The amounts so paid for any such contract shall be considered as payment of salary to such employee for purposes of the Teachers' Retirement System, State aid, Social Security, State income taxes and other State purposes.
S.C. Code Ann. § 9-15-20
Payments for annuity contracts considered income
1962 Code SECTION 61-442; 1972 (57) 2399.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.