South Carolina Code 9-1-460. Discontinuance of certain local plans or funds
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In South Carolina Code 9-1-460
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Retirement: means the withdrawal from active service with a retirement allowance granted under the system. See South Carolina Code 9-1-10
- system: means the South Carolina Retirement System established under § 9-1-20. See South Carolina Code 9-1-10
If the majority of the members of a retirement or pension plan or fund voted to enter the System in the manner described in § 9-1-450, the local plan or fund was discontinued and the payment of all pensions to members on the pension roll as of the date of discontinuance became and is an obligation of the city, county or other unit in which the plan or fund was operated and shall be continued and paid by such city, county or other unit.