South Carolina Code 9-12-50. QEBA supplemental retirement allowance
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 9-12-50
- 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
- Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority acting as trustee of the retirement systems and acting through its Division of Retirement Systems. See South Carolina Code 9-12-10
- 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
- Retirement system: means the South Carolina Retirement System, Retirement System for Judges and Solicitors, Retirement System for Members of the General Assembly, and Police Officers Retirement System established pursuant to Chapters 1, 8, 9, and 11 of this title. See South Carolina Code 9-12-10
On and after the effective date of the QEBA, the board shall pay to each eligible retiree and beneficiary a supplemental retirement allowance equal to the difference between the retiree’s or beneficiary’s monthly benefit otherwise payable from the applicable retirement system prior to any reduction or limitation because of Section 415 of the Internal Revenue Code and the actual monthly benefit payable from the retirement system as limited by Section 415. The board shall compute and pay the supplemental retirement allowance in the same form, at the same time, and to the same persons as such benefits would have otherwise been paid as a monthly pension under the retirement system except for the Internal Revenue Code Section 415 limitations.