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Tax-deferred savings plans, both of which are offered under the South Carolina Deferred Compensation Program . Both plans allow employees to set aside tax-deferred dollars from their pay and decide how to invest that money under the funds offered by the plans. The names "401(k)" and "457" come from the portion of the Internal Revenue Code from which these plans were created.
- Browse Related Terms: 401(k) Savings Plan and 457 Savings Plan, Average Final Compensation (AFC), Defined Contribution Plan, Direct Rollover, IRC Section 401(a), Lump-Sum Distribution, Qualified Domestic Relations Order (QDRO), Qualified Plan, Rollover, Roth 401(k) Savings Plan, Single-Sum Distribution, Tax-Deferred
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Designation for an American Institute of Certified Public Accountants (AICPA) Professional Financial Planner. This person is a certified public accountant who has earned the financial planner designation from the AICPA.
- Browse Related Terms: AICPA PFP, Asset allocation, Asset Classes, Capital appreciation, Cash Equivalents, Distribution, diversification, dividend, Income, inflation, Service Credit, Yield
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A contract, usually issued by an insurance company, that generally provides for the accumulation of contributions and a guaranteed income paid at regular intervals, usually monthly, for a specified period of time or for life. Many annuity contracts have significant mortality charges.
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The process of putting investment funds in different kinds of categories of assets such as stocks and bonds. Asset allocation affects both risk and return, and is a central concept in personal financial planning and investment management.
- Browse Related Terms: AICPA PFP, Asset allocation, Asset Classes, Capital appreciation, Cash Equivalents, Distribution, diversification, dividend, Income, inflation, Service Credit, Yield
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A type of investment, such as stocks, bonds, or cash equivalents.
- Browse Related Terms: AICPA PFP, Asset allocation, Asset Classes, Capital appreciation, Cash Equivalents, Distribution, diversification, dividend, Income, inflation, Service Credit, Yield
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Average final compensation (AFC) is the 12 highest consecutive quarters of a member’s earnable compensation divided by three. The dollar amount of up to 45 days of unused annual leave paid at retirement may be included before averaging the member’s 12 highest consecutive quarters of earnable compensation. Elected officials may use 36 consecutive months in place of the 12 highest consecutive quarters.
- Browse Related Terms: 401(k) Savings Plan and 457 Savings Plan, Average Final Compensation (AFC), Defined Contribution Plan, Direct Rollover, IRC Section 401(a), Lump-Sum Distribution, Qualified Domestic Relations Order (QDRO), Qualified Plan, Rollover, Roth 401(k) Savings Plan, Single-Sum Distribution, Tax-Deferred
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A person who is designated to receive, or is receiving, a retirement annuity or other benefit provided by the South Carolina Retirement Systems.
- 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
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An increase in the value of a stock.
- Browse Related Terms: AICPA PFP, Asset allocation, Asset Classes, Capital appreciation, Cash Equivalents, Distribution, diversification, dividend, Income, inflation, Service Credit, Yield
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Instruments or investments that are easily turned into cash and are so safe that they are virtually as good as cash. Examples are money market funds, Treasury bills, and stable value funds.
- Browse Related Terms: AICPA PFP, Asset allocation, Asset Classes, Capital appreciation, Cash Equivalents, Distribution, diversification, dividend, Income, inflation, Service Credit, Yield
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Effective July 1, 2003, The South Carolina Retirement Systems Claims Procedure Act provides remedies available in a dispute or controversy between the Retirement Systems and a member or a designated beneficiary of a member of any of the retirement systems established in Title 9 of the SC Code of Laws. The new claims procedure sets a one-year statute of limitations, limits retroactive relief to one year, and prohibits class action lawsuits. It also provides an appeals process for members whose disability retirement applications or continuing disability reviews have been denied.
- 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
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A person who will receive a refund or annuity benefit if a primary beneficiary of an active member dies or otherwise loses rights as a beneficiary. Contingent beneficiaries may be designated for active member survivor benefits; however, they may not been designated for active or retired Group Life Insurance benefits or retirement annuities.
- 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
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SCRS and PORS are correlated systems. If a member has contributions in more than one of these retirement systems, the member’s service credit is maintained separately within each system; however, the member’s service credit is added together to determine the member’s eligibility for a retirement annuity within each respective system. The 12 highest consecutive quarters of earnable compensation in SCRS or PORS typically are used to calculate a member’s SCRS and PORS retirement annuity unless the service is concurrent (earned at the same time). GARS is also a correlated system in which the member’s years of service may be used to determine retirement eligibility, but not the AFC.
- Browse Related Terms: Correlated Systems, Defined benefit plan, Inactive Member, member, Non-Member, Pension Plan, Police Officers Retirement System (PORS), South Carolina Retirement System (SCRS), State Optional Retirement Program
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An adjustment of a salary or a retirement annuity intended to help offset the effects of inflation. Commonly referred to as COLA. COLAs are not guaranteed.
- Browse Related Terms: Annuity, Cost-of-Living Adjustment, Earnable Compensation, FICA, Fixed Income, Guaranteed investment contract (GIC), Interest, Pre-Tax, Prospectus, South Carolina Retirement Systems, volatility
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An annuity for which one does not become eligible until some future date. Application must be made with the Retirement Systems to receive benefits.
- 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
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A retirement plan through which employers and employees contribute to a fund for which a clearly defined and guaranteed level of benefit will be paid to retirees. Promises specified annuity benefits, typically in the form of a monthly retirement pension based on levels of compensation and years of service. Contributions are actuarially calculated to provide annuity benefits. These annuity benefits are paid for a retiree’s lifetime. SCRS and PORS are defined benefit plans.
- Browse Related Terms: Correlated Systems, Defined benefit plan, Inactive Member, member, Non-Member, Pension Plan, Police Officers Retirement System (PORS), South Carolina Retirement System (SCRS), State Optional Retirement Program
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A retirement plan through which employers and/or employees contribute to a fund for which only the contribution is defined and benefits will cease when contributions are exhausted. The level of retirement annuity may rise or fall based on investment performance. The State ORP and the South Carolina Deferred Compensation Program’s 401(k) and 457 plans are defined contribution plans.
- Browse Related Terms: 401(k) Savings Plan and 457 Savings Plan, Average Final Compensation (AFC), Defined Contribution Plan, Direct Rollover, IRC Section 401(a), Lump-Sum Distribution, Qualified Domestic Relations Order (QDRO), Qualified Plan, Rollover, Roth 401(k) Savings Plan, Single-Sum Distribution, Tax-Deferred
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The taxable portion of a retirement plan distribution (refund) may be eligible for a tax-deferred rollover to an IRA, a 401(k) plan, a 401(a) plan, a 403(b) plan, or a 457 plan. Check with the receiving plan administrator to determine if it will allow such a rollover. Surviving spouses have the same rollover choices as members. Members or alternate QDRO payees may elect to roll over all or any part of the taxable portion of the member’s contributions plus interest. The payment received from the Retirement Systems is classified as a Qualified Total Distribution under Internal Revenue Code Section 401(a) and will be reported to the IRS on Form 1099-R.
- Browse Related Terms: 401(k) Savings Plan and 457 Savings Plan, Average Final Compensation (AFC), Defined Contribution Plan, Direct Rollover, IRC Section 401(a), Lump-Sum Distribution, Qualified Domestic Relations Order (QDRO), Qualified Plan, Rollover, Roth 401(k) Savings Plan, Single-Sum Distribution, Tax-Deferred
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This provider evaluates the Retirement Systems’ disability claims and submits a recommendation to the Retirement Systems’ Medical Board. Inquiries should be directed to the Retirement Systems’ Customer Services Department.
- 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
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A retirement annuity under a defined benefit plan for active contributing members of the Retirement Systems who become disabled and whose disability is likely to be permanent. A member must apply while in service with a covered employer and must be approved for disability retirement benefits by the Retirement Systems.
- 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
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A cash payment or an annuity payment.
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