Funds appropriated by the General Assembly for a deferred compensation employer matching contribution must be distributed by the State Department of Education to school districts for the purpose of providing an employer matching contribution for eligible school district employees making contributions to deferred compensation plans offered by the South Carolina Deferred Compensation Commission or, after December 31, 2013, the South Carolina Public Employee Benefit Authority, or other approved and qualified plans of other providers. These funds must be distributed in a manner consistent with the provisions of Section 8-23-110. The employer matching contribution by the school district may not exceed three hundred dollars for each eligible employee a year.
HISTORY: 2001 Act No. 1, Part II, Section 4; 2012 Act No. 278, Pt IV, Subpt 2, Section 61, eff July 1, 2012.
Effect of Amendment
The 2012 amendment inserted "or, after December 31, 2013, the South Carolina Public Employee Benefit Authority," and removed "Individuals eligible for the matching contribution must be classified as required in Section 9-20-20, the Optional Retirement Program for Teachers and School Administrators.".
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