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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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