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ALLOWING RETIRED MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM A ONETIME OPPORTUNITY TO REVOKE THEIR RETIREMENT ALLOWANCE OPTION AND ELECT ANOTHER OPTION, AND TO ALLOW THIS REVOCATION AND ELECTION FROM SEPTEMBER 1, 2004, THROUGH OCTOBER 31, 2004.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) The South Carolina Retirement System and the South Carolina Police Officers Retirement System shall allow all retired members of these systems to revoke the retirement allowance option otherwise applicable to these retirees pursuant to Sections 9-1-1620 and 9-11-150 of the 1976 Code as of August 31, 2004, and elect a new option. This revocation and election is allowed from September 1, 2004, through October 31, 2004. This revocation and new election must be made in the manner provided in Sections 9-1-1620(B) and 9-11-150(B) and the new form of monthly payment must be calculated in the manner provided in these subsections. The revocation and election allowed pursuant to this joint resolution is in addition to the retirement option revocations otherwise allowed by law.
(B) The South Carolina Retirement System shall notify in writing all eligible retirees of the provisions of subsection (A) of this section and publicize this revocation option opportunity in the manner it determines appropriate.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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