(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 53, eff June 4, 2008; 2012 Act No. 278, Pt V, Section 69.C, eff July 1, 2012.
Structure South Carolina Code of Laws
Chapter 9 - Retirement System For Members Of General Assembly
Section 9-9-5. System prospectively closed.
Section 9-9-31. Confidentiality of member records.
Section 9-9-55. Member of General Assembly for part of year may establish full year credit.
Section 9-9-60. Retirement; amount of retirement allowance.
Section 9-9-65. Disability retirement allowance.
Section 9-9-66. Medical examination of disability beneficiary.
Section 9-9-67. Reduction of disability allowance.
Section 9-9-70. Optional forms of allowances.
Section 9-9-80. Allowances payable in monthly installments.
Section 9-9-100. Payments on death of member or beneficiary.
Section 9-9-110. Effect of return of beneficiary to service as member of General Assembly.
Section 9-9-130. Contributions of State to Retirement System for members of General Assembly.
Section 9-9-140. Office of the Director.
Section 9-9-170. Assets to be credited to two funds.
Section 9-9-175. Interest on member accounts.
Section 9-9-200. Property of system exempt from state and local taxes.
Section 9-9-210. False statements and falsification of records.
Section 9-9-220. Payments to beneficiaries may include payments to persons, trustees, and estates.
Section 9-9-240. Compensation used to determine benefits to be subject to federal limitations.
Section 9-9-245. Compliance with USERRA.
Section 9-9-250. Compliance with Internal Revenue Code.
Section 9-9-255. Compliance with Internal Revenue Code Section 401(a)(9).
Section 9-9-260. Compliance with Internal Revenue Code Section 415.