South Carolina Code 9-11-260. Deposit of assets
(2) The members’ account shall be the account in which shall be held the contributions deducted from the compensation of members, together with the interest credited thereon. Upon the retirement of a member, or upon the death of a member if an allowance is payable to his beneficiary pursuant to § 9-11-130, the amount of his accumulated contributions shall be transferred to the accumulation account.
Terms Used In South Carolina Code 9-11-260
- Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member and credited to the member's individual account in the employee annuity savings fund, together with regular interest on the account, as provided in this chapter. See South Carolina Code 9-11-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person in receipt of a retirement allowance or other benefit provided by the system. 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
- Member: means a person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
- Regular interest: means interest compounded annually at the rate or rates determined for a particular purpose by the board in accordance with § 9-11-30. See South Carolina Code 9-11-10
- System: means the South Carolina Police Officers Retirement System. See South Carolina Code 9-11-10
(3) The accumulation account shall be the account in which shall be held all reserves for the payment of the part of all retirement allowances and other benefits payable from contributions made by the employers, and from which shall be paid all retirement allowances payable under the System. All interest and dividends earned on the funds of the System shall be credited to the accumulation account. The amounts required to allow regular interest on the members’ accumulated contributions shall be transferred to the members’ account from the accumulation account. If a beneficiary is restored to membership, the part of his contributions then standing to his credit shall be transferred from the accumulation account to the members’ account.