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2019 South Carolina Code of Laws
Title 27 - Property and Conveyances
Chapter 5 - Estates And Construction Of Documents Creating Estates
Section 27-5-80. Certain pension plans, annuity trusts, and the like of employers exempt from laws against perpetuities.
Universal Citation: SC Code § 27-5-80 (2019)
Pension, profit sharing, stock bonus and annuity trusts, or combinations thereof, established by employers for the purpose of distributing both the principal and income thereof exclusively to eligible employees, or the beneficiaries of such employees, shall not be invalid as violating any laws or rules against perpetuities or restraints on the power of alienation of title to property; but such trust may continue for such period of time as may be required by the provisions thereof to accomplish the purposes for which they are established.
HISTORY: 1962 Code Section 57-7.1; 1960 (51) 1630.
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