S.C. Code Ann. § 9-17-20 – [Repealed by 2001 Act No. 54, Section 3, eff July 1, 2002] Administration; designation of benefit providers

< [Effective until July 1, 2002, this section reads as follows:] >

(1) the nature and extent of the rights and benefits to be provided by the contracts for participants and their beneficiaries;
(2) the relation of such rights and benefits to the amount of contributions to be made;
(3) the suitability of such rights and benefits to the needs of the participants;
(4) the efficacy of the contracts in the recruitment and retention of faculty and administrators;
(5) the ability and experience of the designated companies in providing suitable rights and benefits under the contracts.

The South Carolina Retirement System shall provide for the administration of the optional retirement program under this chapter. The executive director of the South Carolina Retirement System, a representative appointed by the Commission on Higher Education, and a representative appointed by the Council of Presidents of the Public Colleges and Universities shall designate not less than two companies from which annuity contracts are to be purchased under the program. In making the designation, the Retirement System, the Commission on Higher Education, and the council shall consider: