The following words and phrases as used in this chapter, unless a different meaning is plainly required by the context, shall have the following meanings:
(1) "System" shall mean the Retirement System for members of the General Assembly of the State of South Carolina.
(2) "State" shall mean the State of South Carolina.
(3) "Board" means the Board of Directors of the South Carolina Public Employee Benefit Authority.
(4) "Member of the System" shall mean any person included in the membership of the System, as set forth in Section 9-9-40.
(5) "Credited service" shall mean service for which credit is allowable as provided in Section 9-9-50.
(6) "Retirement allowance" shall mean monthly payments for life under the System payable as provided in Section 9-9-80.
(7) "Beneficiary" shall mean any person in receipt of a retirement allowance or other benefit as provided by the System.
(8) "Aggregate contributions" shall mean the sum of all the amounts deducted from the compensation of a member of the System, or directly remitted by him to the System, and credited to his individual account in the System.
(9) "Regular interest" shall mean interest compounded annually at such rate as shall be determined by the Board in accordance with Section 9-9-30.
(10) "Accumulated contributions" shall mean the member's aggregate contributions, together with regular interest thereon.
(11) "Actuarial equivalent" shall mean a benefit of equal value when computed on the basis of the tables and regular interest rate last adopted by the Board, as provided in Section 9-9-30.
(12) "Date of establishment" shall mean January 1, 1966.
(13) "Earnable compensation" means forty times the daily rate of renumeration, plus twelve thousand dollars, of a member of the General Assembly, as from time to time in effect.
(14) "Employee annuity" shall mean annual payments for life derived from the accumulated contributions of a member.
(15) "Employer annuity" shall mean annual payments for life derived from money provided by the State.
HISTORY: 1962 Code Section 61-271; 1966 (54) 2081; 1975 (59) 71; 1977 Act No. 44 Section 1; 1983 Act No. 151 Part II Section 25; 1984 Act No. 512, Part II, Section 38; 1994 Act No. 497, Part II, Section 32A, eff January 1, 1995; 2005 Act No. 153, Pt III, Section 2, eff July 1, 2005; 2012 Act No. 278, Pt IV, Subpt 2, Section 49, eff July 1, 2012.
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