§ 8-23-10 Declaration of purpose
§ 8-23-20 Deferred Compensation Program
§ 8-23-30 State and political subdivisions may agree to defer percentage of employees’ compensation
§ 8-23-40 Director or principal fiscal officer of state agencies and political subdivisions may agree to defer any portion of employee’s compensation
§ 8-23-50 Payment of premiums
§ 8-23-60 “Employees” defined
§ 8-23-70 Program additional to other retirement; pension or benefit systems; taxation of deferred sums
§ 8-23-80 Limitation on financial liability of State or political subdivisions
§ 8-23-90 No cost or liability to State or political subdivisions other than incidental expenses
§ 8-23-100 Withdrawal from program
§ 8-23-110 Employer contributions; matching and other contributions by political subdivisions of State; determination of amount and terms of State contributions
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Terms Used In South Carolina Code > Title 8 > Chapter 23 - Deferred Compensation Program

  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.