South Carolina Code 9-8-30. Administration of system; actuary; salaries and expenses
(2) The Board shall engage such actuarial and other services as shall be required to transact the business of the System.
Terms Used In South Carolina Code 9-8-30
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-8-10
- Compensation: means the total salary paid to a judge, solicitor, or circuit public defender for service rendered to the State. See South Carolina Code 9-8-10
- Date of establishment: means July 1, 1979. See South Carolina Code 9-8-10
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Regular interest: means interest compounded annually at such rates as shall be determined by the Board for a particular purpose in accordance with § 9-8-30. 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
(3) The Board shall designate an actuary who shall be the technical advisor of the Board on matters regarding the operation of the System and who shall perform such other duties as are required in connection therewith.
(4) At least once in each five-year period following the date of establishment, the actuary shall make an actuarial investigation into the mortality, service and compensation experience of the members and beneficiaries of the System and shall make a valuation of the contingent assets and liabilities of the System. The Board, after taking into account the results of the investigations and valuations, shall adopt for the System such mortality, service and other tables as shall be deemed necessary.
(5) On the basis of regular interest and tables last adopted by the Board, for purposes of actuarial valuations, the actuary shall make a valuation of the contingent assets and liabilities of the system at least every other year.
(6) The Board shall keep in convenient form such data as shall be necessary for the actuarial valuation of the contingent assets and liabilities of the System and for checking the experience of the System.
(7) The Board shall determine from time to time the rates of regular interest for use in calculations, with the rate of four percent per annum applicable for all purposes other than for actuarial valuations unless changed by the Board.
(8) Subject to the limitations hereof, the Board shall, from time to time, establish regulations for the administration of the System and for the transaction of business.
(9) The Board shall keep a record of all its proceedings under this chapter which shall be open to public inspection. Notwithstanding any other provisions of law governing the System, all persons employed by the Board and the expenses of the Board to carry out the provisions of this chapter shall be paid from the interest earnings of the System.