reglab/housing_qa huggingface dataset:
SC Code § 9-1-1080 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1080. Minimum contributions to employer annuity accumulation fund.

 The total amount payable in each year by each employer for credit to the employer annuity accumulation fund shall not be less than the sum of the rate percent known as the normal contribution rate and the accrued liability contribution rate of the total earnable compensation of all members during the preceding year. The aggregate payment by employers shall be sufficient, when combined with the amount in the fund, to provide the employer annuities and other benefits payable out of the fund during the year then current.  HISTORY: 1962 Code Section 61-69; 1952 Code Section 61-69; 1945 (44) 212; 1949 (46) 424; 1955 (49) 38; 2012 Act No. 278, Pt I, Section 6, eff July 1, 2012.
SC Code § 9-1-1090 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1090. Discontinuance of accrued liability contribution.

 The accrued liability contribution shall be discontinued as soon as the accumulated reserve in the employer annuity accumulation fund shall equal the present value, as actuarially computed and approved by the Board, of the total liability of such fund less the present value, computed on the basis of the normal contribution rate then in force, of the prospective normal contributions to be received on account of all persons who are at the time members.  HISTORY: 1962 Code Section 61-70; 1952 Code Section 61-70; 1945 (44) 212; 1949 (46) 424.
SC Code § 9-1-1100 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1100. Employer annuities and benefits to be paid from employer annuity accumulation fund.

 All employer annuities, and benefits in lieu thereof, must be paid from the employer annuity accumulation fund.  HISTORY: 1962 Code Section 61-71; 1952 Code Section 61-71; 1945 (44) 212; 1949 (46) 424; 1960 (51) 1524; 1980 Act No. 407, Section 3; 1986 Act No. 309 Section 3, eff February 4, 1986.
SC Code § 9-1-1110 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1110. Obligations of employer annuity accumulation fund.

 The maintenance of employee annuity reserves and employer annuity reserves as provided for hereunder and regular interest creditable to the various funds as provided in this article and the payment of all annuities, retirement allowances, refunds, and other benefits granted hereunder, are made obligations of the employer annuity accumulation fund. All income, interest, and dividends derived from deposits and investments authorized hereunder must be used for payment of the obligations of the fund.  HISTORY: 1962 Code Section 61-72; 1952 Code Section 61-72; 1949 (46) 424; 1980 Act No. 407, Section 4; 1986 Act No. 309 Section 4, eff February 4, 1986.
SC Code § 9-1-1120 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1120. Transfer between funds on return of retired employee to active service.

 Should any beneficiary be restored to active service and again become a member under the provisions of Section 9-1-1590, his employee annuity reserve shall be transferred from the employer annuity accumulation fund to the employee annuity savings fund and credited to his individual account therein.  HISTORY: 1962 Code Section 61-73; 1952 Code Section 61-65; 1945 (44) 212; 1949 (46) 424; 1960 (51) 1524; 1973 (58) 167.
SC Code § 9-1-1130 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1130. Earnings to be credited to employer annuity accumulation fund.

 All interest and dividends earned on the invested assets of the System must be credited to the employer annuity accumulation fund. The Board shall credit regular interest to the individual accounts of members in the employee annuity savings fund and shall transfer the amounts of the credits from the employer annuity accumulation fund. Any interest credited to the individual account of a member in the employee annuity savings fund and not payable to him under the provisions of Section 9-1-1650 upon his ceasing to be a teacher or employee except by death or retirement must be transferred from the fund to the employer annuity accumulation fund.  HISTORY: 1962 Code Section 61-75; 1952 Code Section 61-75; 1945 (44) 212; 1949 (46) 424; 1960 (51) 1524; 1980 Act No. 407, Section 5; 1986 Act No. 309 Section 5, eff February 4, 1986.
SC Code § 9-1-1135 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1135. Interest on member accounts.

 (A) Interest must be credited to the account of each member once each year as of June thirtieth, on the basis of the balance in the account of each member as of the previous June thirtieth. Upon the death, retirement, or termination of a member, interest must be figured to the end of the month immediately preceding the date of refund or retirement, interest being based on the balance in the member's account as of the June thirtieth immediately preceding the date of refund or retirement.  (B) Notwithstanding subsection (A), interest must not be credited to an inactive member account. For purposes of this subsection, a member account becomes inactive on July first if no contributions were made to the account in the preceding twelve months.  HISTORY: 2008 Act No. 311, Section 33, eff June 4, 2008; 2012 Act No. 278, Pt V, Section 69.A, eff July 1, 2012.
SC Code § 9-1-1170 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1170. Collection of employers' contributions.

 The collection of employers' contributions shall be made as follows:  (1) Upon the basis of each actuarial valuation provided herein the Board shall annually prepare and certify to each employer a statement of the total amount payable by the employer for the ensuing fiscal year to the employer annuity accumulation fund and this amount must be handled and disbursed in accordance with the usual appropriations;  (2) The chief fiscal officer of each employer shall transmit funds which are due in the Retirement System office no later than the last day of the month on account of each employee who is a member of the System an amount sufficient to cover the normal contribution and the accrued liability contribution of each member employed by the employer for the preceding month. Delinquent payments under this section and Section 9-1-1160 must be charged interest compounded annually based on the adjusted prime rate charged by banks, rounded to the nearest full percent. The effective date of the adjustment must be based on the twelve-month period ending March thirty-first of any calendar year and must be established by April fifteenth for an effective date of the next July first. The adjusted prime rate charged by banks means the average predominant prime rate quoted by commercial banks to large businesses as determined by the Board of Governors of the Federal Reserve System. The adjusted prime rate used must be the adjusted prime rate charged by the bank during March of that year; and  (3) If within ninety days after request by the Board any employer has not provided the System with the records and other information required under this item or if the full accrued amount of the contributions and interest provided for under this section due from members employed by an employer or from an employer other than the State has not been received by the System from the chief fiscal officer of the employer within thirty days after the last due date as provided in this item, then upon notification by the Board to the State Treasurer and Comptroller General as to the default of the employer as provided in this item, any distributions which might otherwise be made to the employer from any funds of the State must be withheld from the employer until notice from the Board to the State Treasurer that the employer is no longer in default.  HISTORY: 1962 Code Section 61-79; 1952 Code Section 61-79; 1945 (44) 212; 1949 (46) 424; 1959 (51) 15; 1976 Act No. 709 Part II Section 19; 1980 Act No. 407, Section 6; 1985 Act No. 201, Part II, Sections 47B and 47C; 1986 Act No. 309 Section 6, eff February 4, 1986.
SC Code § 9-1-1175 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1175. Employer contributions.

 Effective July 1, 2006, the board shall increase the employer contribution rate for the system by one-half percent of the earnable compensation of all members employed by an employer participating in the system. The board shall further increase the employer contribution rate by one-half percent effective July 1, 2007. The employer rate provided in this section also applies to payments for unused annual leave under the circumstances provided in Section 9-1-1020. The employer rate provided in this section includes the system's normal contribution rate and accrued liability contribution rate, but does not include contributions for group life insurance or other benefits that are remitted to the retirement systems. Contributions for group life insurance or other benefits are in addition to the applicable employer contribution rate. After June 30, 2007, the board, in its discretion, may increase or decrease the employer contribution rate set by this section based on the actuarial valuation provided to the board by the system's actuaries and considering the normal contribution rate determined pursuant to Section 9-1-1060 and the accrued liability contribution rate determined pursuant to Section 9-1-1070.  HISTORY: 2005 Act No. 153, Pt II, Section 5.A, eff July 1, 2005.
SC Code § 9-1-1180 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1180. Deductions and employer contributions for teachers and employees of technical training schools.

 The deductions authorized hereunder from the earnable compensation of teachers, the payments by employers of teachers of the required percentages of earnable compensation and all retirement allowances or other benefits herein provided shall be calculated upon the full earnable compensation of teachers from public funds derived from any source, and all employers' contributions for teachers shall be paid by the State. Provided, further, that all employers' contributions for employees of the various county technical training schools shall be paid by the State, effective July 1, 1962.  Payments for unused sick leave, single special payments at retirement, bonus and incentive-type payments, or any other payments not considered a part of the regular salary base are not compensation for which contributions are deductible. Contributions are deductible on pay for unused annual leave.  HISTORY: 1962 Code Section 61-80; 1952 Code Section 61-80; 1945 (44) 212; 1949 (46) 424; 1963 (53) 358 [478]; 1982 Act No. 372, Section 2; 1985 Act No. 201, Part II, Section 48B; 1986 Act No. 529, Section 2, eff June 18, 1986.
SC Code § 9-1-1190 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1190. Board may change accounting methods and procedures of system.

 The Board may make such changes in the accounting methods and procedures of the System from time to time as, in its opinion, are in the interest of sound and proper administration.  HISTORY: 1962 Code Section 61-81; 1960 (51) 1524.
SC Code § 9-1-1210 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1210. Employer contributions shall reflect cost of Preretirement Death Benefit Program.

 Notwithstanding any other provisions of law effective July 1, 1969, the rates of employer contributions shall be revised on the basis of actuarial valuation to reflect the additional cost resulting from the provisions of Section 9-1-1770 which added a death benefit provision effective on July 1 1968.  HISTORY: 1962 Code Section 61-83; 1968 (55) 2497.
SC Code § 9-1-1310 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1310. Trustee of retirement system; investment of funds.

 (A) The South Carolina Public Employee Benefit Authority and the Retirement System Investment Commission are cotrustees of the assets of the retirement system as "assets" and "retirement system" are defined in Section 9-16-10(1) and (8). Notwithstanding any other provision of law, any reference in law to the trustee of the assets of the Retirement System must be construed to conform to the cotrusteeship as provided in this subsection. The Public Employee Benefit Authority shall hold the assets of the Retirement System in a group trust as provided in Section 9-16-20. The Retirement System Investment Commission shall invest and reinvest the assets of the Retirement System, subject to all the terms, conditions, limitations, and restrictions imposed by Section 16, Article X of the South Carolina Constitution, 1895, subsection (B) of this section, and Chapter 16 of this title.  (B) Except where not allowed pursuant to Sections 11 and 16, Article X of the Constitution of this State and Chapter 16 of this title, the funds of the system may be invested in, including, but not limited to, the following:  (1) bonds of this State, other states of the United States, the United States, or any political subdivisions or agencies thereof;  (2) banks and savings and loan institutions;  (3) top-rated commercial paper;  (4) funds of funds;  (5) foreign certificates of deposit;  (6) short-term debt;  (7) investment trust securities;  (8) real estate securities;  (9) foreign fixed-income obligations;  (10) futures and options regulated by the United States Securities and Exchange Commission;  (11) private equity;  (12) domestic and foreign group trusts;  (13) investment vehicles of Federal Deposit Insurance Corporation approved institutions;  (14) bonds of foreign countries designated industrialized by the International Monetary Fund;  (15) collateralized mortgage obligations;  (16) World Bank bonds;  (17) debt of the United States or Canadian corporations;  (18) equipment trust debt;  (19)(a) purchase money mortgages received for real estate;  (b) real property;  (c) exchange traded funds;  (d) American Depository Receipts;  (20) real estate investment trusts; and  (21) investments allowed pursuant to Section 11-9-660 and equity investments as allowed pursuant to Section 16, Article X of the Constitution of this State.  (C) The funds and assets of the various state retirement systems are not funds of the State, but are instead held in trust as provided in Section 9-16-20.  HISTORY: 1962 Code Section 61-91; 1952 Code Section 61-91; 1945 (44) 212; 1949 (46) 424; 1959 (51) 128; 1998 Act No. 371, Section 3, eff May 26, 1998; 2005 Act No. 153, Pt IV, Section 1.A, eff July 1, 2005; 2006 Act No. 264, Section 2, eff May 2, 2006; 2012 Act No. 278, Pt IV, Subpt 2, Section 42.B, eff July 1, 2012; 2017 Act No. 13 (H.3726), Pt. IV, Section 14, eff July 1, 2017.
SC Code § 9-1-1320 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1320. Custodian of assets of the Retirement System.

 (A) The board is the custodian of the assets of the Retirement System as "assets" and "Retirement System" are defined in Section 9-16-10(1) and (8), and the Retirement System Investment Commission has the exclusive authority to select the custodial bank, provided, however, that the Public Employee Benefit Authority is a third-party beneficiary of the contract with the custodial bank with full rights to information under them. The custodial banking agreement may provide for electronic signatory approval.  (B)(1) A custodial bank selected by the commission must:  (a) be a United States domiciled trust company and a member of the Federal Reserve;  (b) have in excess of one trillion dollars of assets under custody;  (c) have provided custody services for at least the previous fifteen years; and  (d) provide custody services to other public fund institutional clients that individually have assets under management that meet or exceed the amount of assets managed by the commission.  (2) Nothing in this subsection prohibits the commission from imposing more stringent or additional qualifications as part of its selection process.  HISTORY: 1962 Code Section 61-92; 1952 Code Section 61-92; 1945 (44) 212; 1949 (46) 424; 2017 Act No. 13 (H.3726), Pt. IV, Section 15, eff July 1, 2017.
SC Code § 9-1-1330 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1330. Cash kept available with State Treasurer.

 For the purpose of meeting disbursements for annuities and other payments there may be kept available cash, not exceeding ten per cent of the total funds of the System, on deposit with the State Treasurer.  HISTORY: 1962 Code Section 61-93; 1952 Code Section 61-93; 1945 (44) 212; 1949 (46) 424.
SC Code § 9-1-1340 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1340. Conflicts of interest and use of funds by commission members or employees.

 Except as otherwise provided in this chapter or in Chapters 8, 9, 10, and 11 of this title, no member of or person employed by the Retirement System Investment Commission shall have any direct interest in the gains or profits of any investment made by the commission. No commission member or employee of the commission shall, directly or indirectly, for himself or as an agent in any manner use the funds of the commission except to make such current and necessary payments as are authorized by the board or commission. Nor shall any member or employee of the commission become an endorser or surety or in any manner an obligor for monies loaned or borrowed from the commission.  HISTORY: 1962 Code Section 61-94; 1952 Code Section 61-94; 1945 (44) 212; 1949 (46) 424; 2005 Act No. 153, Pt IV, Section 1.B, eff July 1, 2005; 2006 Act No. 264, Section 3, eff May 2, 2006.
SC Code § 9-1-1350 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1350. Transfers from general fund authorized.

 Notwithstanding the amounts annually appropriated as "State Employer Contributions", the State Treasurer and Comptroller General are hereby authorized and directed to transfer from the general fund of the State to the proper Retirement System Accounts, month by month, during the current fiscal year, such funds as are necessary to comply with the terms of the Retirement Act as amended, with respect to contributions by the State of South Carolina to the Retirement System.  HISTORY: 2002 Act No. 356, Section 1, Pt IX.F, eff July 1, 2002.
SC Code § 9-1-1510 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1510. Retirement of members at age 60 or after 28 years' service.

 (A) A Class One or Class Two member may retire upon written application to the system setting forth at what time, no more than ninety days before nor more than six months after the execution and filing of the application, the member desires to be retired, if the member at the time specified for the member's service retirement has:  (1) five or more years of earned service;  (2) attained the age of sixty years or has twenty-eight or more years of creditable service; and  (3) separated from service.  (B) A Class Three member may retire upon written application to the system setting forth at what time, no more than ninety days before nor more than six months after the execution and filing of the application, the member desires to be retired, if the member at the time specified for the member's service retirement has:  (1) eight or more years of earned service;  (2) attained the age of sixty years or satisfied the rule of ninety requirement; and  (3) separated from service.  (C) A member who is an elected official whose annual compensation is less than the earnings limitation pursuant to Section 9-1-1790 and who is otherwise eligible for service retirement may retire for purposes of this section without a break in service.  HISTORY: 1962 Code Section 61-101; 1952 Code Section 61-101; 1945 (44) 212; 1949 (46) 424; 1975 (59) 154; 1989 Act No. 85, Section 1, eff May 17, 1989; 2001 Act No. 1, Part II, Section 2A2, eff January 1, 2001; 2012 Act No. 278, Pt I, Section 8, eff July 1, 2012.
SC Code § 9-1-1515 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1515. Early retirement.

 (A) In addition to other types of retirement provided by this chapter, a Class One or Class Two member may elect early retirement if the member:  (1) has five or more years of earned service;  (2) has attained the age of fifty-five years;  (3) has at least twenty-five years of creditable service; and  (4) has separated from service.  A member electing early retirement shall apply in the manner provided in Section 9-1-1510.  (B) The benefits for a member electing early retirement under this section must be calculated in the manner provided in Section 9-1-1550, except that in lieu of any other reduction factor, the member's early retirement allowance is reduced by four percent a year, prorated for periods less than one year, for each year of creditable service less than twenty-eight.  (C) A member who elects early retirement under this section is ineligible to receive any cost-of-living increase provided by law to retirees until the second July first after the date the member attains age sixty; or the second July first after the date the member would have twenty-eight years' creditable service had he not retired, whichever is earlier.  (D)(1) Except as provided in item (2) of this subsection, a member who elects early retirement under this section is not covered by the State Insurance Benefits Plan until the earlier of:  (a) the date the member attains age sixty, or  (b) the date the member would have twenty-eight years' creditable service had he not retired.  (2) A member taking early retirement may maintain coverage under the State Insurance Benefits Plan until the date his coverage is reinstated pursuant to item (1) of this subsection by paying the total premium cost, including the employer's contribution, in the manner provided by the Division of Insurance Services of the board.  HISTORY: 1990 Act No. 559, Section 1, eff July 1, 1990; 1999 Act No. 100, Part II, Section 52, eff July 1, 1999; 2001 Act No. 1, Part II, Section 2A3, eff January 1, 2001; 2012 Act No. 278, Pt I, Section 9, Pt IV, Subpt 2, Section 43, eff July 1, 2012.
SC Code § 9-1-1545 (2021)
2021 South Carolina Code of Laws|Title 9 - Retirement Systems|Chapter 1 - South Carolina Retirement System|Section 9-1-1545. Election between service retirement and disability retirement; receipt of service retirement pending approval of disability retirement.

 A member may submit an application for service retirement and disability retirement. If the member qualifies for service retirement before the application for disability retirement is approved, the member, upon his request, may begin receiving service retirement benefits immediately. If the application for retirement disability is subsequently approved, the member may choose either the service retirement plan or the disability retirement plan.  HISTORY: 1988 Act No. 658, Part II, Section 12, eff June 8, 1988.