South Carolina Code 9-11-220. Contributions of employers
(2) In addition, the employer of a member who makes a special contribution pursuant to subsection (2), (3) or (4) of § 9-11-210 to establish credit as Class Two service for credited service which would otherwise be Class One service or to establish credit for service not otherwise credited and an employer who makes a special contribution on behalf of a member pursuant to subsection (10) of § 9-11-210 in lieu of a contribution pursuant to said subsection (2), (3) or (4) shall make a contribution with respect to such service, determined as follows:
Terms Used In South Carolina Code 9-11-220
- Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority acting through its Division of Retirement Systems. See South Carolina Code 9-11-10
- Compensation: means the total remuneration paid to a police officer for service rendered to an employer for his full normal working time; when compensation includes maintenance, fees and other things of value, the board shall fix the value of that part of the compensation not paid in money directly by the employer. See South Carolina Code 9-11-10
- Credited service: means a member's earned service and purchased service. See South Carolina Code 9-11-10
- Employer: means :
(a) the State;
(b) a political subdivision, agency, or department of the State which employs police officers and which has been admitted to the system as provided in § 9-11-40; and
(c) a service organization, the membership of which is composed solely of persons eligible to be members as defined by this section, if the compensation received by the employees of the service organization is provided from monies paid by the members as dues, or otherwise, or from funds derived from public sources and if the contributions prescribed by this chapter are to be paid from the funds of the service organization. See South Carolina Code 9-11-10 - Member: means a person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
- System: means the South Carolina Police Officers Retirement System. See South Carolina Code 9-11-10
(a) Reserved.
(b) If the special contribution is made pursuant to § 9-11-210(3), the employer contribution shall be equal to two and one-half percent of the member’s monthly rate of compensation at the time such special contribution is made multiplied by the number of months of credited service to be established as Class Two service, except that with respect to any such service rendered prior to July 1, 1974, and after the effective date of the employer’s admission to the System such employer contribution shall be based on a rate of one and one-half percent of such compensation.
(c) If the special contribution is made pursuant to § 9-11-210(4), the employer contribution shall be equal to a percentage of the member’s monthly rate of compensation at the time such special contribution is made multiplied by the number of months of service for which credit is to be established. Such percentage shall be seven and one-half percent in the case of a Class One member and ten percent in the case of a Class Two member. The employer contribution required by this subsection shall be paid by the current employer.
The contributions payable by employers under this subsection (2) shall be paid in a lump sum or in installments over such period, not to exceed ten years, as the Board may, under uniform rules, determine.