Retirement - SC PEBA

A new employee has the option to choose either the South Carolina Retirement System (SCRS) defined benefit plan or 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 plan 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 is 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.

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 four 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.

Corebridge - formerly AIG     Empower Retirement - formerly MassMutual    Voya Financial   TIAA