South Carolina Code 9-9-80. Allowances payable in monthly installments
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 9-9-80
- 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
- Beneficiary: shall mean any person in receipt of a retirement allowance or other benefit as provided by the System. See South Carolina Code 9-9-10
- Retirement allowance: shall mean monthly payments for life under the System payable as provided in § 9-9-80. See South Carolina Code 9-9-10
All retirement allowances are payable in monthly installments. Upon the death of a retired member, the retirement allowance for the month the retired member died, if not previously paid, must be paid to the member’s designated beneficiary, if the beneficiary is living at the time of the member’s death, otherwise to the estate of the member. If the retired member elected a survivor option pursuant to the optional forms of allowances in § 9-9-70, any allowance payable to a survivor beneficiary commences in the month after the death of the retired member.