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Indicates New Matter
S. 44
STATUS INFORMATION
General Bill
Sponsors: Senators Elliott and Reese
Document Path: l:\council\bills\ggs\22698htc03.doc
Introduced in the Senate on January 14, 2003
Currently residing in the Senate Committee on Finance
Summary: General Assembly Retirement System, spouse of a deceased member; provisions for receiving benefits
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/4/2002 Senate Prefiled 12/4/2002 Senate Referred to Committee on Finance 1/14/2003 Senate Introduced and read first time SJ-39 1/14/2003 Senate Referred to Committee on Finance SJ-39
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
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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