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A member who is no longer employed by a public or governmental entity that participates in one of the South Carolina Retirement Systems’ plans and does not contribute a set percentage of his wages into a pension plan. An inactive member may not purchase service credit or apply for disability retirement; however, an inactive member who has not withdrawn his contributions and interest from the pension plan may apply for a deferred annuity (if eligible) upon reaching retirement eligibility. For more information, choose either SCRS or PORS , or Inactive Account Search .
- 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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Money earned through investments.
- 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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The loss of purchasing power that results from a general increase in the price of goods and services.
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The fee charged by a lender to a borrower for using borrowed money. The fee is usually expressed as an annual percentage of the amount borrowed. The interest rate depends on how long the money is being borrowed, the likelihood that the borrower will repay the loan, and the current inflation rate.
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Tax code section authorizing a qualified retirement plan to be operated and supported by an employer and to provide retirement benefits.
- 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