(1) All of the assets of the System shall be credited, according to the purpose for which they are held, to one of two accounts; namely, the members' account and the accumulation account.
(2) The members' account shall be the account in which shall be held the contributions made by members.
(3) The accumulation account shall be the account in which shall be held all reserves for the payment of the part of all retirement allowances and other benefits payable from contributions made by the State, and from which shall be paid all retirement allowances payable under the System. All interest and dividends earned on the funds of the System shall be credited to the accumulation account. If a beneficiary is restored to membership, the part of his contributions then standing to his credit shall be transferred from the accumulation account to the members' account.
HISTORY: 1979 Act No. 150 Section 18.
Structure South Carolina Code of Laws
Chapter 8 - Retirement System For Judges And Solicitors
Section 9-8-20. System created; powers and privileges; corporate name.
Section 9-8-30. Administration of system; actuary; salaries and expenses.
Section 9-8-35. Confidentiality of member records.
Section 9-8-40. Membership in system; cessation of membership.
Section 9-8-50. Service credit in system; vesting.
Section 9-8-67. Normal retirement age.
Section 9-8-70. Optional retirement allowance.
Section 9-8-80. Allowances payable in monthly installments.
Section 9-8-90. Increase in allowances based on Consumer Price Index.
Section 9-8-100. Repayment of contributions and interest upon cessation of membership.
Section 9-8-110. Payments on death of member or beneficiary.
Section 9-8-120. Return of beneficiary to service of the State; practice of law.
Section 9-8-140. Contributions of State to system.
Section 9-8-150. Director of Retirement System for Judges and Solicitors.
Section 9-8-180. Assets credited to two funds.
Section 9-8-185. Interest on member accounts.
Section 9-8-200. Credit of State not pledged; rights upon termination of system.
Section 9-8-210. Property of system exempt from state and local taxes.
Section 9-8-220. Penalty for false statement or falsification of records.
Section 9-8-240. Compensation used for determining benefits to be subject to federal limitations.
Section 9-8-245. Compliance with USERRA.
Section 9-8-250. Compliance with Internal Revenue Code.
Section 9-8-260. Compliance with Internal Revenue Code Section 401(a)(9).
Section 9-8-270. Compliance with Internal Revenue Code Section 415.