South Carolina Statutes
§ 8-23-30 — State and political subdivisions may agree to defer percentage of employees' compensation.
The State or any political subdivision of the State, by contract, may agree with an employee to defer a portion of his compensation in an amount as provided for in a plan approved by the Board of Directors of the South Carolina Public Employee Benefit Authority and subsequently with the consent of the employee may contract for purchase or otherwise procure fixed or variable annuities, savings, mutual funds, insurance, or such other investments as the board may approve for the purpose of carrying out the objectives of the program with the advice and approval of the State Treasurer. The investments shall be underwritten and offered in compliance with applicable federal and state laws and regulations by persons who are authorized by the board in accordance with the provisions of this chapter.
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South Carolina § 8-23-30 (State and political subdivisions may agree to defer percentage of employees' compensation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1977 Act No. 97 SECTION 3; 2008 Act No. 305, SECTION 2, eff June 11, 2008; 2012 Act No. 278, Pt IV, Subpt 2, SECTION 38.A, eff January 1, 2014.
Nearby Sections
11
§ 8-23-10
Declaration of purpose.§ 8-23-100
Withdrawal from program.§ 8-23-20
Deferred Compensation Program.§ 8-23-50
Payment of premiums.§ 8-23-60
"Employees" defined.