South Carolina Code 9-12-40. Eligibility for participation in a QEBA
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 9-12-40
- 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
- Internal Revenue Code: means the Internal Revenue Code of 1986, as amended from time to time. See South Carolina Code 9-12-10
- QEBA: means a Qualified Excess Benefit Arrangements under Section 415(m) of the Internal Revenue Code. See South Carolina Code 9-12-10
All members, retired members, and beneficiaries of the retirement systems are eligible to participate in a QEBA if their benefits would exceed the limitation imposed by Section 415 of the Internal Revenue Code. Participation is determined for each calendar year, and participation shall cease for any calendar year in which the benefit of a member, retired member, or beneficiary is not limited by Section 415 of the Internal Revenue Code.