South Carolina Code 9-11-130. Survivor may elect to receive allowance for life in lieu of lump-sum payment
(a) has five or more years of earned service or eight or more years of such service for a Class Three member;
Terms Used In South Carolina Code 9-11-130
- Accumulated additional contributions: means a member's aggregate additional contributions, together with regular interest on the contributions. 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
- 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
- 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
- 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 - Member: means a person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
- Retirement allowance: means monthly payments for life under the system payable as provided in § 9-11-160. See South Carolina Code 9-11-10
- System: means the South Carolina Police Officers Retirement System. See South Carolina Code 9-11-10
(b) dies in service; and
(c) has either attained age fifty-five or has accumulated fifteen years of creditable service, elect to receive in lieu of the lump sum amount otherwise payable under § 9-11-110(1)(a) an allowance for life in the same amount as if the deceased member had retired at the time of his death and had named the person as beneficiary under an election of Option B pursuant to § 9-11-150(A).
For purposes of the benefit calculation, a member who is not yet eligible for service retirement is assumed to be fifty-five years of age.
(2) The person nominated may also elect to receive in lieu of the member’s accumulated additional contributions, or a portion of it, an allowance for life which must be the actuarial equivalent of the amount of those contributions left on deposit under the System.
(3) Regardless of whether a member is in service, if a member dies before retirement and, at the time of the member’s death, was eligible to receive a service retirement allowance pursuant to § 9-11-60 or § 9-11-70, the person nominated by a member pursuant to § 9-11-110 to receive a lump sum amount if the member dies before retirement may elect to receive, in lieu of the lump sum amount otherwise payable, an allowance for life in the same amount as if the deceased member had retired at the time of the member’s death and had named the person as beneficiary under an election of Option B under § 9-11-150(A).
(4) If a member has designated more than one beneficiary pursuant to § 9-11-110 to receive a lump sum amount if the member dies before retirement, and if those beneficiaries become eligible to elect an allowance pursuant to this section upon the member’s death, all of the beneficiaries must elect the allowance in order for the allowance to become payable in lieu of the lump sum amount otherwise payable.