Terms Used In South Carolina Code 9-1-1130

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority which shall act under the provisions of this chapter through its Division of Retirement Systems. See South Carolina Code 9-1-10
• Employee: means :
  
  (a) to the extent compensated by this State, an employee, agent, or officer of the State or any of its departments, bureaus, and institutions, other than the public schools, whether the employee is elected, appointed, or employed;
  
  (b) the president, dean, professor, or teacher or any other person employed in any college, university, or educational institution of higher learning supported by and under the control of the State;
  
  (c) an employee, agent, or officer of a county, municipality, or school district, or an agency or department of any of these, which has been admitted to the system under the provisions of § 9-1-470, to the extent the employee, agent, or officer is compensated for services from public funds;
  
  (d) an employee of the extension service and any other employee a part of whose salary or wage is paid by the federal government if the federal funds from which the salary or wage is paid before disbursement become state funds;
  
  (e) an employee of a service organization, the membership of which is composed solely of persons eligible to be teachers or employees as defined by this section, if the compensation received by the employees of the service organization is provided from monies paid by the members as dues or otherwise, or from funds derived from public sources and if the employee contributions prescribed by this title are paid from the funds of the service organization;
  
  (f) an employee of an alcohol and drug abuse planning agency authorized to receive funds pursuant to § 61-12-20;
  
  (g) an employee of a local council on aging or other governmental agency providing aging services funded by the Department on Aging. See South Carolina Code 9-1-10
• Employee annuity: means annual payments for life derived from the accumulated contributions of a member. See South Carolina Code 9-1-10
• Employer: means this State, a county board of education, a district board of trustees, the board of trustees or other managing board of a state-supported college or educational institution, or any other agency of this State by which a teacher or employee is paid; the term "employer" also includes a county, municipality, or other political subdivision of the State, or an agency or department of any of these, which has been admitted to the system under the provisions of § 9-1-470, a service organization referred to in item (11)(e) of this section, an alcohol and drug abuse planning agency authorized to receive funds pursuant to § 61-12-20, and a local council on aging or other governmental agency providing aging services funded by the Department on Aging. See South Carolina Code 9-1-10
• Employer annuity: means annual payments for life derived from money provided by the employer. See South Carolina Code 9-1-10
• Member: means a teacher or employee included in the membership of the system as provided in Article 5 of this chapter. See South Carolina Code 9-1-10
• Regular interest: means interest compounded annually at a rate determined by the board in accordance with § 9-1-280. See South Carolina Code 9-1-10
• Retirement: means the withdrawal from active service with a retirement allowance granted under the system. See South Carolina Code 9-1-10
• system: means the South Carolina Retirement System established under § 9-1-20. See South Carolina Code 9-1-10
• Teacher: means a classroom teacher employed in the public schools supported by this State as determined by the board. See South Carolina Code 9-1-10