SCRS Plan

• 6.5% of salary before taxes. Contributions are placed in an account in your name that earns interest per year. Your employer contributes to the SCRS plan also.  However, if you terminate employment before you are eligible to retire and receive a refund of your contributions, the employer contributions will not be refunded to you.  Election of membership in the SCRS is irrevocable and permanent until you separate employment.

Retirement
Eligibility:

• Normal Retirement with 5 yrs of earned service (Unreduced Annuity):
  -Age 65; or,
  -28 years of service credit.
• Early Retirement with 5 yrs of earned service (Reduced Annuity):
  -Age 60 in which your annuity is permanently reduced 5% for each year under 65; or,
  -Age 55 or older with 25 years of service credit in which your annuity is permanently reduced 4% for each year of service credit less than 28 years of service. 
• Employees may participate in the TERI Program.