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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
All > Business > Finance > Personal Finance > Retirement
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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An investment strategy that can reduce market risk by combining a variety of investments, such as stocks and bonds, which are unlikely to all move in the same direction at the same time.
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A periodic payment or distribution of earnings made by a company to stockholders.
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