(A) Interest must be credited to the account of each member once each year as of June thirtieth, on the basis of the balance in the account of each member as of the previous June thirtieth. Upon the death, retirement, or termination of a member, interest must be figured to the end of the month immediately preceding the date of refund or retirement, interest being based on the balance in the member's account as of the June thirtieth immediately preceding the date of refund or retirement.
(B) Notwithstanding subsection (A), interest must not be credited to an inactive member account. For purposes of this subsection, a member account becomes inactive on July first if no contributions were made to the account in the preceding twelve months.
HISTORY: 2008 Act No. 311, Section 41, eff June 4, 2008; 2012 Act No. 278, Pt V, Section 69.D, eff July 1, 2012.
Structure South Carolina Code of Laws
Chapter 11 - Police Officers Retirement System
Section 9-11-15. Payments to beneficiaries may include payments to persons, trustees, and estates.
Section 9-11-20. System created; corporate powers; name; director.
Section 9-11-25. Retirement of probate judges.
Section 9-11-27. Magistrates' participation in the South Carolina Police Officers Retirement System.
Section 9-11-30. The Board shall administer system; powers and duties.
Section 9-11-35. Confidentiality of member records.
Section 9-11-48. Transfer of local retirement system for firefighters to state system.
Section 9-11-90. Effect of restoring beneficiary to service; retirement after return to service.
Section 9-11-100. Members who stop police work may withdraw contributions.
Section 9-11-110. Lump sum paid in event of death.
Section 9-11-120. Preretirement Death Benefit Program; post-retirement death benefit payment.
Section 9-11-125. Death Benefit Plan.
Section 9-11-130. Survivor may elect to receive allowance for life in lieu of lump-sum payment.
Section 9-11-140. Accidental Death Benefit Program.
Section 9-11-150. Optional forms of retirement allowances.
Section 9-11-155. Compliance with Internal Revenue Code.
Section 9-11-160. Allowances paid monthly.
Section 9-11-170. Supplemental Allowance Program.
Section 9-11-175. Compliance with Internal Revenue Code Section 401(a)(9).
Section 9-11-220. Contributions of employers.
Section 9-11-225. Employer and employee contribution rates.
Section 9-11-260. Deposit of assets.
Section 9-11-265. Interest on member accounts.
Section 9-11-290. Property of system is exempt from state and local taxes.
Section 9-11-300. Increase in retirement allowances as of July 1, 1974.
Section 9-11-312. Retirement allowance adjustment.
Section 9-11-320. False statements and falsification of records.
Section 9-11-350. Compensation used to determine benefits to be subject to federal limitations.
Section 9-11-355. Compliance with USERRA.
Section 9-11-360. Compliance with Internal Revenue Code Section 415.
Section 9-11-525. Increase in monthly benefits under Police Insurance and Annuity Fund.