There is hereby established a special fund to be known as the contribution fund. Such fund shall consist of and there shall be deposited in such fund:
(1) All contributions, interest and penalties collected under Sections 9-5-410 to 9-5-450;
(2) All moneys appropriated thereto under this chapter except for appropriations made for the purpose of paying administrative costs;
(3) Any property or securities and earnings thereof acquired through the use of moneys belonging to the fund;
(4) Interest earned upon any moneys in the fund; and
(5) All sums recovered upon the bond of the custodian or otherwise for losses sustained by the fund and all other moneys received for the fund from any other source except moneys appropriated for administrative costs and the expenses of a referendum.
All moneys in the fund shall be mingled and undivided. Subject to the provisions of this chapter, the State agent is vested with full power, authority and jurisdiction over the fund, including all moneys and property or securities belonging thereto, and may perform any and all acts whether or not specifically designated, which are necessary to the administration thereof, and are consistent with the provisions of this chapter.
HISTORY: 1962 Code Section 61-240; 1955 (49) 43.
Structure South Carolina Code of Laws
Chapter 5 - State Retirement And Social Security Act Of 1955
Section 9-5-20. Declaration of policy.
Section 9-5-40. Chapter 3 of this Title not affected.
Section 9-5-50. State agent shall make rules and regulations.
Section 9-5-60. State agent shall submit report to legislature.
Section 9-5-220. Agreement may be made through modification of existing agreement.
Section 9-5-230. Terms of agreement.
Section 9-5-410. Contributions of employees; deduction from wages; refunds and adjustments.
Section 9-5-420. Collection of employees' contributions by employer.
Section 9-5-430. Contributions of employers.
Section 9-5-440. Reports of employers.
Section 9-5-460. Contribution fund established; items to be deposited; administration.
Section 9-5-470. State Treasurer to be custodian of fund; payment of warrants drawn on fund.