S.C. Code Regs. § § 19-1245

Current through Register Vol. 48, No. 10, October 25, 2024

Section 19-1245 - Remittance of Payments

A. All payments to the Program must be made in cash only.

B. A contributor may select from various payment methods as authorized by the director. A contributor may make a written request for a change in payment method. The request is subject to review and approval by the director whose decision shall be final.

C. Automatic payroll deduction is provided for State of South Carolina employees. Any other employer desiring to establish automatic payroll deduction for tuition prepayment contract contributors may do so as long as the payroll deduction is administered in accordance with specifications provided by the Board.

D. Payments shall be due upon the prescribed payment due date regardless of whether the process for making the payment has been implemented.

E. A contributor will be responsible for making all payments on time, prior to implementation of payroll deduction or automatic deduction from a checking or savings account.

F. Any contributor whose payment is delayed beyond the payment due date shall be assessed late payment fees as described in Section 19-1290.

G. A contributor may request a change in payment method at any time during the application period in which the contributor enters the Program and extending through the tenth (10 th) day of the month in which the first payment is due for monthly contributors, or in which the one time, lump sum payment is due for lump sum contract contributors. A change to the payment schedule at any other time, including at the time of a designated beneficiary substitution, must be approved by the director and may require the contributor to cancel the existing tuition prepayment contract and to purchase a new tuition prepayment contract during a subsequent application period.

H. A contributor who has selected a monthly payment plan may pay off the plan early. In such cases, the contributor can obtain a payoff amount by contacting the Program office.

S.C. Code Regs. § 19-1245

Added by State Register Volume 22, Issue No. 6, Part 1, eff June 26, 1998.