South Carolina Code 9-11-300. Increase in retirement allowances as of July 1, 1974
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For all retirement allowances due on or after July 1, 1974, the retirement allowance payments to any member retired prior to said date or his beneficiary designated under an optional benefit or to any other beneficiary in receipt of an allowance prior to said date, exclusive of payments under the Supplemental Allowance Program, shall be recomputed as though the provisions of § 9-11-60(2), (a) of this chapter had been in effect at the time of his most recent retirement. Any such benefits payable under the Supplemental Allowance Program shall be increased by ten percent effective July 1, 1974. This section shall not, however, be applicable to the part of any retirement allowance derived from a member’s accumulated additional contributions.
Benefits payable due to retirement prior to July 1, 1988, shall be increased by fourteen and three-tenths percent effective July 1, 1988.
Terms Used In South Carolina Code 9-11-300
- Accumulated additional contributions: means a member's aggregate additional contributions, together with regular interest on the contributions. See South Carolina Code 9-11-10
- 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
- Member: means a person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
- Retirement allowance: means monthly payments for life under the system payable as provided in § 9-11-160. See South Carolina Code 9-11-10
- Supplemental allowance program: means the supplemental allowance program established under the system as of July 1, 1966, and as in effect on June 30, 1974. See South Carolina Code 9-11-10
Benefits payable due to retirement before July 1, 1989, must be increased by seven percent effective July 1, 1989.