Subject to the provisions of Section 9-5-490, the contribution fund shall be established and held separate and apart from any other funds or moneys of the State and shall be used and administered exclusively for the purpose of this chapter. Withdrawals from such fund shall be made for, and solely for (a) payment of the amounts required to be paid to the Secretary of the Treasury pursuant to an agreement entered into under Sections 9-5-210 to 9-5-230, (b) payment of refunds provided for in Section 9-5-410, subsection (3) and (c) refunds of overpayments, not otherwise adjustable, made by a participating employer.
From the contribution fund the custodian of the funds shall pay to the Secretary of the Treasury such amounts and at such time or times as may be directed by the State agent, in accordance with any agreement entered into under Sections 9-5-210 to 9-5-230 and the Social Security Act.
HISTORY: 1962 Code Section 61-242; 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.