South Carolina Code 9-1-1615. Retirement allowances payable in monthly installments; payments after death of retired member
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 9-1-1615
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person in receipt of a pension, an annuity, a retirement allowance or other benefit provided under the system. 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
- Retirement: means the withdrawal from active service with a retirement allowance granted under the system. See South Carolina Code 9-1-10
- Retirement allowance: means the sum of the employer annuity and the employee annuity or any optional benefit payable in lieu of the annuity. See South Carolina Code 9-1-10
All retirement allowances are payable in monthly installments. Upon the death of a retired member, the retirement allowance for the month the retired member died, if not previously paid, must be paid to the member’s designated beneficiary, if the beneficiary is living at the time of the member’s death, otherwise to the member’s estate. If the retired member elected a survivor option pursuant to the optional forms of allowances in § 9-1-1620, any allowance payable to a survivor beneficiary commences in the month after the death of the retired member.