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Current Status Bill Number:View additional legislative information at the LPITS web site.4969 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20020326 Primary Sponsor:Simrill All Sponsors:Simrill and McGee Drafted Document Number:l:\council\bills\swb\5223djc02.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Police Officers Retirement System options, certain to provide full retirement allowance rather than reduced allowance under certain conditions History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20020326 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 9-11-50, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO OPTIONAL FORMS OF RETIREMENT ALLOWANCES UNDER THE POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO ALLOW A MEMBER UNDER PARTICULAR OPTIONS TO RECEIVE A FULL RETIREMENT ALLOWANCE RATHER THAN A REDUCED ALLOWANCE UNDER CERTAIN CONDITIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-11-150(A) of the 1976 Code, as last amended by Act 387 of 2000, is further amended to read:
"(A) No later than the date the first payment of a retirement allowance is due, a member shall elect a form of monthly payment from the following options:
Option A. The maximum retirement allowance payable under law for the life of the member. Upon the member's death, the member's designated beneficiary is entitled to receive any remaining member contributions.
Option B. A reduced retirement allowance payable during the retired member's life, which continues after the member's death for the life of the member's designated beneficiary or, if the member selects multiple beneficiaries, which continues after the member's death in equal shares to and for the life of each of two or more beneficiaries. The reduced retirement allowance payable under this option must be the actuarial equivalent of the maximum retirement allowance payable to the member under law, and if the member selects multiple beneficiaries, the benefit reduction factor must be based on the average age of the designated beneficiaries. To the extent the actuarial cost of the beneficiary's allowance under this option exceeds the cost of the member's benefit under Option C, the member's retirement allowance must be reduced to offset the actuarial cost in excess of the member's benefit as provided in Option C. If all of the designated beneficiaries predecease the member, then the member shall receive a retirement allowance equal to the maximum retirement allowance payable under law to the member.
Option C. A reduced retirement allowance payable during the retired member's life, which continues after the member's death at one-half the rate paid to the member for the life of the member's designated beneficiary or, if the member selects multiple beneficiaries, which continues after the member's death at one-half the rate paid to the member in equal shares to and for the life of each of two or more beneficiaries. The reduced retirement allowance payable under this option must be the actuarial equivalent of the maximum retirement allowance payable to the member under law, and if the member selects multiple beneficiaries, the benefit reduction factor must be based on the average age of the designated beneficiaries. The retirement allowance of the member under this option must be the allowance payable to him on his account without reduction, except to the extent the actuarial cost of the beneficiary's allowance provided under this option exceeds fifteen percent of the member's maximum benefit, in which case the member's retirement allowance must be reduced to offset the cost in excess of fifteen percent of the member's maximum benefit. If all of the designated beneficiaries predecease the member, then the member shall receive a retirement allowance equal to the maximum retirement allowance payable under law to the member."
SECTION 2. Section 9-11-210(1) of the 1976 Code, as last amended by Act 387 of 2000, is further amended to read:
"(1) Each Class One member shall contribute to the System twenty-one twenty-six dollars a month during his service after becoming a member. Each Class Two member shall contribute to the System six and one-half eight and twenty-eight one hundredths percent of his compensation."
SECTION 3. This act takes effect upon approval by the Governor.
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