South Carolina Code 9-12-100. QEBA funds unsecured
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Terms Used In South Carolina Code 9-12-100
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- QEBA: means a Qualified Excess Benefit Arrangements under Section 415(m) of the Internal Revenue Code. See South Carolina Code 9-12-10
Nothing in this chapter shall be construed as providing for assets to be held in trust or escrow or any form of asset segregation for members, retired members, or beneficiaries. To the extent any person acquires the right to receive benefits under a QEBA, the right shall be no greater than the right of any unsecured general creditor of the State of South Carolina.