Effective as of January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this retirement system is subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code of 1986 and any regulations promulgated thereunder, as adjusted for any cost-of-living increases in accordance with Section 401(a)(17)(B) of the Internal Revenue Code. Annual compensation means compensation during the plan year or such other consecutive twelve-month period over which compensation is otherwise determined under the retirement system, hereinafter referred to as the determination period. The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year. However, the limitation on compensation does not apply to the compensation of an individual who became a member of this retirement system before January 1, 1996.
HISTORY: 1995 Act No. 48, Section 3, eff upon approval (became law without the Governor's signature on May 18, 1995); 2008 Act No. 311, Section 46, eff June 4, 2008.
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.