Current Status Bill Number:View additional legislative information at the LPITS web site.783 Ratification Number:434 Act Number:381 Introducing Body:Senate Subject:Relating to the South Carolina Retirement System, the retirement system for members of the General Assembly, the Police Officers Retirement System, and the retirement system for judges and solicitors
(A381, R434, S783)
AN ACT TO AMEND SECTIONS 9-1-1620, 9-9-70, AND 9-11-150, ALL AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, AND ACT 150 OF 1979, AS AMENDED, RELATING TO THE SOUTH CAROLINA RETIREMENT SYSTEM, THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY, THE POLICE OFFICERS RETIREMENT SYSTEM, AND THE RETIREMENT SYSTEM FOR JUDGES AND SOLICITORS, SO AS TO PROVIDE THAT THE STATE BUDGET AND CONTROL BOARD APPROVE A PLAN IN WHICH THE TOTAL RETIREMENT ALLOWANCE FOR A SURVIVING BENEFICIARY, OTHER THAN A SPOUSE, IS PAID OUT OVER A PERIOD OF FIVE YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
Board authorized to approve plan
SECTION 1. Section 9-1-1620 of the 1976 Code, as last amended by Act 369 of 1982, is further amended by adding at the end:
"The Board is authorized to approve a five-year, pay-out plan developed by the actuary on the basis of the total retirement allowance for surviving beneficiaries, other than a spouse."
Further
SECTION 2. Section 9-9-70 of the 1976 Code, as last amended by Act 369 of 1982, is further amended by adding at the end:
"The Board is authorized to approve a five-year, pay-out plan developed by the actuary on the basis of the total retirement allowance for surviving beneficiaries, other than a spouse."
Further
SECTION 3. Section 9-11-150 of the 1976 Code, as last amended by Act 369 of 1982, is further amended by adding at the end:
"The Board is authorized to approve a five-year, pay-out plan developed by the actuary on the basis of the total retirement allowance for surviving beneficiaries, other than a spouse."
Further
SECTION 4. Section 7 of Act 150 of 1979 is amended by adding at the end:
"The Board is authorized to approve a five-year, pay-out plan developed by the actuary on the basis of the total retirement allowance for surviving beneficiaries, other than a spouse."
Time effective
SECTION 5. This act shall take effect upon approval by the Governor.