All > Business > Finance > Personal Finance > Retirement

• A method of payment through which a member receives his retirement annuity and, depending on the plan chosen, may provide a survivor benefit to his designated beneficiary. The member selects a payment plan at retirement. SCRS and PORS retiring members may choose payment plans Option A, Option B or Option C. For more information about these payment plans, choose either SCRS or PORS .

  South Carolina Retirement Systems - Cite This Source - This Definition
  ×

  Cite Definition for Payment Plan

  American Psychological Association (APA)

  Payment Plan. (n.d.). SCRS Glossary. Retrieved June 10, 2023, from website: http://www.expertglossary.com/definition/payment-plan.

  Chicago Manual of Style (CMS)

  Payment Plan. www.retirement.sc.gov. SCRS Glossary. South Carolina Retirement Systems. http://www.expertglossary.com/definition/payment-plan (accessed: June 10, 2023).

  Modern Language Association (MLA)

  "Payment Plan." SCRS Glossary. South Carolina Retirement Systems. 10 June. 2023 http://www.expertglossary.com/definition/payment-plan.

• Browse Related Terms: Beneficiary or Beneficiary Payee, Claims Procedure Act, Contingent beneficiary, Deferred annuity, Disability Determination Provider, Disability Retirement, Earned Service, Payment Plan, Refund, Retirement Annuity, Teacher and Employee Retention Incentive (TERI) Program, Workers’ Compensation