South Carolina Code 9-1-1766. Further additional increase in benefits for persons who retired prior to July 1, 1972
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Terms Used In South Carolina Code 9-1-1766
- Retirement: means the withdrawal from active service with a retirement allowance granted under the system. See South Carolina Code 9-1-10
- Retirement allowance: means the sum of the employer annuity and the employee annuity or any optional benefit payable in lieu of the annuity. See South Carolina Code 9-1-10
- system: means the South Carolina Retirement System established under § 9-1-20. See South Carolina Code 9-1-10
In addition to the increase in the service retirement allowance for members of the State Retirement System who retired prior to July 1, 1972, provided in § 9-1-1760 and § 9-1-1765, all such members shall receive an additional increase in their service retirement allowance of five percent per year computed and commencing on and including January 1, 1978.