South Carolina General Assembly
121st Session, 2015-2016

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A27, R50, S373

STATUS INFORMATION

General Bill
Sponsors: Senator Setzler
Document Path: l:\council\bills\bbm\9170dg15.docx

Introduced in the Senate on January 28, 2015
Introduced in the House on March 17, 2015
Last Amended on February 19, 2015
Passed by the General Assembly on May 27, 2015
Governor's Action: June 1, 2015, Signed

Summary: SC Retirement System

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/28/2015  Senate  Introduced and read first time (Senate Journal-page 11)
   1/28/2015  Senate  Referred to Committee on Finance (Senate Journal-page 11)
   2/18/2015  Senate  Committee report: Favorable with amendment Finance 
                        (Senate Journal-page 11)
   2/19/2015  Senate  Committee Amendment Adopted (Senate Journal-page 14)
    3/3/2015  Senate  Read second time (Senate Journal-page 9)
    3/3/2015  Senate  Roll call Ayes-38  Nays-1 (Senate Journal-page 9)
    3/5/2015  Senate  Read third time and sent to House 
                        (Senate Journal-page 28)
   3/17/2015  House   Introduced and read first time (House Journal-page 34)
   3/17/2015  House   Referred to Committee on Ways and Means 
                        (House Journal-page 34)
   5/21/2015  House   Committee report: Favorable Ways and Means 
                        (House Journal-page 28)
   5/26/2015  House   Read second time (House Journal-page 47)
   5/26/2015  House   Roll call Yeas-100  Nays-0 (House Journal-page 48)
   5/27/2015  House   Read third time and enrolled (House Journal-page 8)
   5/28/2015          Ratified R 50
    6/1/2015          Signed By Governor
    6/4/2015          Effective date See Act for Effective Date
    6/5/2015          Act No. 27

View the latest legislative information at the website

VERSIONS OF THIS BILL

1/28/2015
2/18/2015
2/19/2015
5/21/2015


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

(A27, R50, S373)

AN ACT TO AMEND SECTIONS 9-1-1620 AND 9-11-150, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE OPTIONAL FORMS OF RETIREMENT ALLOWANCES FOR MEMBERS OF THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, RESPECTIVELY, SO AS TO ALLOW A MEMBER TO CHANGE THE FORM OF MONTHLY PAYMENT WITHIN FIVE YEARS OF A CHANGE IN MARITAL STATUS, INSTEAD OF ONE YEAR.

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

SCRS extension for changing retirement option

SECTION    1.    Section 9-1-1620(B)(1) of the 1976 Code, as last amended by Act 387 of 2000, is further amended to read:

"(1)    A retired member, within five years after a change in marital status, may revoke the form of monthly payment elected and elect a new form of monthly payment, which must be the actuarial equivalent of the maximum retirement allowance payable to the member under law. The new form of monthly payment is effective on the first day of the month in which the election of the new form of monthly payment is received by the system and must be calculated based upon the ages of the retired member and the member's beneficiary or beneficiaries as of that effective date."

SCPORS extension for changing retirement option

SECTION    2.    Section 9-11-150(B)(1) of the 1976 Code, as last amended by Act 387 of 2000, is further amended to read:

"(1)    A retired member, within five years after a change in marital status, may revoke the form of monthly payment elected and elect a new form of monthly payment, which must be the actuarial equivalent of the maximum retirement allowance payable to the member under law. The new form of monthly payment is effective on the first day of the month in which the election of the new form of monthly payment is received by the system and must be calculated based upon the ages of the retired member and the member's beneficiary or beneficiaries as of that effective date."

Time effective

SECTION    3.    This act takes effect upon approval by the Governor and applies to any new form of monthly payment elected thereafter due to a change in marital status.

Ratified the 28th day of May, 2015.

Approved the 1st day of June, 2015.

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This web page was last updated on July 20, 2015 at 4:07 PM