1. (1) A member may retire upon written application to the system setting forth at what time, no more than ninety days before nor more than six months after the execution and filing of the application, the member desires to be retired, if the member at the time specified for the member's service retirement has:

   1. (a) five or more years of earned service or eight or more years of such service for a Class Three member;
   2. (b) attained the age of fifty-five years or has twenty-five or more years of credited service, or twenty-seven or more years of such service for a Class Three member; and
   3. (c) separated from service.

2. (2) Upon service retirement on or after July 1, 1989, the member shall receive a service retirement allowance which is equal to the sum of (a), (b), and (c) below:

   1. (a) a monthly retirement allowance equal to ten dollars and ninety-seven cents multiplied by the number of years of his Class One service;
   2. (b) a monthly retirement allowance equal to one-twelfth of two and fourteen hundredths percent of his average final compensation multiplied by the number of years of his Class Two or Class Three service;

   3. (c) an additional monthly retirement allowance which is the actuarial equivalent of the member's accumulated additional contributions.

      The sum of the retirement allowances computed under (a) and (b) above may not be less than the allowance which would have been provided under (a) if all of the member's credited service were Class One service. For a police officer who became a member before July 1, 1974, and who was a participant in the Supplemental Allowance Program, the portion of his service retirement allowance not provided by his accumulated contributions may not be less than it would have been if the provisions of the System in effect on June 30, 1974, had continued in effect until his date of retirement.

HISTORY: 1962 Code Section 61-336; 1962 (52) 1933; 1969 (56) 25; 1970 (56) 1938; 1971 (57) 66; 1973 (58) 106; 1974 (58) 2032; 1975 (59) 154; 1977 Act No. 42 Section 2; 1986 Act No. 450, Section 2, eff May 26, 1986; 1988 Act No. 424, Section 1, eff July 1, 1988 (effective for members of the South Carolina Police Officers Retirement System retiring after June 30, 1988, and for contributions made after June 30, 1988); 1989 Act No. 189, Part II, Section 60F, eff July 1, 1989 (became law without the Governor's signature); 2000 Act No. 387, Part II, Section 67L, eff January 1, 2001; 2012 Act No. 278, Pt III, Section 22, eff July 1, 2012.

Editor's Note

1988 Act No. 424, Section 4, provides as follows:

"The amendments to Sections 9-11-60 and 9-11-70 of the 1976 Code contained in this act are effective for members of the South Carolina Police Officers Retirement System retiring after June 30, 1988, and for contributions made after June 30, 1988."

Effect of Amendment

The 1986 amendment added the provisions relative to elections to receive additional service credit by persons less than fifty-five years of age who have at least twenty-five years of creditable service.

The 1988 amendment in paragraph (2)(a) replaced nine dollars with ten dollars and twenty-five cents, in (2)(b) replaced one and three-fourths percent with two percent, designated the last paragraph as paragraph (3), in (3) deleted the words "With respect to any retirement system provided for by law in this State for which it is provided by law that any", and made grammatical changes throughout.

The 1989 amendment in subsection (2), inserted "on or after July 1, 1989," in the opening paragraph, in item (a), replaced twenty-five cents with ninety-seven cents, and in item (b), inserted "and fourteen hundredths".

The 2000 amendment rewrote subsection (1) and substituted "Reserved" for the text of subsection (3).

The 2012 amendment inserted "or eight or more years of such service for a Class Three member" in subsection (1)(a); inserted "or has twenty-five or more years of credited service, or twenty-seven or more years of such service for a Class Three member" in subsection (1)(b); inserted "or Class Three" in subsection (2)(c); and deleted subsection (3).