Download This Version in Microsoft Word format

Bill 4044

TO AMEND SECTION 9-1-1620, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO OPTIONAL FORMS OF RETIREMENT ALLOWANCES UNDER THE STATE RETIREMENT SYSTEM; AND SECTION 9-11-150, AS AMENDED, RELATING TO OPTIONAL FORMS OF RETIREMENT ALLOWANCES UNDER THE POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO PROVIDE THAT A MEMBER WHO ELECTED A RETIREMENT OPTION THAT INCLUDED AN ADVANCE OF HIS FEDERAL SOCIAL SECURITY BENEFITS WHICH IS NO LONGER OFFERED AS A RETIREMENT OPTION MAY CHANGE THIS ELECTION ON A ONE-TIME BASIS TO ANY OTHER RETIREMENT OPTION NOW OFFERED, AND TO PROVIDE THAT IN ADDITION TO OTHER BENEFIT ADJUSTMENTS REQUIRED TO REFLECT THE MEMBER'S NEW ELECTION, THE REVISED BENEFIT ALLOWANCE SHALL BE ADJUSTED TO REFLECT AN ACTUARIAL RECOUPMENT OF THE FEDERAL SOCIAL SECURITY BENEFITS PREVIOUSLY ADVANCED PLUS SPECIFIED INTEREST.

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

SECTION    1.    Section 9-1-1620 of the 1976 Code, as last amended by Act 387 of 2000, is further amended by adding:

"(E)    A member who elected a retirement option that included an advance of his federal Social Security benefits which is no longer offered as a retirement option under the system may change this election on a one-time basis to any other retirement option now offered retirees under this system. In addition to other benefit adjustments required to reflect the member's new election, the revised benefit allowance under the option elected shall be adjusted to reflect an actuarial recoupment of the federal Social Security benefits previously advanced plus interest at the rate of eight percent per annum."

SECTION    2.    Section 9-11-150 of the 1976 Code, as last amended by Act 387 of 2000, is further amended by adding:

"(E)    A member who elected a retirement option that included an advance of his federal Social Security benefits which is no longer offered as a retirement option under the system may change this election on a one-time basis to any other retirement option now offered retirees under this system. In addition to other benefit adjustments required to reflect the member's new election, the revised benefit allowance under the option elected shall be adjusted to reflect an actuarial recoupment of the federal Social Security benefits previously advanced plus interest at the rate of eight percent per annum."

SECTION    3.    This act takes effect upon approval by the Governor.

This web page was last updated on Thursday, June 25, 2009 at 9:45 A.M.