Terms Used In South Carolina Code > Title 8 > Chapter 11 > Article 9 - State Employee Leave-Transfer Program

• Accumulated contributions: shall mean the member's aggregate contributions, together with regular interest thereon. See South Carolina Code 9-9-10
• Aggregate contributions: shall mean the sum of all the amounts deducted from the compensation of a member of the System, or directly remitted by him to the System, and credited to his individual account in the System. See South Carolina Code 9-9-10
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: means any person in receipt of a retirement allowance or other benefit as provided by the System. See South Carolina Code 9-8-10
• 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}
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-8-10
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-9-10
• Compensation: means the total salary paid to a judge, solicitor, or circuit public defender for service rendered to the State. See South Carolina Code 9-8-10
• 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.
• Date of establishment: shall mean January 1, 1966. See South Carolina Code 9-9-10
• Division: means the Human Resource Management Division of the Department of Administration. See South Carolina Code 8-11-700
• Donor: The person who makes a gift.
• Employing agency: means the agency in which the leave recipient is employed. See South Carolina Code 8-11-700
• 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}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Leave recipient: means an employee of an employing agency who has a personal emergency and is selected to receive annual or sick leave from the pool leave account of his employing agency. See South Carolina Code 8-11-700
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Personal emergency: means a catastrophic and debilitating medical situations, severely complicated disabilities, severe accident cases, family medical emergencies or other hardship situations that are likely to require an employee's absence from duty for a prolonged period of time and to result in a substantial loss of income to the employee because of the unavailability of paid leave. See South Carolina Code 8-11-700
• Regular interest: shall mean interest compounded annually at such rate as shall be determined by the Board in accordance with § 9-9-30. See South Carolina Code 9-9-10
• Retirement allowance: shall mean monthly payments for life under the System payable as provided in § 9-9-80. See South Carolina Code 9-9-10
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• State: means the State of South Carolina. See South Carolina Code 9-8-10
• State: shall mean the State of South Carolina. See South Carolina Code 9-9-10
• System: means the Retirement System for Judges and Solicitors of the State of South Carolina. See South Carolina Code 9-8-10
• System: shall mean the Retirement System for members of the General Assembly of the State of South Carolina. See South Carolina Code 9-9-10