South Carolina § 9-1-1750 Increase in benefits for persons who were receiving benefits prior to July 1, 1967 and subsequent to June 30, 1966.

South Carolina Statutes

§ 9-1-1750 — Increase in benefits for persons who were receiving benefits prior to July 1, 1967 and subsequent to June 30, 1966.

South Carolina § 9-1-1750

Title 9RETIREMENT SYSTEMS

Ch. 1SOUTH CAROLINA RETIREMENT SYSTEM

This text of South Carolina § 9-1-1750 (Increase in benefits for persons who were receiving benefits prior to July 1, 1967 and subsequent to June 30, 1966.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 9-1-1750 (2026).

Text

Effective July 1, 1968, the monthly benefits, inclusive of the supplemental allowances payable under the provisions of Sections 9-1-1910, 9-1-1920 and 9-1-1930, for persons who commenced receiving benefits from the System prior to July 1, 1967 and subsequent to June 30, 1966 shall be increased by five percent, and such monthly benefits to persons who commence receiving benefits in each fiscal year thereafter through the fiscal year ending June 30, 1970, shall be increased by five percent provided that there is sufficient investment income in excess of the valuation interest assumption to fund such increases or a proportionate part thereof on a lifetime basis, as determined by the actuary. The minimum increase pursuant to this section, inclusive of the increase in the supplemental allowance

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Effective July 1, 1968, the monthly benefits, inclusive of the supplemental allowances payable under the provisions of Sections 9-1-1910, 9-1-1920 and 9-1-1930, for persons who commenced receiving benefits from the System prior to July 1, 1967 and subsequent to June 30, 1966 shall be increased by five percent, and such monthly benefits to persons who commence receiving benefits in each fiscal year thereafter through the fiscal year ending June 30, 1970, shall be increased by five percent provided that there is sufficient investment income in excess of the valuation interest assumption to fund such increases or a proportionate part thereof on a lifetime basis, as determined by the actuary. The minimum increase pursuant to this section, inclusive of the increase in the supplemental allowances, shall be five dollars per month. However, if an optional benefit has been elected, the minimum shall be reduced actuarially as determined by the Board, and shall be applicable to the retired member or his designated beneficiary under the option elected.