South Carolina Code 9-9-60. Retirement; amount of retirement allowance
(2) Effective July 1, 1989, a retired member shall receive a monthly retirement allowance which is equal to one-twelfth of four and eighty-two hundredths percent of earnable compensation multiplied by the number of years of his credited service prorated for periods less than a year.
Terms Used In South Carolina Code 9-9-60
- Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-9-10
- Credited service: shall mean service for which credit is allowable as provided in § 9-9-50. See South Carolina Code 9-9-10
- Earnable compensation: means forty times the daily rate of renumeration, plus twelve thousand dollars, of a member of the General Assembly, as from time to time in effect. See South Carolina Code 9-9-10
- Retirement allowance: shall mean monthly payments for life under the System payable as provided in § 9-9-80. See South Carolina Code 9-9-10
- State: shall mean the State of South Carolina. 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) A member who has attained the age of seventy and one-half years and has twenty-five years of service or who has attained the age of 70 or has 30 years of service may retire and draw a retirement benefit while continuing to serve in the General Assembly upon written application to the board setting forth at what time, not more than ninety days before nor more than six months after the execution and filing of the application, the member desires to be retired. A member who has retired under this provision shall make no further contributions to the system, shall earn no further service credit, and may not reenter membership in the system.
The member must retire at the beginning of an annual session of the General Assembly and the election to receive the member’s retirement allowance under this system is in lieu of receiving the constitutionally mandated per diem salary, currently established at ten thousand four hundred dollars for a regular session. This election if made is irrevocable and applies for as long as that person serves thereafter in the General Assembly including service in both regular and extra sessions.