Current Status Introducing Body:Senate Bill Number:660 Ratification Number:377 Act Number:336 Primary Sponsor:Waddell Type of Legislation:GB Subject:Retirement, new retirement option Date Bill Passed both Bodies:Apr 09, 1992 Computer Document Number:JIC/5308.HC Governor's Action:S Date of Governor's Action:May 04, 1992 Introduced Date:Feb 14, 1991 Date of Last Amendment:Mar 25, 1992 Last History Body:------ Last History Date:May 04, 1992 Last History Type:Act No. 336 Scope of Legislation:Statewide All Sponsors:Waddell Type of Legislation:General Bill
Bill Body Date Action Description CMN
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660 ------ May 04, 1992 Act No. 336
660 ------ May 04, 1992 Signed by Governor
660 ------ Apr 28, 1992 Ratified R 377
660 Senate Apr 09, 1992 Concurred in House amendment,
enrolled for ratification
660 House Mar 26, 1992 Read third time, returned to
Senate with amendment
660 House Mar 25, 1992 Amended, read second time
660 House Feb 06, 1992 Debate adjourned until
Tuesday, February 11, 1992
660 House Jan 16, 1992 Debate adjourned until
Thursday, January 30
660 House Apr 25, 1991 Committee Report: majority 30
favorable, minority
unfavorable
660 House Mar 26, 1991 Introduced, read first time, 30
referred to Committee
660 Senate Mar 22, 1991 Read third time, sent to House
660 Senate Mar 21, 1991 Read second time, unanimous
consent for third reading on
Friday, March 22
660 Senate Mar 20, 1991 Committee Report: Favorable 06
660 Senate Feb 14, 1991 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
(A336, R377, S660)
AN ACT TO AMEND SECTIONS 9-1-1620, AS AMENDED, 9-9-70, AS AMENDED, AND 9-11-150, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT BENEFIT OPTIONS FOR MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM, THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY, AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO PROVIDE THAT A MEMBER ELECTING A NEW RETIREMENT OPTION AFTER THE DEATH OF A SPOUSE MUST MAKE THE ELECTION BEFORE THE LATER OF JULY 1, 1992, OR THE FIRST ANNIVERSARY OF THE DEATH OF THE SPOUSE, TO PROVIDE THAT A NEW OPTION MAY BE ELECTED AFTER A CHANGE IN MARITAL STATUS, AND TO ALLOW PERSONS RETIRING BEFORE JULY 1, 1990, WHO RETIRED UNDER THE OPTION ADVANCING SOCIAL SECURITY PAYMENTS TO ELECT TO MAKE A LUMP SUM PAYMENT TO ELIMINATE BENEFIT REDUCTIONS ATTRIBUTABLE TO COST-OF-LIVING AND SPECIAL BENEFIT INCREASES AND PROVIDE THAT THE BENEFIT OF A RETIREE ELECTING NOT TO MAKE THE PAYMENT MUST BE ADJUSTED AFTER THE EXCESS OF THE COST-OF-LIVING AND SPECIAL INCREASES OVER INCREASES THE RETIREE WOULD HAVE RECEIVED UNDER ANOTHER OPTION IS RECOVERED; TO AMEND SECTION 9-8-70, RELATING TO THE RETIREMENT BENEFIT OPTION FOR MEMBERS OF THE RETIREMENT SYSTEM FOR JUDGES AND SOLICITORS, SO AS TO ALLOW MULTIPLE BENEFICIARIES; AND TO AMEND SECTION 9-11-25, RELATING TO THE AUTHORITY FOR ALLOWING PROBATE JUDGES TO PARTICIPATE IN THE POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO DELETE THE SEPARATE PAYMENT PROVISIONS.
Be it enacted by the General Assembly of the State of South Carolina:
Retirement option
SECTION 1. The next-to-last paragraph of Section 9-1-1620 of the 1976 Code, as last amended by Act 412 of 1990, is further amended to read:
"A member having elected Option 2, 3, or 5 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 before the effective date of the new option. The election of a new option after the death of the member's spouse must be made before the later of July 1, 1992, or the first anniversary of the death of the spouse. A new option may be elected after a change in marital status."
Multiple beneficiaries
SECTION 2. Section 9-8-70 of the 1976 Code is amended to read:
"Section 9-8-70. Until the first payment of a retirement allowance becomes normally due, a member may elect, by filing written application with the board, to convert the retirement allowance otherwise payable on his account after retirement into a retirement allowance of equivalent actuarial value under which a reduced retirement allowance is payable during the beneficiary's life, with the provision that one-third of the reduced allowance continues after his death to and for the life of the contingent beneficiary designated by him in the application, if the beneficiary were to survive him. For purposes of this section, the member may not designate his spouse as contingent beneficiary.
Until the final payment of a retirement allowance becomes normally due, a member may elect, by filing written application with the board, to convert the retirement allowance otherwise payable on his account after retirement into a retirement allowance of equivalent actuarial value under which a reduced retirement allowance is payable during the beneficiary's life, with the provision that one-third of the reduced allowance is 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 each beneficiary survives him. The benefit reduction factor must be based on the average age of the beneficiaries.
The board may 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."
Retirement option
SECTION 3. The second-to-last paragraph of Section 9-9-70 of the 1976 Code, as amended by Act 412 of 1990, is further amended to read:
"A member having elected Option 1, 2, or 3 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 before the effective date of the new option. The election of a new option after the death of the member's spouse must be made before the later of July 1, 1992, or the first anniversary of the death of the spouse. A new option may be elected after a change in marital status."
Separate payment deleted
SECTION 4. Section 9-11-25 of the 1976 Code, as added by Act 678 of 1988, is amended to read:
"Section 9-11-25. Probate judges may elect to participate in the South Carolina Police Officers Retirement System or they may elect to remain under regular state retirement."
Retirement option
SECTION 5. The last paragraph of Section 9-11-150 of the 1976 Code, as amended by Act 412 of 1990, is further amended to read:
"A 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 before the effective date of the new option. The election of a new option after the death of the member's spouse must be made before the later of July 1, 1992, or the first anniversary of the death of the spouse. A new option may be elected after a change in marital status."
Lump sum payments
SECTION 6. Section 9-1-1620 of the 1976 Code, as last amended by Act 412 of 1990, is further amended by adding immediately before the last paragraph:
"A member who retired under the provisions of Option 4 before July 1, 1990, may elect to have his benefit adjusted so that cost-of-living and other special increases in benefits are not applied to the amount of advance or reduction in allowance under this option after July 1, 1992, or the member's attainment of age sixty-two, if later, by making a special lump sum payment before that date. This lump sum payment must be equal to the excess, if any, of cost-of-living and other special increases in benefits actually paid to the member, over the increases that would have been paid had the member not elected an optional form of allowance. If a member does not elect to make the payment, his benefit must be automatically adjusted when no such excess exists, but not before July 1, 1992."
Lump sum payments
SECTION 7. Section 9-11-150 of the 1976 Code, as last amended by Act 412 of 1990, is further amended by adding at the end:
"A member who retired after the provisions of Option 3 before July 1, 1990, may elect to have his benefit adjusted so that cost-of-living and other special increases in benefits are not applied to the amount of advance or reduction in allowance under this option after July 1, 1992, or the member's attainment of age sixty-two, if later, by making a special lump sum payment before that date. This lump sum payment must be equal to the excess, if any, of cost-of-living and other special increases in benefits actually paid to the member, over the increases that would have been paid had the member not elected an optional form of allowance. If a member does not elect to make the payment, his benefit must be automatically adjusted when no such excess exists, but not before July 1, 1992."
Time effective
SECTION 8. This act takes effect upon approval by the Governor.
Approved the 4th day of May, 1992.