The contributions of the State to the System shall be determined by the Board each year on the basis of annual actuarial valuations of the System. Each year the Board shall certify to the State the amount of its contribution due the System. The State’s contributions shall be appropriated annually from the general fund to the System and shall include such sums as are found necessary in order to create reserves in the System sufficient to cover the cost of the allowances currently accruing under this chapter, to include a contribution each year toward the cost of prior service credits and to cover any administrative expenses which the Board may incur in the operation of the System.

The employer contribution shall be remitted to the System within thirty days after the beginning of each fiscal year.

Terms Used In South Carolina Code 9-8-140

  • Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-8-10
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • State: means the State of South Carolina. See South Carolina Code 9-8-10
  • System: means the Retirement System for Judges and Solicitors of the State of South Carolina. See South Carolina Code 9-8-10
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