South Carolina Code of Regulations › Chapter 19 - STATE BUDGET AND CONTROL BOARD › Article 9 - RETIREMENT DIVISION › Subarticle 3 - RETIREMENT SYSTEM FOR MEMBERS OF GENERAL ASSEMBLY › Section 19-979 - 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 Retirement
				  System for Members of the General Assembly, 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
				  9-9-100
				  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 Retirement System for Members of
				  the General Assembly, 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
				  9-9-100
				  on or after the effective date of insurance, an amount of insurance equal to
				  the death benefit provided by Section
				  9-9-100
				  shall be paid to the person nominated by the member in accordance with the
				  provisions of Section
				  9-9-100
				  or to the member's estate.
D. Premiums.
The actuary shall investigate the claim experience of the
				  Plan as provided by Section
				  9-9-30.
				  On the basis of such investigations and upon the recommendation of the actuary,
				  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.