Need help with a stitch abbrev

I have looked all over and can not find how to do a decrease K1, KSP
This is for the right (vs left) side of the sweater (tank top). I am so worried that I am doing it wrong - I am assuming that it means to
knit, knit, slip and then pass, so I am passing the second knit over the slip.
It is a Berroco pattern, Jocelyn.
Thanks for any help out there.

Borroco posts all their abreviations on this page:

KSP: K1, then sl st back to LH needle, lift 2nd st on LH needle back over returned st and replace returned st on RH needle (1 st dec’d).