South Carolina § 9-9-170 Assets to be credited to two funds.

South Carolina Statutes

§ 9-9-170 — Assets to be credited to two funds.

South Carolina § 9-9-170

Title 9RETIREMENT SYSTEMS

Ch. 9RETIREMENT SYSTEM FOR MEMBERS OF GENERAL ASSEMBLY

This text of South Carolina § 9-9-170 (Assets to be credited to two funds.) 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. § 9-9-170 (2026).

Text

(1)All of the assets of the System shall be credited, according to the purpose for which they are held, to one of two accounts; namely, the members' account and the accumulation account.

(2)The members' account shall be the account in which shall be held the contributions made by members.

(3)The accumulation account shall be the account in which shall be held all reserves for the payment of the part of all retirement allowances and other benefits payable from contributions made by the State, and from which shall be paid all retirement allowances payable under the System. All interest and dividends earned on the funds of the System shall be credited to the accumulation account. If a beneficiary is restored to membership, the part of his contributions then standing to his credit shall be

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(1) All of the assets of the System shall be credited, according to the purpose for which they are held, to one of two accounts; namely, the members' account and the accumulation account. (2) The members' account shall be the account in which shall be held the contributions made by members. (3) The accumulation account shall be the account in which shall be held all reserves for the payment of the part of all retirement allowances and other benefits payable from contributions made by the State, and from which shall be paid all retirement allowances payable under the System. All interest and dividends earned on the funds of the System shall be credited to the accumulation account. If a beneficiary is restored to membership, the part of his contributions then standing to his credit shall be transferred from the accumulation account to the members' account.