Terms Used In South Carolina Code > Title 9 > Chapter 1 - South Carolina Retirement System

• Accumulated additional contributions: means a member's aggregate additional contributions, together with regular interest on the contributions. See South Carolina Code 9-11-10
• Accumulated 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 employee annuity savings fund, together with regular interest on the account, as provided in this chapter. See South Carolina Code 9-11-10
• Active member: means an employee who is compensated by an employer participating in the system and who is making regular retirement contributions to the system. See South Carolina Code 9-1-10
• Active member: means a member who is compensated by an employer participating in the system and who is making regular retirement contributions to the system. See South Carolina Code 9-11-10
• Actuarial accrued liability: means that portion, as determined by a particular actuarial cost method, of the actuarial present value of fund obligations and administrative expenses which is not provided for by future normal costs. See South Carolina Code 1-11-703
• Actuarial assumptions: means assumptions regarding the occurrence of future events affecting costs of the SCRHI Trust Fund or LTDI Trust Fund such as mortality, withdrawal, disability, and retirement; changes in compensation; aging effects and cost trends for post-employment benefits; benefit election rates; rates of investment earnings and asset appreciation or depreciation; procedures used to determine the actuarial value of assets; and other such relevant items. See South Carolina Code 1-11-703
• Actuarial cost method: means a method for determining the actuarial present value of the obligations and administrative expenses of the SCRHI Trust Fund or LTDI Trust Fund and for developing an actuarially equivalent allocation of such value to time periods, usually in the form of a normal cost and an actuarial-accrued liability. See South Carolina Code 1-11-703
• Actuarial equivalent: means a benefit of equal value when computed upon the basis of mortality tables adopted by the board and regular interest. See South Carolina Code 9-1-10
• Actuarial equivalent: means a benefit of equal value when computed on the basis of the tables and regular interest rate last adopted by the board, as provided in § 9-11-30. See South Carolina Code 9-11-10
• Actuarial valuation: means the determination, as of a valuation date, of the normal cost, actuarial accrued liability, actuarial value of assets, and related actuarial present values for the SCRHI Trust Fund or LTDI Trust Fund. See South Carolina Code 1-11-703
• Actuarially sound: means that calculated contributions to the SCRHI Trust Fund or LTDI Trust Fund are sufficient to pay the full actuarial cost of these trust funds. See South Carolina Code 1-11-703
• Administrative expenses: means all expenses incurred in the operation of the SCRHI Trust Fund and LTDI Trust Fund, including all investment expenses. See South Carolina Code 1-11-703
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Agency: means an authority, board, branch, commission, committee, department, division, or other instrumentality of the executive department of state government, including administrative bodies and bodies corporate and politic established as an instrumentality of the State. See South Carolina Code 1-6-10
• Aggregate additional contributions: means the sum of all the contributions made by a member pursuant to § 9-11-210 in effect before July 1, 1974, and any amounts transferred from another fund which are treated as additional contributions pursuant to § 9-11-210 in effect before July 1, 1974, or § 9-11-210(6) as amended as of that date. See South Carolina Code 9-11-10
• 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
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attack: means any attack or series of attacks by an enemy of the United States causing, or which may cause, substantial damage or injury to civilian property or persons in the United States in any manner by sabotage or by the use of bombs, missiles, shellfire, or atomic, radiological, chemical, bacteriological, or biological means or other weapons or processes. See South Carolina Code 1-9-20
• Authority: means the South Carolina Resources Authority. See South Carolina Code 11-37-20
• Authority: means the South Carolina Infrastructure Facilities Authority. See South Carolina Code 11-40-30
• 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 a person in receipt of a pension, an annuity, a retirement allowance or other benefit provided under the system. See South Carolina Code 9-1-10
• Beneficiary: means a person in receipt of a retirement allowance or other benefit provided by the system. See South Carolina Code 9-11-10
• 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 which shall act under the provisions of this chapter through its Division of Retirement Systems. See South Carolina Code 9-1-10
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority acting through its Division of Retirement Systems. See South Carolina Code 9-11-10
• 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
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 1-11-703
• Bond Resolution: means the resolution or resolutions of the authority, including the trust agreement or trust indenture, if any, authorizing the issuance of and providing for the terms and conditions applicable to bonds. See South Carolina Code 11-40-30
• Bonds: means any bonds, notes, debentures, interim certificates, bond, grant or revenue anticipation notes, or any other evidence of indebtedness of the authority. See South Carolina Code 11-37-20
• Bonds: means bonds, notes, or other evidences of obligation of the authority issued under this chapter, including bond, grant or revenue anticipation notes, notes in the nature of commercial paper, and refunding bonds. See South Carolina Code 11-40-30
• bonds: means general obligation bonds of this State issued under the authority of this chapter. See South Carolina Code 11-41-30
• Capital reserve fund: means any reserve fund created and established by the authority pursuant to this chapter. See South Carolina Code 11-37-20
• Chambers: A judge's office.
• Class Three member: means an employee member of the system with an effective date of membership after June 30, 2012. See South Carolina Code 9-1-10
• Class Three member: means an employee member of the system with an effective date of membership after June 30, 2012. See South Carolina Code 9-11-10
• Class two service: means credited service after June 30, 1974, as a class two member, as defined in subsection (7) of § 9-11-40, and credited service before July 1, 1974, or date of membership, if later, with respect to which contributions have been made by a member, or on the member's behalf, under the supplemental allowance program or pursuant to subsection (2), (3), or (10) of § 9-11-210. See South Carolina Code 9-11-10
• 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
• Compensation: means the total remuneration paid to a police officer for service rendered to an employer for his full normal working time; when compensation includes maintenance, fees and other things of value, the board shall fix the value of that part of the compensation not paid in money directly by the employer. See South Carolina Code 9-11-10
• Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
• 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.
• County: means any county of this State. See South Carolina Code 11-42-30
• Creditable service: means a member's earned service, prior service, and purchased service. See South Carolina Code 9-1-10
• Credited service: means a member's earned service and purchased service. See South Carolina Code 9-11-10
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Date of establishment: means July 1, 1962. See South Carolina Code 9-11-10
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the State Department of Commerce. See South Carolina Code 11-41-30
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division of Regional Development: is a division of the board. See South Carolina Code 11-42-30
• Earnable compensation: means the full rate of the compensation that would be payable to a member if the member worked the member's full normal working time; when compensation includes maintenance, fees, and other things of value the board shall fix the value of that part of the compensation not paid in money directly by the employer. See South Carolina Code 9-1-10
• Earned service: means :
  
  (a) paid employment as a teacher or employee of an employer participating in the system where the teacher or employee makes regular retirement contributions to the system; or
  
  (b) service rendered while participating in the State Optional Retirement Program, the Optional Retirement Program for Teachers and School Administrators, or the Optional Retirement Program for Publicly Supported Four Year and Postgraduate Institutions of Higher Education that has been purchased pursuant to § 9-1-1140(F); or
  
  (c) service earned as a participant in the system, the South Carolina Police Officers Retirement System, the Retirement System for Members of the General Assembly, or the Retirement System for Judges and Solicitors that is transferred to or purchased in the system. See South Carolina Code 9-1-10
• Earned service: means :
  
  (a) the paid employment of a member of the system with an employer participating in the system where the member makes regular retirement contributions to the system;
  
  (b) service rendered while participating in the State Optional Retirement Program, the Optional Retirement Program for Teachers and School Administrators, or the Optional Retirement Program for Publicly Supported Four-Year and Postgraduate Institutions of Higher Education that has been purchased pursuant to § 9-11-50(F); or
  
  (c) service with a participating employer in the system, the South Carolina Retirement System, the Retirement System for Members of the General Assembly, or the Retirement System for Judges and Solicitors that is transferred to or purchased in the system. See South Carolina Code 9-11-10
• Educational service: means paid service as a classroom teacher in a public, private, or sectarian school providing elementary or secondary education, kindergarten through grade twelve. See South Carolina Code 9-1-10
• Educational service: means paid service as a classroom teacher in a public, private, or sectarian school providing elementary or secondary education, kindergarten through grade twelve. See South Carolina Code 9-11-10
• EIP: means the office of the South Carolina Public Employee Benefit Authority designated by the board to operate insurance programs pursuant to this article. See South Carolina Code 1-11-703
• Employee: includes an individual who contracts with an agency for personal services. See South Carolina Code 1-6-10
• Employee: means :
  
  (a) to the extent compensated by this State, an employee, agent, or officer of the State or any of its departments, bureaus, and institutions, other than the public schools, whether the employee is elected, appointed, or employed;
  
  (b) the president, dean, professor, or teacher or any other person employed in any college, university, or educational institution of higher learning supported by and under the control of the State;
  
  (c) an employee, agent, or officer of a county, municipality, or school district, or an agency or department of any of these, which has been admitted to the system under the provisions of § 9-1-470, to the extent the employee, agent, or officer is compensated for services from public funds;
  
  (d) an employee of the extension service and any other employee a part of whose salary or wage is paid by the federal government if the federal funds from which the salary or wage is paid before disbursement become state funds;
  
  (e) an employee of a service organization, the membership of which is composed solely of persons eligible to be teachers or employees 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 employee contributions prescribed by this title are paid from the funds of the service organization;
  
  (f) an employee of an alcohol and drug abuse planning agency authorized to receive funds pursuant to § 61-12-20;
  
  (g) an employee of a local council on aging or other governmental agency providing aging services funded by the Department on Aging. See South Carolina Code 9-1-10
• Employee annuity: means annual payments for life derived from the accumulated contributions of a member. See South Carolina Code 9-1-10
• Employer: means this State, a county board of education, a district board of trustees, the board of trustees or other managing board of a state-supported college or educational institution, or any other agency of this State by which a teacher or employee is paid; the term "employer" also includes a county, municipality, or other political subdivision of the State, or an agency or department of any of these, which has been admitted to the system under the provisions of § 9-1-470, a service organization referred to in item (11)(e) of this section, an alcohol and drug abuse planning agency authorized to receive funds pursuant to § 61-12-20, and a local council on aging or other governmental agency providing aging services funded by the Department on Aging. See South Carolina Code 9-1-10
• 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
• Employer annuity: means annual payments for life derived from money provided by the employer. See South Carolina Code 9-1-10
• enhanced project: means an economic development project for which the sponsor satisfies the jobs and investment criteria set forth in subsubitem (i), and, further, (A) the total investment in the project by the sponsor is not less than 1. See South Carolina Code 11-41-30
• 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.
• environmental facilities: means any publicly-owned projects, structures, and other real or personal property acquired, rehabilitated, constructed, or planned for the purposes of water supply, treatment, storage and distribution; sewerage collection treatment and disposal; or solid waste collection, treatment and disposal. See South Carolina Code 11-40-30
• Ex officio: Literally, by virtue of one's office.
• Executive director: means the executive director of the board. See South Carolina Code 11-42-30
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Federal program: means any federal statutes or regulations pursuant to which federal grant funds are made available for environmental facilities and projects, and the rules and regulations promulgated thereunder. See South Carolina Code 11-40-30
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fund: means the South Carolina Infrastructure Revolving Loan Fund established pursuant to § 11-40-50, including the various accounts established thereunder. See South Carolina Code 11-40-30
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• IBNR: means unpaid health claims incurred but not reported. See South Carolina Code 1-11-703
• 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
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Investment: means money expended by the sponsor on capital assets directly related to the economic development project and does not include amounts expended in aid of the project by the State pursuant to this chapter or otherwise, or amounts expended in aid of the project by a county, municipality, or a special purpose district, however financed. See South Carolina Code 11-41-30
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• License: includes the whole or part of any agency permit, franchise, certificate, approval, registration, charter, or similar form of permission required by law, but it does not include a license required solely for revenue purposes;
  
  (5) "Party" means each person or agency named or admitted as a party, or properly seeking and entitled as of right to be admitted as a party;
  
  (6) "Person" means any individual, partnership, corporation, association, governmental subdivision, or public or private organization of any character other than an agency. See South Carolina Code 1-23-310
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Loan: means a loan from the authority to a local government for the purpose of financing all or a portion of the cost of a project. See South Carolina Code 11-40-30
• Loan agreement: means a written agreement entered into between the authority and a local government to evidence its indebtedness with respect to a loan. See South Carolina Code 11-40-30
• Loan obligation: means a bond, note, or other evidence of obligation issued by a local government to evidence its indebtedness under a loan agreement or otherwise with respect to a loan. See South Carolina Code 11-40-30
• Local government: means any county, municipality, special purpose or special service district, or Commission of Public Works of the State and any private eleemosynary water companies, private eleemosynary sewer companies, and private eleemosynary companies which provide both water and sewer services. See South Carolina Code 11-37-20
• Local obligations: means any bonds, notes, debentures, interim certificates, bond, grant, or revenue anticipation notes, or any other evidences of indebtedness of a local government. See South Carolina Code 11-37-20
• LTDI Trust Fund: means the Long Term Disability Insurance Trust Fund established pursuant to § 1-11-707 to fund benefits under the state's Basic Long Term Disability (BLTD) Income Benefit Plan. See South Carolina Code 1-11-703
• Management services: means technical, administrative, instructional, or informational services provided to any current or potential loan recipient in, but not limited to, the areas of service charge structure; accounting, capital improvements budgeting or financing; financial reporting, treasury management, debt structure or administration or related fields of financial management; contract or grant administration; management of water, sewer, or solid waste systems; and economic development administration strategies. See South Carolina Code 11-40-30
• Medical board: means the board provided for in § 9-11-30(2). See South Carolina Code 9-11-10
• Member: means a teacher or employee included in the membership of the system as provided in Article 5 of this chapter. See South Carolina Code 9-1-10
• Member: means a person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
• Military service: means :
  
  (a) service in the United States Army, United States Navy, United States Marine Corps, United States Air Force, or United States Coast Guard;
  
  (b) service in the select reserve of the Army Reserve, Naval Reserve, Marine Corps Reserve, Air Force Reserve, or the Coast Guard Reserve, and
  
  (c) service as a member of the Army National Guard or Air National Guard of this or any other state. See South Carolina Code 9-1-10
• Military service: means :
  
  (a) service in the United States Army, United States Navy, United States Marine Corps, United States Air Force, or United States Coast Guard;
  
  (b) service in the select reserve of the Army Reserve, Naval Reserve, Marine Corps Reserve, Air Force Reserve, or the Coast Guard Reserve; and
  
  (c) service as a member of the Army National Guard or Air National Guard of this or any other state. See South Carolina Code 9-11-10
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• national and international convention and trade show center: means a not less than two hundred thousand square foot facility consisting of meeting and exhibit space at which are held major conventions, trade shows, and special events that bring delegates into the State and community including, but not limited to, consumer shows, sporting events, and other meetings. See South Carolina Code 11-41-30
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Nonqualified service: means purchased service other than public service, educational service, military service, leave of absence, and reestablishment of withdrawals. See South Carolina Code 9-1-10
• Nonqualified service: means purchased service other than public service, educational service, military service, leave of absence, and reestablishment of withdrawals. See South Carolina Code 9-11-10
• Obligation: means any bond, revenue bond, note, lease, contract, evidence of indebtedness, debt, or other obligation of the authority, the State, or local governments which are authorized to be issued under this chapter or under the Constitution or other laws of this State, including refunding bonds. See South Carolina Code 11-40-30
• Office: includes all State and local offices, the powers and duties of which are defined by the Constitution, statutes, charters, and ordinances, except the office of Governor, and except those in the General Assembly and the judiciary. See South Carolina Code 1-9-20
• Office: means the Revenue and Fiscal Affairs Office. See South Carolina Code 1-23-10
• Operating account: means the health insurance program's business operating activities account maintained by the State Treasurer in which are deposited all premiums for enrollees in self-funded health plans authorized in this article, along with employer contributions for active employees covered by such self-funded health plans, and from which claims and administrative expenses of the self-funded health and dental plans administered by the employee insurance program are paid. See South Carolina Code 1-11-703
• Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
• Other fund: means :
  
  (a) the South Carolina Retirement System; or
  
  (b) the Police Insurance and Annuity Fund of the State of South Carolina. See South Carolina Code 9-11-10
• Oversight: Committee review of the activities of a Federal agency or program.
• 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
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means :
  
  (a) an individual, labor union and organization, joint apprenticeship committee, partnership, association, corporation, legal representative, mutual company, joint-stock company, trust, unincorporated organization, trustee, trustee in bankruptcy, receiver, or other legal or commercial entity located in part or in whole in the State or doing business in the State;
  
  (b) the State and any agency or local subdivision of an agency; or
  
  (c) a political subdivision. See South Carolina Code 1-6-10
• Personal property: All property that is not real property.
• 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
• Political subdivision: includes a county, city, municipality, town, village, township, district, authority, special purpose district, school district, other local government entity, or other public corporation or entity whether organized and existing under charter or general law. See South Carolina Code 1-6-10
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Prior service: means service rendered as a teacher or employee before July 1, 1945, for which credit is allowable under Article 7 of this chapter. See South Carolina Code 9-1-10
• Project: means any water supply, sewer system, sewage, wastewater treatment facility, or any other project hereafter committed to the authority by subsequent enactment of the General Assembly. See South Carolina Code 11-37-20
• project: means either (A) a project in this State as defined in § 12-44-30(16) in which a total of at least four hundred million dollars is invested in the project by the sponsor and at least four hundred new jobs are created at the project by the sponsor, or (B) an expansion of an existing economic development project for which economic development bonds have previously been issued, if in connection with the expansion, in addition to and not including the investment made and new jobs created in connection with the existing project for which economic development bonds have previously been issued, a total of at least four hundred million dollars is invested in the project by the sponsor and at least four hundred new jobs are created at the project by the sponsor. See South Carolina Code 11-41-30
• Promulgation: means final agency action to enact a regulation after compliance with procedures prescribed in this article. See South Carolina Code 1-23-10
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public school: means a school conducted within this State under the authority and supervision of a duly elected or appointed school district board of trustees. See South Carolina Code 9-1-10
• Public service: means service as an employee of the government of the United States, a state or political subdivision of the United States, or an agency or instrumentality of any of these. See South Carolina Code 9-1-10
• Public service: means service as an employee of the government of the United States, any state or political subdivision of the United States, or any agency or instrumentality of any of these. See South Carolina Code 9-11-10
• Purchased service: means service credit purchased by an active member while an employee of an employer participating in the system. See South Carolina Code 9-1-10
• Purchased service: means service credit purchased by an active member while an employee of an employer participating in the system. See South Carolina Code 9-11-10
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Regular interest: means interest compounded annually at a rate determined by the board in accordance with § 9-1-280. See South Carolina Code 9-1-10
• Regular interest: means interest compounded annually at the rate or rates determined for a particular purpose by the board in accordance with § 9-11-30. See South Carolina Code 9-11-10
• regulation: includes general licensing criteria and conditions and the amendment or repeal of a prior regulation, but does not include descriptions of agency procedures applicable only to agency personnel; opinions of the Attorney General; decisions or orders in rate making, price fixing, or licensing matters; awards of money to individuals; policy statements or rules of local school boards; regulations of the National Guard; decisions, orders, or rules of the Board of Probation, Parole, and Pardon Services; orders of the supervisory or administrative agency of a penal, mental, or medical institution, in respect to the institutional supervision, custody, control, care, or treatment of inmates, prisoners, or patients; decisions of the governing board of a university, college, technical college, school, or other educational institution with regard to curriculum, qualifications for admission, dismissal and readmission, fees and charges for students, conferring degrees and diplomas, employment tenure and promotion of faculty and disciplinary proceedings; decisions of the Human Affairs Commission relating to firms or individuals; advisory opinions of agencies; and other agency actions relating only to specified individuals. See South Carolina Code 1-23-10
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Reserve fund requirement: means , as of any particular date of computation, the amount of money designated as the minimum capital reserve fund requirement as established by the resolution of the authority authorizing the issuance of or by the trust indenture securing any issue of bonds. See South Carolina Code 11-37-20
• Retirement: means the withdrawal from active service with a retirement allowance granted under the system. See South Carolina Code 9-1-10
• Retirement allowance: means the sum of the employer annuity and the employee annuity or any optional benefit payable in lieu of the annuity. See South Carolina Code 9-1-10
• Retirement allowance: means monthly payments for life under the system payable as provided in § 9-11-160. 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
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Rule of ninety: means a requirement that the total of the member's age and the member's creditable service equals at least ninety years. See South Carolina Code 9-1-10
• SCRHI Trust Fund: means the South Carolina Retiree Health Insurance Trust Fund established pursuant to § 1-11-705 to fund the employer cost for health benefits for retired state employees and retired public school district employees. See South Carolina Code 1-11-703
• 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.
• small business: means a commercial retail service, industry entity, or nonprofit corporation, including its affiliates, that:
  
  (1) is, if a commercial retail service or industry service, independently owned and operated; and
  
  (2) employs fewer than one hundred full-time employees or has gross annual sales or program service revenues of less than five million dollars. See South Carolina Code 1-23-270
• Sponsor: means a sole proprietor, partnership, corporation of any classification, limited liability company, or association taxable as a business entity or any combination of these entities. See South Carolina Code 11-41-30
• State: means the State of South Carolina. See South Carolina Code 9-11-10
• State agency: means each state board, commission, department, executive department or officer, other than the legislature, the courts, the South Carolina Tobacco Community Development Board, or the Tobacco Settlement Revenue Management Authority, authorized by law to make regulations or to determine contested cases;
  
  (2) "Document" means a regulation, notice or similar instrument issued or promulgated pursuant to law by a state agency;
  
  (3) "Person" means any individual, partnership, corporation, association, governmental subdivision or public or private organization of any character other than an agency;
  
  (4) "Regulation" means each agency statement of general public applicability that implements or prescribes law or policy or practice requirements of any agency. See South Carolina Code 1-23-10
• State health and dental plans: means any insurance program administered by the employee insurance program pursuant to this article. See South Carolina Code 1-11-703
• State Retirement Systems: means all retirement systems established pursuant to Title 9 except for the National Guard Retirement System. See South Carolina Code 1-11-703
• State-covered entity: means state agencies and institutions, however described, and school districts. See South Carolina Code 1-11-703
• Substantial economic impact: means a financial impact upon:
  
  (a) commercial enterprises;
  
  (b) retail businesses;
  
  (c) service businesses;
  
  (d) industry;
  
  (e) consumers of a product or service;
  
  (f) taxpayers; or
  
  (g) small businesses as defined in § 1-23-270. See South Carolina Code 1-23-10
• Supplemental allowance program: means the supplemental allowance program established under the system as of July 1, 1966, and as in effect on June 30, 1974. See South Carolina Code 9-11-10
• system: means the South Carolina Retirement System established under § 9-1-20. See South Carolina Code 9-1-10
• System: means the South Carolina Police Officers Retirement System. See South Carolina Code 9-11-10
• Teacher: means a classroom teacher employed in the public schools supported by this State as determined by the board. See South Carolina Code 9-1-10
• this State: means the State of South Carolina. See South Carolina Code 9-1-10
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust fund paid premiums: means the employer premium for state health and dental plans coverage paid by the SCRHI Trust Fund on behalf of a retiree. See South Carolina Code 1-11-703
• Unavailable: means either that a vacancy in office exists and there is no deputy authorized to exercise all of the powers and discharge the duties of the office, or that the lawful incumbent of the office (including any deputy exercising the powers and discharging the duties of an office because of a vacancy) and his duly authorized deputy are absent or unable to exercise the powers and discharge the duties of the office. See South Carolina Code 1-9-20
• Unfunded actuarial accrued liability: means for any actuarial valuation the excess of the actuarial accrued liability over the actuarial value of the assets of the fund under an actuarial cost method utilized by the fund for funding purposes. See South Carolina Code 1-11-703
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}