South Carolina General Assembly
105th Session, 1983-1984

Bill 783

                    Current Status

Bill Number:               783
Ratification Number:       434
Act Number:                381
Introducing Body:          Senate
Subject:                   Relating to the South Carolina Retirement
                           System, the retirement system for members of
                           the General Assembly, the Police Officers
                           Retirement System, and the retirement system
                           for judges and solicitors
View additional legislative information at the LPITS web site.

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

(A381, R434, S783)

AN ACT TO AMEND SECTIONS 9-1-1620, 9-9-70, AND 9-11-150, ALL AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, AND ACT 150 OF 1979, AS AMENDED, RELATING TO THE SOUTH CAROLINA RETIREMENT SYSTEM, THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY, THE POLICE OFFICERS RETIREMENT SYSTEM, AND THE RETIREMENT SYSTEM FOR JUDGES AND SOLICITORS, SO AS TO PROVIDE THAT THE STATE BUDGET AND CONTROL BOARD APPROVE A PLAN IN WHICH THE TOTAL RETIREMENT ALLOWANCE FOR A SURVIVING BENEFICIARY, OTHER THAN A SPOUSE, IS PAID OUT OVER A PERIOD OF FIVE YEARS.

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

Board authorized to approve plan

SECTION 1. Section 9-1-1620 of the 1976 Code, as last amended by Act 369 of 1982, is further amended by adding at the end:

"The Board is authorized to 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."

Further

SECTION 2. Section 9-9-70 of the 1976 Code, as last amended by Act 369 of 1982, is further amended by adding at the end:

"The Board is authorized to 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."

Further

SECTION 3. Section 9-11-150 of the 1976 Code, as last amended by Act 369 of 1982, is further amended by adding at the end:

"The Board is authorized to 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."

Further

SECTION 4. Section 7 of Act 150 of 1979 is amended by adding at the end:

"The Board is authorized to 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."

Time effective

SECTION 5. This act shall take effect upon approval by the Governor.