South Carolina Code 59-103-150. Early retirement plans for faculty of public institutions of higher learning
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(A) As long as there is no impact on state appropriations and subject to approval by the governing body of the public institution of higher education, the institution may implement an early retirement plan for its faculty to accomplish the following objectives:
(1) reallocate institutional resources;
Terms Used In South Carolina Code 59-103-150
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
(2) provide an equitable method to increase the flexibility of the institution to effect cost-saving measures;
(3) foster intellectual renewal;
(4) provide increased opportunities for promotion of a younger faculty;
(5) improve the opportunity to recruit qualified women and minorities.
(B) An early retirement plan may include provisions for institutions to pay:
(1) actuarial costs required by §§ 9-1-1850 and 9-11-60;
(2) health, dental, and life insurance costs;
(3) incentive payments;
(4) the costs of single premium annuity plans to provide supplemental benefits.