§ 9-15-10 School districts and state-supported institutions of higher learning authorized to purchase annuity contracts
§ 9-15-20 Payments for annuity contracts considered income

Terms Used In South Carolina Code > Title 9 > Chapter 15 - Annuity Contracts for Employees of Schools and Educational Institutions

  • 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.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.