South Carolina Statutes
§ 9-11-265 — Interest on member accounts.
(A)Interest must be credited to the account of each member once each year as of June thirtieth, on the basis of the balance in the account of each member as of the previous June thirtieth. Upon the death, retirement, or termination of a member, interest must be figured to the end of the month immediately preceding the date of refund or retirement, interest being based on the balance in the member's account as of the June thirtieth immediately preceding the date of refund or retirement.
(B)Notwithstanding subsection (A), interest must not be credited to an inactive member account. For purposes of this subsection, a member account becomes inactive on July first if no contributions were made to the account in the preceding twelve months.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 9-11-265 (Interest on member accounts.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2008 Act No. 311, SECTION 41, eff June 4, 2008; 2012 Act No. 278, Pt V, SECTION 69.D, eff July 1, 2012.
Nearby Sections
15
§ 9-11-10
Definitions.§ 9-11-110
Lump sum paid in event of death.§ 9-11-125
Death Benefit Plan.§ 9-11-140
Accidental Death Benefit Program.§ 9-11-150
Optional forms of retirement allowances.§ 9-11-155
Compliance with Internal Revenue Code.§ 9-11-160
Allowances paid monthly.§ 9-11-170
Supplemental Allowance Program.