Definitions
Effective Jul 1, 20121962 Code Section 61-271; 1966 (54) 2081; 1975 (59) 71; 1977 Act No. 44 Section 1; 1983 Act No. 151 Part II Section 25; 1984 Act No. 512, Part II, Section 38; 1994 Act No. 497, Part II, Section 32A, eff January 1, 1995; 2005 Act No. 153, Pt III, Section 2, eff July 1, 2005; 2012 Act No. 278, Pt IV, Subpt 2, Section 49, eff July 1, 2012.
The following words and phrases as used in this chapter, unless a different meaning is plainly required by the context, shall have the following meanings:
- (1) "System" shall mean the Retirement System for members of the General Assembly of the State of South Carolina.
- (2) "State" shall mean the State of South Carolina.
- (3) "Board" means the Board of Directors of the South Carolina Public Employee Benefit Authority.
- (4) "Member of the System" shall mean any person included in the membership of the System, as set forth in Section 9-9-40.
- (5) "Credited service" shall mean service for which credit is allowable as provided in Section 9-9-50.
- (6) "Retirement allowance" shall mean monthly payments for life under the System payable as provided in Section 9-9-80.
- (7) "Beneficiary" shall mean any person in receipt of a retirement allowance or other benefit as provided by the System.
- (8) "Aggregate contributions" shall mean the sum of all the amounts deducted from the compensation of a member of the System, or directly remitted by him to the System, and credited to his individual account in the System.
- (9) "Regular interest" shall mean interest compounded annually at such rate as shall be determined by the Board in accordance with Section 9-9-30.
- (10) "Accumulated contributions" shall mean the member's aggregate contributions, together with regular interest thereon.
- (11) "Actuarial equivalent" shall mean a benefit of equal value when computed on the basis of the tables and regular interest rate last adopted by the Board, as provided in Section 9-9-30.
- (12) "Date of establishment" shall mean January 1, 1966.
- (13) "Earnable compensation" means forty times the daily rate of renumeration, plus twelve thousand dollars, of a member of the General Assembly, as from time to time in effect.
- (14) "Employee annuity" shall mean annual payments for life derived from the accumulated contributions of a member.
- (15) "Employer annuity" shall mean annual payments for life derived from money provided by the State.
HISTORY: 1962 Code Section 61-271; 1966 (54) 2081; 1975 (59) 71; 1977 Act No. 44 Section 1; 1983 Act No. 151 Part II Section 25; 1984 Act No. 512, Part II, Section 38; 1994 Act No. 497, Part II, Section 32A, eff January 1, 1995; 2005 Act No. 153, Pt III, Section 2, eff July 1, 2005; 2012 Act No. 278, Pt IV, Subpt 2, Section 49, eff July 1, 2012.