South Carolina Code 9-12-60. Amount of contributions to the QEBA
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Terms Used In South Carolina Code 9-12-60
- Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority acting as trustee of the retirement systems and acting through its Division of Retirement Systems. See South Carolina Code 9-12-10
- Internal Revenue Code: means the Internal Revenue Code of 1986, as amended from time to time. See South Carolina Code 9-12-10
The board shall determine the amount of benefits that cannot be provided under the retirement systems because of the limitations of Section 415 of the Internal Revenue Code, and the amount of contributions that must be made to the QEBAs as separate funds within the retirement systems. The board shall engage such actuarial services as shall be required to make these determinations. If applicable, fees for the actuary’s service shall be paid by the applicable employers.