUSE OF A DECEASED MEMBER OF THE GENERAL ASSEMBLY WHO HAD AT LEAST TEN YEARS CREDITED SERVICE IN GARS AND WHO ELECTED THE MAXIMUM BENEFIT SHALL RECEIVE A SURVIVOR BENEFIT EQUIVALENT TO THE OPTION 2 SURVIVOR ELECTION.

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

SECTION 1. Section 9-9-70 of the 1976 Code, as last amended by Act 458 of 1996, is further amended by adding a new paragraph at the end to read:

"Notwithstanding any other provision of law, if a member of this system retired with at least ten years service credit and elected the maximum benefit, a surviving spouse of the member must receive a survivor benefit as if the member had elected Option 2 reduced by any return of contributions paid to any beneficiary at the member's death. The board shall prescribe the method of any applicable benefit reduction."

SECTION 2. This act takes effect upon approval by the Governor and has retroactive effect with respect to determining eligibility and prospective effect for the payment of benefits.

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