South Carolina Code 9-8-70. Optional retirement allowance
Until the final payment of a retirement allowance becomes normally due, a member may elect, by filing written application with the board, to convert the retirement allowance otherwise payable on his account after retirement into a retirement allowance of equivalent actuarial value under which a reduced retirement allowance is payable during the beneficiary’s life, with the provision that one-third of the reduced allowance is payable in equal shares to and for the life of each of two or more beneficiaries or to the trustee or trustees of the beneficiaries, for so long as each beneficiary survives him. The benefit reduction factor must be based on the average age of the beneficiaries.
Terms Used In South Carolina Code 9-8-70
- 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 any person in receipt of a retirement allowance or other benefit as provided by the System. See South Carolina Code 9-8-10
- Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-8-10
- Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
- Retirement allowance: means monthly payments for life under the System payable as provided in § 9-8-80. See South Carolina Code 9-8-10
- Trustee: A person or institution holding and administering property in trust.
The board may approve a five-year, pay-out plan developed by the actuary on the basis of the total retirement allowance for surviving beneficiaries, other than a spouse.
Except as provided in this section, a retired member may not change the form of his monthly payment after the first payment of a retirement allowance is due.