Terms Used In South Carolina Code > Title 9 > Chapter 1 > Article 11 - Management of Funds

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• 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
• 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
• 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.
• 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.
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Retirement: means the withdrawal from active service with a retirement allowance granted under the system. See South Carolina Code 9-1-10
• system: means the South Carolina Retirement System established under § 9-1-20. See South Carolina Code 9-1-10
• this State: means the State of South Carolina. See South Carolina Code 9-1-10
• Trustee: A person or institution holding and administering property in trust.