A new employee has the option to
A new employee has the option to select between South Carolina Retirement System (SCRS) defined benefit plan and the Optional Retirement Plans (ORP). You have 30 days from your date of hire to make your decision. If you do not make a selection within that time period, you will automatically become a member of SCRS by default. You must complete an enrollment form regardless of the plan you select. Please review the videos and guides below to determine which plan best meets your needs.
Option 1: SC Retirement System (SCRS)
The South Carolina Retirement System defined benefit plan administered by the South Carolina Retirement Systems, a division of the SC Budget and Control Board. A defined benefit (DB) retirement plan is one through which employers and employees contribute to a fund for which a clearly defined and guaranteed level of benefit will be paid to retirees. DB plans promise specified annuity benefits, typically in the form of a monthly retirement benefit based on levels of compensation and years of service. Contributions are actuarially calculated to provide annuity benefits. These annuity benefits are paid for a retiree’s lifetime.
Additional Information/Forms:
SCRS Member Brochure
SCRS Member Handbook
TERI Program Overview
Option 2: State Optional Retirement Program The State Optional Retirement Program is an alternative to the South Carolina Retirement System (SCRS) retirement plan. A variant of the current State ORP has been available to certain employees since 1987. Employees eligible for State ORP participation may choose between the State ORP, which is a defined contribution plan, or the traditional SCRS plan, which is a defined benefit plan.
The following companies have been selected to provide the annuities, mutual funds, and similar investment products for the State ORP. For questions concerning the investment products and to obtain a copy of a fund prospectus, contact the investment provider.
VALIC
The Harford
MetLife Resources
TIAA-CREF
Additional Information/Forms:
Investment Fees, Expense Information, and Hypothetical Illustration
Benefit Comparison Calculator for State ORP
Investment Policy
Plan Document
Social Security :
The future of Social Security is being debated. The exact format that will take the place of Social Security will evolve in the years to come. Under the current law, you will receive Social Security monthly income after you reach the Social Security retirement age of 62 or greater. The Social Security benefit is based on earnings over your entire career and will be affected by the age you elect to start your benefits. To receive an estimate of your benefits, you need to request from Social Security a Personal Earnings and Benefit Estimate Statement (PEBES). The PEBES contains your Social Security earnings history, the Social Security taxes you have paid, an estimation of your future benefits and a procedure to follow to qualify for your benefits. To obtain a PEBES call Social Security at 1-800-772-1213 or request a PEBES online at www.ssa.gov. Your written, personalized estimate will be mailed to you.