South Carolina Statutes
§ 9-1-1830 — Payment and transfer of funds to the employer annuity accumulation fund.
Starting July 1, 1981, there must be paid to the system, and credited to the post-retirement increase special fund, contributions by the employers in an amount equal to two-tenths of one percent of the earnable compensation of each member employed by each employer. In addition, the board, on the recommendation of the actuary, shall transfer a portion of the monies as are received pursuant to Section 9-1-1050 that are available due to actuarial gains in the system if the transfers do not adversely affect the funding status of the system. Starting July 1, 1986, all contributions previously credited to the post-retirement increase special fund must be diverted and credited to the employer annuity accumulation fund.
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South Carolina § 9-1-1830 (Payment and transfer of funds to the employer annuity accumulation fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1980 Act No. 407, SECTION 9; 1986 Act No. 309 SECTION 8, eff February 4, 1986; 2012 Act No. 278, Pt IV, Subpt 2, SECTION 44, 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.