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Multiple transactions to the same vendor on the same day when the combined total of the orders exceed the Purchasing Card transaction limit of $2,500 is considered splitting purchase transactions. Whether the action is intentional or not, it is a violation of the SC Procurement Code.
Split-Funded Annuity: An annuity contract in which the plan's owner divides the initial premium into two separate contracts, with one portion of the premium deposit going to a fixed deferred annuity with a guaranteed interest rate over a set period of time, and the other portion going to an immediate annuity that pays income during the same time period.