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Membership Overview
Who Participates?
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All permanent, full-time and part-time employees must join a retirement plan unless specifically exempted by statute.
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All newly hired adjunct and temporary employees may choose to join SCRS (South Carolina Retirement System) or the State ORP (Optional Retirement Plan). A decision must be made within 30 days from your date of hire.
What Are the Plans?
All Public Safety employees must contribute to:
All Permanent, full-time and part-time employees must contribute to either:
When Does Membership Start?
- Membership starts with your effective date of employment.
- Please note that you will automatically be enrolled in the South Carolina Retirement System if you do not select a plan within 30 days.
- In addition, if you already have contributions from previous employment in a plan, you must continue with that plan.
Are There any Supplemental Retirement Accounts?
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South Carolina Deferred Compensation-You may shelter your savings from current income taxes using one or both of two plans: 401(k) or 457.
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Other SRA's-Tax sheltered 403(b) accounts are also available through various vendors including TIAA/CREF, The Hartford, AIG VALIC, MetLife.
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Please contact Human Resources for other participating vendors.
Contributions
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You Contribute: tax-deferred 6.5 percent of gross pay into your PORS retirement account.
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The College contributes: 10.30 percent of your gross pay into your SCRS account.
Service Retirement Eligibility
- 25 years of service credit, five years of which must be earned service,
or
- Age 55 or older with at least five years of earned service.
PORS Group Life Insurance
- If you die in-service with at least one year of service credit, a payment equal to your current annual earnable compensation will be paid to your designated beneficiary or trustee.
- If your death results from a job-related injury, the one-year requirement is waived.
PORS Accidental Death Program
Provides a survivor annuity if you are covered and die as a result of an injury by external accident or violence incurred while undergoing a hazard peculiar to your employment while in the actual performance of duty, without willful negligence on your part.
Disability Retirement
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If you are an active PORS member with at least five years of earned service credit, you may apply for disability retirement if your disability is likely to be permanent. Service will be projected to age 55.
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The 5 year requirement is waived if you can substantiate that your disability is the result of job-related injury.
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You should file your application for disability retirement as soon as you become disabled and before you are removed from your employer's payroll.
Returning to Covered Employment
If you return to work after retirement, there is no limit on the dollar amount that you may earn as compensation; however, you must be retired for at least 15 consecutive calendar days before returning to work for an employer covered by the Retirement Systems. You must also contribute 6.50 percent of gross pay into your PORS retirement account. Service credit will not be applied.
The SCRS is the traditional retirement plan for state and public school district employees, and employees of counties and cities that elect to participate in the Retirement Systems. SCRS provides members a guaranteed monthly pension based on a formula that includes your average final compensation, years of service, and a 1.82 percent benefits multiplier.
Contributions
Service Retirement Eligibility (Full Retirement)
- Age 65
or
- 28 years of service credit - 5 years which must be earned service.
Service Retirement Eligibility (Early Retirement)
- Age 60 with at least five years of earned service. Your annuity is permanently reduced 5 percent for each year of age less than 65 (partial years are pro-rated).
or
- Age 55 or older with 25 years of service credit, five years of which must be earned service. Your annuity is permanently reduced 4 percent for each year of service credit less than 28 (partial years are pro-rated). Cost of living increase restrictions apply.
TERI Program
Active members of SCRS who are eligible for service retirement may elect to participate in the TERI program.
SCRS Group Life Insurance
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If you die in-service with a least one year of service credit, a payment equal to your current annual earnable compensation will be paid to your designated beneficiary or trustee.
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If your death results from a job related injury, the one-year requirement is waived.
Disability Retirement Information
If you are an active SCRS member with at least five years of earned service credit, you may apply for disability retirement if your disability is likely to be permanent.
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Service will be projected to age 65. The five-year requirement is waived if you can substantiate that your disability is the result of a job-related injury.
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You should file your application for disability retirement as soon as you become disabled and before you are removed from your employer's payroll.
Returning to Covered Employment
If you return to work after retirement, there is no limit on the dollar amount that you may earn as compensation; however, you must be retired for at least 15 consecutive calendar days before returning to work for an employer covered by the Retirement Systems. The TERI period counts toward the break-in-service requirement. You must also contribute 6.25 percent of gross pay into your SCRS retirement account. Service credit will not be applied.
Overview
If you join the State ORP, an account is established in your name through the investment provider you select (AIG VALIC, MetLife, The Hartford, or TIAA-CREF).
Contributions
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You contribute: tax-deferred 6.50 percent of your gross pay into your State ORP account, which is then invested in the products you select from offerings from your investment provider.
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The College contributes: 5 percent of your gross pay into your State ORP account, which is then invested in the products you select from offerings from your investment provider.
Service Retirement Eligibility
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There is no minimum age or years of service required for retirement.
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An employee becomes eligible to receive distributions when he or she terminates employment or reaches age 59 1/2.
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Your retirement benefit will be based on the balance in your account when you retire.
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An employee may leave the balance on deposit to accumulate earnings tax-deferred until he or she elects to receive them.
Changes
Sate ORP Group Life Insurance
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If you die in-service with at least one year of service credit, a payment equal to your current annual salary will be paid to your designated beneficiary or trustee.
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If your death results from a job-related injury, the one-year requirement is waived.
SUPPLEMENTAL RETIREMENT ACCOUNTS
South Carolina Deferred Compensation
You may shelter your savings from current income taxes using one or both of two plans: 401(k) or 457. Website:https://scrs.csplans.com/csportal/welcome.do
Other Supplemental Retirement Accounts
Tax-sheltered 403(b) accounts are also available through various vendors including TIAA/CREF, The Hartford, AIG, VALIC, MetLife. Contact Human Resources for other participating vendors.
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