South Carolina Retirement System
South Carolina has six different iterations of its base retirement system for different types of local and state employees. It even has a National Guard-centric plan, which not many states offer. The state also recently signed into law new stipulations that guide the structure of the pension fund. And so far things are progressing rapidly. Should feel as though you want some professional help navigating these systems, SmartAssets financial advisor matching tool can pair you with up to three financial advisors near you.
Types Of Retirement Systems In South Carolina
The retirement systems that South Carolina employs are very segmented, which one might think could adversely affect the long-term strength of the system. However, this allows the government to select benefits that apply to very select groups of employees, rather than taking a more generalized approach.
|South Carolina Retirement Systems|
|South Carolina Retirement System||Employees of state agencies, public and charter school districts and public higher education institutions Employees of participating local subdivisions|
|Police Officers Retirement System||Members of the police of participating local subdivisions Firefighters, peace officers, probate judges, magistrates and coroners|
|Judges and Solicitors Retirement System||Members of the South Carolina Supreme Court Judges in the circuit courts, court of appeals, family court and administrative law Solicitors and public defenders|
|General Assembly Retirement System||Members of the general assembly elected before November 2012|
|South Carolina National Guard Plan||National Guard members who served at least 15 of their 20 years in South Carolina, including the last 10 Must be at least 60 years old, be discharged honorably and have no less than 20 years total service|
|State Optional Retirement Program||Those who are eligible for the SCRS and work for a participating employer|
Current Financial Health Of The South Carolina Retirement System
South Carolinas Governor Henry McMaster signed the Retirement Funding and Administration Act of 2017 into law last year. Its improvements have begun to show. These include raising how much employers and employees contribute to the fund. In addition, theres a cap for how much employees must contribute.
The investments the department that runs South Carolinas public retirement system has made under this law have performed extremely well in recent years. The most recent report shows that the fund has grown to $30.2 billion over the last year. Thats a $2.15 billion jump from the year before.
You May Like: When Should I Apply For Social Security Retirement
Retiring Medicare Eligible Members
- As a reminder for active members nearing retirement, Medicare becomes primary the last month that a retiring active member is covered by his or her agency and the Medicare reduced rate applies. Members should be aware of the Medicare primacy change and the need to elect Medicare Part B to be effective the date of their retirement.
- In order for a retiree to be eligible for the Group Medicare Advantage Plans under the Retirement System, the retiree must be enrolled in Part A and B and they must have enrolled in their retirement benefit more than sixty days in advance of their coverage effective date.
Tips For Developing A Retirement Plan
- Even if you have a pension coming to you in retirement, youre better off having extra savings to ensure that youre taking care of yourself and anyone else youre responsible for. The best way to do this is to combine your own retirement account with Social Security.
- Retirement planning can be a daunting process, and its one you dont want to mishandle. The SmartAsset financial advisor matching tool makes it easy to get paired with a professional that can walk you through this undertaking. Simply answer a few questions based on your personal situation. Then well set you up with as many as three advisors near you.
Also Check: Retirement Community Sun Prairie Wi
South Carolina Retirement System Jobs
Remote in Columbia, SC 29229Estimated $25.4K – $32.2K a yearFull-time
- 401K retirement savings plan with company match.
- Provides prompt, accurate, thorough and courteous responses to all customer inquiries.
- Paid Time Off .
|Remote in Fort Wayne, IN$20.82 – $31.20 an hour|
|Estimated $37.5K – $47.5K a yearFull-time|
|$46,750 – $63,250 a yearOvertime|
|Estimated $26.4K – $33.4K a yearFull-time|
|Columbia, SC 29223 Estimated $28.6K – $36.2K a year|
Class Three Members: Membership Effective On Or After July 1 2012
- You can retire and receive an unreduced monthly retirement benefit once your age and years of service total 90, or at age 65 or older.
- For example, if you begin covered service at age 22 and work continuously for a covered employer, you would be eligible for service retirement once you reach 56 years of age and have 34 years of service credit.
- You can retire early at age 60 and receive a reduced monthly retirement benefit.
- You must have at least eight years of earned service to receive a benefit.
You May Like: Harvard University Defined Contribution Retirement Plan
Class Two Members: Membership Effective Prior To July 1 2012
- You can retire and receive an unreduced monthly retirement benefit after 28 years of service or at age 65 or older.
- You can retire early, at age 60, or at age 55 with 25 years of service, and receive a reduced monthly retirement benefit.
- You must have at least five years of earned service to receive a benefit.
South Carolina State Health/dental/vision Plans
For State of South Carolina: employees, retirees, and local government entities covered under these plans.
- Health Claims and Benefits: 803-736-1576 in Columbia, or toll-free 800-868-2520
- Dental Claims and Benefits: 803-264-7323 in Columbia, or toll-free 888-214-6230
- Pharmacy Claims and Benefits: 855-612-3128
- Routine Vision Claims and Benefits: 877-735-9314
- Address Changes and Premiums: 888-260-9430
Don’t Miss: How To Figure Out What To Do In Retirement
Retirement Initial Enrollment Process
Eligible employees have 30 days from their date of hire or date of eligibility to make a selection in state retirement benefits.
Enrollment into retirement benefits is initiated by the South Carolina Public Benefit Authority . PEBA will send an email notification to your work or personal email that will prompt you to make your state retirement enrollment or non-membership selection.
Important: If you want to enroll in ORP, or if applicable, elect non-membership , you must actively respond to the enrollment notification from PEBA. If you do not respond to the email from PEBA within 30 days of your initial date of hire you will be automatically enrolled in SCRS , which is irrevocable.
Planning For Your Future
PEBAs retirement awareness series, , provides you with information that can help you make smart decisions about your financial future. Regardless of how we define retirement awareness, PEBA believes its important to plan for a secure financial future and think about what life will be like after you quit working. We encourage you to use these resources and act now to help secure your financial future.
Also Check: Retirement Communities Near Richmond Va
Workers Retirees & Beneficiaries In Single
If PBGC is responsible for your pension benefit, or if you are a beneficiary entitled to current or future benefits administered by PBGC, contact us:
Our secure online service allows you to update your contact information, apply for pension benefits, or perform other self-service options.
PBGC Customer Contact Center hours are 8:00 a.m. to 7:00 p.m. Eastern Time, Monday Friday .
If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
International callers on mobile phones call 1-800-400-7242. If calling from a landline, please call 202-326-4000, and press 0 for a Customer Service Representative.
To help us serve you best, please have the following information available when you call:
- Your full Social Security Number.
- Your plan’s name or number, which can be found in the upper right corner of correspondence from PBGC.
When faxing include your full name, customer ID, or the last four digits of your social security number at the top of each document, along with your request. Please allow four to six weeks for PBGC to respond to your request.
PO Box 151750Alexandria, VA 22315-1750
Include your full name, customer ID, or the last four digits of your Social Security number at the top of each document, along with your request. Please allow four to six weeks for PBGC to respond to your request.
Workers Retirees & Beneficiaries In Multiemployer Plans
A multiemployer plan is created through a collective bargaining agreement between employers and a union. The employers are usually in the same or related industries, such as transportation, construction, mining, and hospitality. If you are in a private-sector multiemployer plan and have a question for PBGC, contact us:
Read Also: How Do You Apply For Disability Retirement
Teachers & State Employees Retirement Program
This program is sponsored by the State of North Carolina and governed by the Department of the State Treasurer.
TSERS is as a defined benefit plan and the benefit you receive at retirement is based on a formula. This formula considers your years and months of creditable service, your age, and your average final compensation, which is the average of your salary during your four highest paid consecutive years. Neither the investment experience of the plan assets nor the amount contributed by you and the University, on your behalf, directly determines the amount of the guaranteed benefit you will receive at retirement.
All permanent SHRA or EHRA full-time employees who work 30 or more hours per week will have the option to choose between TSERS or the Optional Retirement Program .
Contribution Amount & Participation
You are required to contribute 6% of your salary on a pre-tax basis -no more, no less. The plan is also funded by University contributions those this money goes into the general pension fund. Contributions begin on day one of eligibility and retroactive contributions are deducted in one lump sum.
Retirement benefits in TSERS are fully vested after you complete five years of membership service. If you leave State employment before completing five years of creditable service, you may:
Death & Survivor Benefits
Overview Of South Carolinas Retirement Systems
South Carolina Retirement System This defined benefit plan spans the largest group of South Carolina public employees. Participants contribute 9% of each paycheck to the system, with 4% interest applied to your balance. You can decide between three different payment types, depending on whether you need a beneficiary or not, and if so, how much you want them to receive.
Police Officers Retirement System At 9.75%, employees contribute slightly more in PORS. It offers accidental death protection, disability protection, annual benefit adjustments, early departure benefits and more. This defined benefit plan does require members to make at least $2,000 and work no less than 1,600 hours to remain eligible.
Judges and Solicitors Retirement System JSRS is not an optional program. If you are eligible to join, you must contribute a tax-deferred 10% of your pay. Because this system involves positions that dont involve danger, it only includes incidental death benefits. Beyond that, though, you will earn free disability benefits, service purchase options and possible benefit adjustments.
General Assembly Retirement System No retirement system offered by South Carolina calls for a larger percentage of your pay to be contributed than GARS, which requires 11%. The system comes with standard disability and in-service death benefits, as well as a formula-based monthly distribution calculation.
Recommended Reading: Koch Retirement Solutions Center Phone Number