Current Status Introducing Body:House Bill Number:4274 Primary Sponsor:Carnell Committee Number:06 Type of Legislation:GB Subject:Police officers, retirement provisions Residing Body:Senate Current Committee:Finance Computer Document Number:CYY/18736.SD Introduced Date:Jan 28, 1992 Date of Last Amendment:Feb 26, 1992 Last History Body:Senate Last History Date:Mar 03, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Carnell Wofford McAbee Waldrop Jennings T.C. Alexander Altman G. Bailey Barber G. Brown Bruce K. Burch Cato Chamblee Clyborne Cole Cooper Corbett D. Elliott Fair Farr Felder Foster Fulmer Hallman J. Harris P. Harris Harrison Harvin Harwell Haskins Hendricks Holt Huff J.C. Johnson Keegan Kempe Keyserling Kinon Koon Lanford Littlejohn Marchbanks L. Martin Mattos McCraw McGinnis McKay McTeer Meacham Neilson Nettles Phillips Quinn Rama Rhoad Riser Rudnick Scott Sharpe Shirley Shissias Smith Snow Stoddard Stone Townsend Tucker Wells White Wilder Wilkins Wright A. Young Rogers Sturkie Baker Type of Legislation:General Bill
Bill Body Date Action Description CMN
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4274 Senate Mar 03, 1992 Introduced, read first time, 06
referred to Committee
4274 House Feb 27, 1992 Read third time, sent to
Senate
4274 House Feb 26, 1992 Read second time
4274 House Feb 26, 1992 Amended
4274 House Feb 25, 1992 Debate adjourned until
Wednesday, February 26, 1992
4274 House Feb 19, 1992 Committee Report: Favorable 27
4274 House Jan 28, 1992 Introduced, read first time, 27
referred to Committee
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Indicates Matter Stricken
Indicates New Matter
AMENDED
February 26, 1992
H. 4274
Introduced by REPS. Carnell, Wofford, McAbee, Waldrop, Jennings, T.C. Alexander, Altman, G. Bailey, Barber, G. Brown, Bruce, K. Burch, Cato, Chamblee, Clyborne, Cole, Cooper, Corbett, D. Elliott, Fair, Farr, Felder, Foster, Fulmer, Hallman, J. Harris, P. Harris, Harrison, Harvin, Harwell, Haskins, Hendricks, Holt, Huff, J.C. Johnson, Keegan, Kempe, Keyserling, Kinon, Koon, Lanford, Littlejohn, Marchbanks, L. Martin, Mattos, McCraw, McGinnis, McKay, McTeer, Meacham, Neilson, Nettles, Phillips, Quinn, Rama, Rhoad, Riser, Rudnick, Scott, Sharpe, Shirley, Shissias, Smith, Snow, Stoddard, Stone, Townsend, Tucker, Wells, White, Wilder, Wilkins, Wright, A. Young, Rogers, Sturkie and Baker
S. Printed 2/26/92--H.
Read the first time January 28, 1992.
TO AMEND SECTION 9-11-150, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO OPTIONAL FORMS OF RETIREMENT ALLOWANCES UNDER THE POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO ALLOW A MEMBER UNDER A PARTICULAR OPTION TO RECEIVE A FULL RETIREMENT ALLOWANCE RATHER THAN A REDUCED ALLOWANCE PAYABLE DURING THE MEMBER'S LIFE WITH THE PROVISION THAT AT HIS DEATH THE ALLOWANCE CONTINUES AT ONE-HALF THE RATE PAID TO HIM FOR THE LIFE OF HIS NAMED BENEFICIARY, AND TO AMEND SECTION 9-11-210, AS AMENDED, RELATING TO CONTRIBUTIONS TO THE SYSTEM, SO AS TO INCREASE THE EMPLOYEE CONTRIBUTIONS OF CLASS ONE AND CLASS TWO MEMBERS BY EIGHTY-NINE HUNDREDTHS OF ONE PERCENT TO OFFSET THE ACTUARIAL COST OF THE ABOVE PROVISION.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9-11-150 of the 1976 Code, as last amended by Act 412 of 1990, is further amended to read:
"Section 9-11-150. Until the first payment on account of a retirement allowance becomes normally due, any member or beneficiary may elect, by filing with the system, to convert the retirement allowance otherwise payable on his account after retirement into a retirement allowance of equivalent value under one of the optional forms named below, the retirement allowance under the option selected being due and payable on the date of retirement:
Option 1. A reduced retirement allowance payable during the retired member's life, with the provision that the reduced allowance continues after his death to and for the life of the beneficiary, or to the trustee of the beneficiary, nominated by him by written designation duly acknowledged and filed with the board at the time of retirement, if the person survives him. To the extent the actuarial cost of the beneficiary's allowance provided under this option exceeds the cost of the member's benefit as provided under Option 2, the member's retirement allowance must be reduced to offset the actuarial cost in excess of the member's benefit as provided in Option 2;
Option 2. A reduced retirement allowance payable during the retired member's life, with the provision that it continues after his death at one-half the rate paid to him to and for the life of the beneficiary, or the trustee of the beneficiary, nominated by him by written designation duly acknowledged and filed with the board at the time of retirement, if the person survives him. The retirement allowance of the member under this option must be the allowance otherwise payable to him on his account without reduction, except that to the extent the actuarial cost of the beneficiary's allowance provided under this option exceeds fifteen percent of the member's maximum benefit, the member's retirement allowance must be reduced to offset the cost in excess of fifteen percent of the member's maximum benefit.
Option 3. Effective July 1, 1990, a retirement allowance of the amount that, with his benefit under Title II of the Federal Social Security Act, he will receive, so far as possible, approximately the same amount a year before and after the earliest age at which he becomes eligible, upon application therefor, to receive a Social Security benefit. Cost-of-living and other special increases in benefits are not applied to the amount advanced under this Option;
Option 4. A member may elect either Option 1 or 2 with the added provision that, if the designated beneficiary predeceases the member, the retirement allowance payable to the member after the designated beneficiary's death must be equal to the retirement allowance which would have been payable had the member not elected the option;
Option 5. A member may elect Option 1 or 2 with the added provision that the reduced retirement allowance after his death must be payable in equal shares to and for the life of each of two or more beneficiaries, or to the trustee or trustees of the beneficiaries, for so long as the beneficiary survives him. The benefit reduction factor must be based on the average age of the beneficiaries.
Any member having elected Option 1, 2, or 4 and nominated his or her spouse to receive a retirement allowance upon the member's death may, after divorce from or death of his or her spouse, revoke the nomination and elect a new option effective on the first day of the month in which the new option is elected, providing for a retirement allowance computed to be the actuarial equivalent of the retirement allowance in effect immediately prior to the effective date of the new option."
SECTION 2. Section 9-11-210(1) of the 1976 Code, as last amended by Act 424 of 1988, is further amended to read:
"(1) Each Class One member shall contribute to the System twenty-one dollars and eighteen cents a month during his service after becoming a member. Each Class Two member shall contribute to the System six and one-half seven and thirty-nine hundredths percent of his compensation."
SECTION 3. Section 1 of this act takes effect upon approval by the Governor and applies with respect to persons retiring on or after the effective date. Section 2 of this act applies with respect to contributions made after June 30, 1992.