proportionate part thereof on a lifetime basis, as determined by the actuary. The minimum increase pursuant to this section, inclusive of the increase in the supplemental allowances, shall be five dollars per month. However, if an optional benefit has been elected, the minimum shall be reduced actuarially as determined by the board authority, and shall be applicable to the retired member or his designated beneficiary under the option elected.” 23. Section 911775 of the 1976 Code, as last amended by Act 176 of 2010, is further amended to read: 911775. (A) The Death Benefit Plan for members of “Section the South Carolina Retirement System, hereinafter referred to as the is established for the purpose of providing for the ‘plan, payment of the benefits provided by Section 911770. (B) A separate fund, to be known as the Death Benefit Plan Reserve Fund, is established within the South Carolina Retirement System, hereinafter referred to as the to be ‘retirement system’, held in trust by the board authority. The fund shall consist of all contributions paid by the employers and other monies received and paid into the fund for death benefit purposes, and of the investment earnings on these monies, and must be used only to pay the death benefits prescribed by subsection (C). Concurrent with the determination of the initial liability of the plan for the balance of the fiscal year on and after the effective date of the benefit, for the death benefit provided and to be paid for pursuant to this plan, there must be segregated and transferred from the Employer Annuity Accumulation Fund of the retirement system to the reserve fund created by this section the amounts determined by the actuary to be necessary to pay anticipated death benefit claims. Subsequent segregations and transfers must be made as required to pay the death benefit prescribed by subsection (C) from the reserve fund provided by this section. (C) At the death of a member who has met the eligibility requirements set forth in Section 911770, a benefit equal to the death benefit provided by Section 911770 must be paid to the person nominated by the member in accordance with the provisions of Section 911770 or to the estate. member’s (D) The actuary shall investigate the claim experience of the plan as provided by Section 91250. On the basis of these investigations and upon the recommendation of the actuary, as provided in Section 911210, the board authority shall certify the
proportionate part thereof on a lifetime basis, as determined by the actuary. The minimum increase pursuant to this section, inclusive of the increase in the supplemental allowances, shall be five dollars per month. However, if an optional benefit has been elected, the minimum shall be reduced actuarially as determined by the board authority, and shall be applicable to the retired member or his designated beneficiary under the option elected.” 23. Section 911775 of the 1976 Code, as last amended by Act 176 of 2010, is further amended to read: “Section 911775. (A) The Death Benefit Plan for members of the South Carolina Retirement System, hereinafter referred to as the ‘plan, is established for the purpose of providing for the payment of the benefits provided by Section 911770. (B) A separate fund, to be known as the Death Benefit Plan Reserve Fund, is established within the South Carolina Retirement System, hereinafter referred to as the ‘retirement system’, to be held in trust by the board authority. The fund shall consist of all contributions paid by the employers and other monies received and paid into the fund for death benefit purposes, and of the investment earnings on these monies, and must be used only to pay the death benefits prescribed by subsection (C). Concurrent with the determination of the initial liability of the plan for the balance of the fiscal year on and after the effective date of the benefit, for the death benefit provided and to be paid for pursuant to this plan, there must be segregated and transferred from the Employer Annuity Accumulation Fund of the retirement system to the reserve fund created by this section the amounts determined by the actuary to be necessary to pay anticipated death benefit claims. Subsequent segregations and transfers must be made as required to pay the death benefit prescribed by subsection (C) from the reserve fund provided by this section. (C) At the death of a member who has met the eligibility requirements set forth in Section 911770, a benefit equal to the death benefit provided by Section 911770 must be paid to the person nominated by the member in accordance with the provisions of Section 911770 or to the member’s estate. (D) The actuary shall investigate the claim experience of the plan as provided by Section 91250. On the basis of these investigations and upon the recommendation of the actuary, as provided in Section 911210, the board authority shall certify the
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