S.C. Code § 43-21-180

Current through 2024 Act No. 225.

Section 43-21-180 - Portion of fund available for disbursement

Funds deposited in the trust fund and all earnings from the investment of these funds, after allowances for operating expenses, are available for disbursement upon authorization of the department. However, in any year in which more than two hundred thousand dollars is deposited in the trust fund, twenty-five percent of the amount over two hundred thousand dollars and earnings from the investment of these funds must be placed in a separate account. When the assets of this separate account exceed five million dollars, no further deposits are required to be made to the separate account and all future earnings from the investment of the monies in this separate account also are available for distribution upon authorization of the department.

2008 Act No. 353, Section 2, Pt 25C, eff 7/1/2009; 1995 Act No. 10, Section 1, eff 3/7/1995; 1993 Act No. 181, Section 1029, eff 7/1/1993; 1992 Act No. 501, Part II Section 62B, eff 7/1/1992.

Code Commissioner's Note

At the direction of the Code Commissioner, references to "Department on Aging" and "department" were substituted for "Division on Aging" and "division" to comply with amendments made by 2018 Act No. 261.