South Carolina Statutes
§ 9-1-1070 — Accrued liability contribution rate.
The rate per cent determined immediately after the first valuation by the actuary engaged by the Board as the rate per cent of the total annual earnable compensation of all members which is equivalent to four per cent of the amount of the total employer annuity liability on account of all members and beneficiaries which is not dischargeable by the aforesaid normal contribution made on account of such members during the remainder of their active service shall be known as the "accrued liability contribution rate." Such rate shall be increased on the basis of subsequent valuations if benefits are increased over those included in the valuation on the basis of which the original accrued liability contribution rate was determined. Upon certification by the actuary engaged by the Board that the a
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South Carolina § 9-1-1070 (Accrued liability contribution rate.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 61-68; 1952 Code SECTION 61-68; 1945 (44) 212; 1949 (46) 424; 1955 (49) 38.
Nearby Sections
15
§ 9-1-10
Definitions.§ 9-1-1010
Assets to be credited to employee annuity savings fund and employer annuity accumulation fund.§ 9-1-1030
Deductions must be made although compensation is reduced below legal minimum; consent to deductions.§ 9-1-1060
Normal contribution rate.§ 9-1-1070
Accrued liability contribution rate.