South Carolina Code 9-9-30. Administration of and responsibility for system vested in board; powers and duties of board; actuary; salaries of employees 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 9-9-30
- 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 9-9-10
- Date of establishment: shall mean January 1, 1966. See South Carolina Code 9-9-10
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
(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 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 such 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, 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 rate of regular interest for use in all calculations, with the rate of four percent per annum applicable unless changed by the Board.
(8) Subject to the limitations hereof, the Board shall, from time to time, establish rules and 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.