South Carolina Code 9-9-90. Repayment of contributions and interest upon person’s ceasing to be member of system
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In South Carolina Code 9-9-90
- Accumulated contributions: shall mean the member's aggregate contributions, together with regular interest thereon. See South Carolina Code 9-9-10
- Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-9-10
- Regular interest: shall mean interest compounded annually at such rate as shall be determined by the Board in accordance with § 9-9-30. See South Carolina Code 9-9-10
- System: shall mean the Retirement System for members of the General Assembly of the State of South Carolina. See South Carolina Code 9-9-10
Should a member cease to be a member of the System, for reasons other than death, he shall be paid as promptly as feasible after his request, but in no event later than six months after such cessation, the sum of his contributions and the accumulated regular interest thereon. Should he die before payment has been made, his accumulated contributions shall be paid to his estate or to such person as he shall have nominated by written designation filed with the Board.