South Carolina Code 9-11-110. Lump sum paid in event of death
(a) his accumulated contributions, excluding any additional contributions, or one thousand dollars, whichever is greater; and
Terms Used In South Carolina Code 9-11-110
- 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
- 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 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
- 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.
- Member: means a person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
(b) his accumulated additional contributions. If the member is not in service at the time of his death, such lump-sum amount shall be the amount of his accumulated contributions.
(2) Upon the death of a member who did not select a survivor option or who selected a survivor option and the member’s designated beneficiary predeceased the member, a lump sum amount must be paid to the member’s designated beneficiary or the member’s estate if total member contributions and accrued interest at the member’s retirement exceed the sum of the retirement allowances paid to the member. Upon the death of a designated beneficiary selected under a survivor option, a lump sum amount must be paid to the beneficiary’s estate if total member contributions and accrued interest at the member’s retirement exceed the sum of the retirement allowances paid to the member and the member’s beneficiary. The lump sum payment must be the total member contributions and accrued interest at retirement less the sum of the retirement allowances paid to the member or in the case of a survivor option, the total member contributions and accrued interest at retirement less the sum of the retirement allowances paid to the member and the member’s designated beneficiary.
(3) A member who is not retired making the nomination provided under subsection (1) of this section also may name contingent beneficiaries in the same manner that primary beneficiaries are named. A contingent beneficiary has no rights under this chapter unless all primary beneficiaries nominated by the member have predeceased the member and the member’s death occurs before retirement. In this instance, a contingent beneficiary is considered the member’s beneficiary for purposes of subsection (1) of this section and § 9-11-130, if applicable. A member may not name a contingent beneficiary with respect to death benefits provided under § 9-11-120.