Terms Used In South Carolina Code > Title 8 > Chapter 11 > Article 11 - State Employee Pay Plan

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appraisal: A determination of property value.
• 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
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-9-10
• Credited service: shall mean service for which credit is allowable as provided in § 9-9-50. See South Carolina Code 9-9-10
• Date of establishment: shall mean January 1, 1966. See South Carolina Code 9-9-10
• Earnable compensation: means forty times the daily rate of renumeration, plus twelve thousand dollars, of a member of the General Assembly, as from time to time in effect. See South Carolina Code 9-9-10
• Employer annuity: shall mean annual payments for life derived from money provided by the State. See South Carolina Code 9-9-10
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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
• State: shall mean the State of South Carolina. See South Carolina Code 9-9-10
• System: shall mean the Retirement System for members of the General Assembly of the State of South Carolina. See South Carolina Code 9-9-10