UNIVERSITY  HR

SCRS Plan

Contribution:
  • 7.5% 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 until June 30, 2018.
Insurance Benefits:
Retirees may be eligible for insurance based on service and retirement criteria.  Please contact the University Benefits Office at (843) 792-2607 for more information.
Review detailed plan information in the SCRS Handbook.
 
 
 

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