South Carolina General Assembly
104th Session, 1981-1982

Bill 2387

                    Current Status

Bill Number:               2387
Ratification Number:       185
Act Number                 133
Introducing Body:          House
Subject:                   South Carolina Retirement System, nominee
                           of deceased member may
           elect allowance
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A133, R185, H2387)

AN ACT TO AMEND SECTIONS 9-1-1660, 9-9-100 AND 9-11-130, ALL AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SOUTH CAROLINA RETIREMENT SYSTEM, THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY AND THE POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO REDUCE THE REQUIREMENTS WHICH PERMIT NOMINEES OF **DECASED MEMBERS OF THE SYSTEMS TO ELECT A MONTHLY ALLOWANCE RATHER THAN RECEIVING THE MEMBER'S ACCUMULATED CONTRIBUTIONS TO THE SYSTEMS, AND TO PROVIDE THAT SUCH AN ELECTION TO RECEIVE A MONTHLY ALLOWANCE SHALL PROHIBIT THE NOMINEE FROM RECEIVING CERTAIN OTHER PRERETIREMENT DEATH BENEFITS.

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

Nominee of deceased member may elect monthly allowance

SECTION 1. Section 9-1-1660 of the 1976 Code, as last amended by Section 33, Part II, of Act 644 of 1978, is further amended by adding:

"(3) The person nominated by a member to receive the full amount of his accumulated contributions in the event of his death before retirement may, if the member dies in service after the accumulation of fifteen years of creditable service, elect to receive in lieu of such accumulated contributions an allowance for life in the same amount as if the deceased member had retired at the time of his death and had named such person as beneficiary under an election of Option 2 of Section 9-1-1620. In the event the surviving designated beneficiary elects to receive an allowance for life under this subsection, the beneficiary shall become ineligible to be paid a preretirement death benefit under Section 9-1-1770. The administration of the Retirement System may transfer from the Group Life Insurance Account to the Retirement System Account a sum equivalent to the amount forfeited under the preretirement death benefit program by the selection of a survivor allowance."

Further

SECTION 2. Section 9-9-100 of the 1976 Code, as last amended by Section 33, Part II, of Act 644 of 1978, is further amended by adding:

"(5) The person nominated by a member to receive the full amount of his accumulated contributions in the event of his death before retirement may, if the member dies in service after the accumulation of fifteen years of creditable service, elect to receive in lieu of such accumulated contributions an allowance for life in the same amount as if the deceased member had retired at the time of his death and had named such person as beneficiary under an election of Option 1 of Section 9-9-70. In the event the surviving designated beneficiary elects to receive an allowance for life under this subsection, the beneficiary shall become ineligible to be paid a preretirement death benefit under subsection (4) of this section. The administration of the Retirement System may transfer from the Group Life Insurance Account to the Retirement System Account a sum equivalent to the amount forfeited under the preretirement death benefit program by the selection of a survivor allowance."

Further

SECTION 3. Section 9-11-130 of the 1976 Code, as last amended by Section 33, Part II, of Act 644 of 1978, is further amended by adding:

"(4) The person nominated by a member to receive the full amount of his contributions in the event of his death before retirement may, if the member dies in service after the accumulation of fifteen years of creditable service, elect to receive in lieu of such accumulated contributions an allowance for life in the same amount as if the deceased member had retired at the time of his death and had named such person as beneficiary under an election of Option 1 of Section 9-11-150. In the event the surviving designated beneficiary elects to receive an allowance for life under this subsection, the beneficiary shall become ineligible to be paid a preretirement death benefit under Section 9-11-120. The administration of the Retirement System may transfer from the Group Life Insurance Account to the Retirement System Account a sum equivalent to the amount forfeited under the preretirement death benefit program by the selection of a survivor allowance."

Time effective

SECTION 4. This act shall take effect upon approval by the Governor.