South Carolina Code of Regulations › Chapter 19 - STATE BUDGET AND CONTROL BOARD › Article 9 - RETIREMENT DIVISION › Subarticle 1 - SOUTH CAROLINA RETIREMENT SYSTEM › Section 19-929 - Group Life Insurance Plan

Current through Register Vol. 48, No. 6, June 28, 2024
A.
				Establishment of Group Life Insurance Plan.
The Group Life Insurance Plan for members of the South
				  Carolina Retirement System, hereinafter referred to as the "Plan", is hereby
				  established and created, for the purpose of providing group life insurance for
				  the payment of the benefits provided by Section
				  9-1-1770
				  of the laws governing said System.
B. Group Life Insurance Plan Reserve Fund.
A separate fund, to be known as the Group Life Insurance Plan
				  Reserve Fund, is hereby established within the South Carolina Retirement
				  System, hereinafter referred to as the "Retirement System", to be held in trust
				  by this Board. Such fund shall consist of all premiums paid by the employers
				  and other moneys received and paid into the fund for group term life insurance
				  purposes, and of the investment earnings upon such moneys, and shall be used
				  only to pay the group term life insurance prescribed by section C hereof.
				  Concurrent with the determination of the initial liability of the Plan for the
				  balance of the fiscal year on and after the effective date of insurance, for
				  the group term life insurance provided and to be paid for pursuant to this
				  Plan, there shall be segregated and transferred from the Employer Annuity
				  Accumulation Fund of the Retirement System to the reserve fund created by this
				  section such amounts as shall be determined by the actuary to be necessary to
				  pay anticipated group term life insurance claims. Subsequent segregations and
				  transfers shall be made as shall be required to pay the insurance prescribed by
				  section C hereof from the reserve fund provided by this section.
C. Insurance Payable in the Event
				of Death.
In the event of the death of a member who has met the
				  eligibility requirements set forth in Section
				  9-1-1770
				  on or after the effective date of insurance, an amount of insurance equal to
				  the death benefit provided by Section
				  9-1-1770
				  shall be paid to the person nominated by the member in accordance with the
				  provisions of Section
				  9-1-1770
				  or to the member's estate.
D. Premiums.
The actuary shall investigate the claim experience of the
				  Plan as provided by Section
				  9-1-250.
				  On the basis of such investigations and upon the recommendation of the actuary,
				  as provided in Section
				  9-1-1210,
				  this Board shall certify the premium rates computed to be necessary to fund the
				  group term life insurance authorized to be paid by the Plan. As soon as
				  practicable after the close of each fiscal year, this Board shall determine the
				  premium which the employers participating in the Plan are required to pay into
				  the reserve fund to discharge the obligations of the Plan for the past fiscal
				  year.
E. Effective Date of
				Insurance.
Each qualified member of the Retirement System is to be
				  insured as provided herein effective commencing as of June 19, 1973 and while
				  in effect this insurance coverage shall constitute a contractual
				  relationship.