Terms Used In South Carolina Code > Title 9 > Chapter 11 - Police Officers Retirement System

• account: means an individual savings account established in accordance with the provisions of this article and pursuant to Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Account owner: means the person who enters into a Palmetto ABLE account agreement pursuant to the provisions of this article. See South Carolina Code 11-5-410
• 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 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 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
• 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.
• 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.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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 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 acting through its Division of Retirement Systems. See South Carolina Code 9-11-10
• 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 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
• 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
• 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
• 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.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• County: means any county of this State. See South Carolina Code 11-42-30
• Credited service: means a member's earned service and purchased service. See South Carolina Code 9-11-10
• 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
• Designated beneficiary: means an eligible individual whose qualified disability expenses may be paid from the account. See South Carolina Code 11-5-410
• Division of Regional Development: is a division of the board. See South Carolina Code 11-42-30
• 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 9-11-10
• 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
• 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
• 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
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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
• 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}
• Financial organization: means an organization authorized to do business in this State and is:
  
  (a) licensed or chartered by the Director of Insurance;
  
  (b) licensed or chartered by the State Commissioner of Banking;
  
  (c) chartered by an agency of the federal government; or
  
  (d) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission. See South Carolina Code 11-5-410
• 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.
• 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
• 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.
• 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
• 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
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• Management contract: means a contract executed by the State Treasurer and a program manager selected to act as a depository or manager of the program, or both. See South Carolina Code 11-5-410
• 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 person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
• Member of the family: has the meaning defined in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• 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
• 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: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• 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.
• 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.
• 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
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Program: means the Palmetto ABLE Savings Program established pursuant to this article. See South Carolina Code 11-5-410
• Program manager: means a financial organization or an agency or department of another state that has been designated to administer a qualified ABLE Program selected by the State Treasurer to act as a depository or manager of the program, or both. See South Carolina Code 11-5-410
• 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
• 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 9-11-10
• Qualified disability expense: means any qualified disability expense included in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Qualified withdrawal: means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account. See South Carolina Code 11-5-410
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• 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.
• Retirement allowance: means monthly payments for life under the system payable as provided in § 9-11-160. See South Carolina Code 9-11-10
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Rollover distribution: means a rollover distribution as defined in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Secretary: means the Secretary of the United States Treasury. See South Carolina Code 11-5-410
• 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
• Statute: A law passed by a legislature.
• 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 Police Officers Retirement System. See South Carolina Code 9-11-10
• 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.
• Trustee: A person or institution holding and administering property in trust.
• 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}