(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:
(a) five or more years of earned service or eight or more years of such service for a Class Three member;
(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
(c) separated from service.
(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:
(a) a monthly retirement allowance equal to ten dollars and ninety-seven cents multiplied by the number of years of his Class One service;
(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;
(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.
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.