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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 MAY RECEIVE A SURVIVOR BENEFIT EQUIVALENT TO THE OPTION 2 SURVIVOR ELECTION UPON A LUMP-SUM PAYMENT TO THE SYSTEM OF AN AMOUNT SUFFICIENT TO OFFSET THE ACTUARIAL COST OF THE BENEFIT.
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 may receive a survivor benefit as if the member had elected Option 2 upon a lump-sum payment to the system in an amount sufficient to offset the actuarial cost of the benefit as determined by the board."
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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