South Carolina Statutes
§ 9-1-1080 — Minimum contributions to employer annuity accumulation fund.
The total amount payable in each year by each employer for credit to the employer annuity accumulation fund shall not be less than the sum of the rate percent known as the normal contribution rate and the accrued liability contribution rate of the total earnable compensation of all members during the preceding year. The aggregate payment by employers shall be sufficient, when combined with the amount in the fund, to provide the employer annuities and other benefits payable out of the fund during the year then current.
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South Carolina § 9-1-1080 (Minimum contributions to employer annuity accumulation fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 61-69; 1952 Code SECTION 61-69; 1945 (44) 212; 1949 (46) 424; 1955 (49) 38; 2012 Act No. 278, Pt I, SECTION 6, eff July 1, 2012.
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.