South Carolina General Assembly
116th Session, 2005-2006

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Indicates Matter Stricken
Indicates New Matter

S. 987

STATUS INFORMATION

Joint Resolution
Sponsors: Senator Reese
Document Path: l:\council\bills\bbm\9055htc06.doc

Introduced in the Senate on January 10, 2006
Currently residing in the Senate Committee on Finance

Summary: Social security advance option

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/13/2005  Senate  Prefiled
  12/13/2005  Senate  Referred to Committee on Finance
   1/10/2006  Senate  Introduced and read first time SJ-28
   1/10/2006  Senate  Referred to Committee on Finance SJ-28

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/13/2005

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A JOINT RESOLUTION

TO PROVIDE FOR THE RECALCULATION OF THE SERVICE RETIREMENT BENEFIT PAID RETIRED MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM WHO ELECTED THE SOCIAL SECURITY ADVANCE OPTION SO AS TO INCREASE THE BENEFIT TO THE MAXIMUM AFTER ALL AMOUNTS ADVANCED TO A RETIREE ELECTING THIS OPTION HAVE BEEN RECOVERED, AND TO MAKE THIS RECALCULATION PROSPECTIVE ONLY.

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

SECTION    1.    Effective only for retirement benefits paid after the effective date of this joint resolution, the service retirement benefit of a retiree of the South Carolina Retirement System and the South Carolina Police Officers Retirement System who elected the social security advance option formerly allowed such retirees must be recalculated and adjusted to the maximum benefit when the total amount advanced to a retiree electing that option is recovered. Regardless of the date the total amount advanced a retiree is or was recovered, the recalculation required pursuant to this joint resolution applies only with respect to retirement benefits paid after the effective date of this joint resolution and no refund is due a retiree on account of any benefit paid the retiree before the effective date of this joint resolution.

SECTION    2.    This joint resolution takes effect upon approval by the Governor.

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