Terms Used In South Carolina Code > Title 11 > Chapter 42 - South Carolina Comprehensive Infrastructure Development Act

• Aggregate contributions: means the sum of all the amounts deducted from the compensation of a member and credited to the member's individual account in the system, including any amounts transferred from another fund to the system as provided in § 9-11-210(6). See South Carolina Code 9-11-10
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assets: means all funds, investments, and similar property of the retirement system. See South Carolina Code 9-16-10
• Board: means the governing board of the Rural Infrastructure Authority. See South Carolina Code 11-42-30
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority acting as trustee of the retirement system. See South Carolina Code 9-16-10
• Commission: means the Retirement System Investment Commission. See South Carolina Code 9-16-10
• Communications: means public sector communications. See South Carolina Code 11-42-30
• County: means any county of this State. See South Carolina Code 11-42-30
• Division of Regional Development: is a division of the board. See South Carolina Code 11-42-30
• Employer: means :
  
  (a) the State;
  
  (b) a political subdivision, agency, or department of the State which employs police officers and which has been admitted to the system as provided in § 9-11-40; and
  
  (c) a service organization, the membership of which is composed solely of persons eligible to be members as defined by this section, if the compensation received by the employees of the service organization is provided from monies paid by the members as dues, or otherwise, or from funds derived from public sources and if the contributions prescribed by this chapter are to be paid from the funds of the service organization. See South Carolina Code 9-11-10
• Executive director: means the executive director of the board. See South Carolina Code 11-42-30
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means a person who:
  
  (a) exercises any authority to invest or manage assets of a system;
  
  (b) provides investment advice for a fee or other direct or indirect compensation with respect to assets of a system or has any authority or responsibility to do so;
  
  (c) is a member of the commission;
  
  (d) is the commission's chief investment officer; or
  
  (e) is the commission's chief executive officer. See South Carolina Code 9-16-10
• Infrastructure: means the basic facilities, services, and installations needed for the functioning of government including, but not limited to, water, sewer, and public sector communications. See South Carolina Code 11-42-30
• Infrastructure Development Plans: means any written proposal by the State, county, municipality, special purpose district or regional council of government that involves development of infrastructure as defined in this chapter. See South Carolina Code 11-42-30
• Member: means a person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
• Participant: means an individual who is or has been an employee enrolled in a retirement program and who is or may become eligible to receive or is currently receiving a benefit under the program. See South Carolina Code 9-16-10
• Police officer: means a person who receives his salary from an employer and who is:
  
  (a) required by the terms of his employment, either by election or appointment, to give his time to the preservation of public order, the protection of life and property, and the detection of crimes in this State; or
  
  (b) an employee after January 1, 2000, of the South Carolina Department of Corrections, the South Carolina Department of Juvenile Justice, or the South Carolina Department of Mental Health who, by the terms of his employment, is a peace officer as defined by § 24-1-280. See South Carolina Code 9-11-10
• Retirement program: means a program of rights and obligations which a retirement system establishes or maintains and which, by its express terms or as a result of surrounding circumstances:
  
  (a) provides retirement benefits to qualifying employees and beneficiaries; or
  
  (b) results in a deferral of income by employees for periods extending to the termination of covered employment or beyond. See South Carolina Code 9-16-10
• Retirement system: means the South Carolina Retirement System, Retirement System for Judges and Solicitors, Retirement System for Members of the General Assembly, National Guard Retirement System, and Police Officers Retirement System established pursuant to Chapters 1, 8, 9, 10 and 11 of this title. See South Carolina Code 9-16-10
• State: means the State of South Carolina. See South Carolina Code 9-11-10
• System: means the South Carolina Police Officers Retirement System. See South Carolina Code 9-11-10