South Carolina Code 9-12-80. No ability to defer
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Terms Used In South Carolina Code 9-12-80
- 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
- QEBA: means a Qualified Excess Benefit Arrangements under Section 415(m) of the Internal Revenue Code. See South Carolina Code 9-12-10
A member, retired member, or beneficiary cannot elect to defer the receipt of all or any part of the payments due under a QEBA.