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" shall mean the State Budget and Control Board.
- (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.