Viewing an earlier, undated versionView current - (A) Notwithstanding any other provision of this chapter, a person who becomes a member of the National Guard of South Carolina after June 30, 1993, is ineligible to receive the pension authorized by this chapter.
- (B) Persons with a break in service remain eligible for pension benefits under this chapter if the person was a member of the National Guard of South Carolina before July 1, 1993.
(C)
- (1) The board is the trustee of the National Guard Retirement System and may invest and reinvest its funds in the same manner as funds of the South Carolina Retirement System are invested and reinvested pursuant to Section 9-1-1310.
- (2) Except as otherwise provided in this chapter, a member of or person employed by the board may not have a direct interest in the gains or profits of any investment made by the board. A member of the board or employee of the board may not, directly or indirectly, for himself or as an agent in any manner use the funds of the system except to make the current and necessary payments authorized by the board; nor shall any member or employee of the board become an endorser or surety, or in any manner an obligor, for monies loaned or borrowed from the board.
- (D) The General Assembly annually shall appropriate sums sufficient to establish and maintain the National Guard Retirement System on a sound actuarial basis as determined by the State Budget and Control Board.
- (E) Assets and funds of the National Guard Retirement System must be used to pay obligations to persons entitled to receive benefits under this chapter and may not be diverted or used for any other purpose.