The Teacher and Employee Retention Incentive (“TERI”) program is available to all State employees who participate in the SCRS plan and who meet certain eligibility requirements for service retirement. The TERI program allows you to retire and begin accumulating your retirement annuity on a deferred basis without terminating employment. You must enroll at the time of retirement. TERI participants are at-will and have no grievance rights or faculty tenure.
By participating in TERI, you may defer receipt of your retirement annuity for up to 60 months. Your monthly retirement annuity accumulates, but does not accrue interest. Participants will continue contributing to the retirement system while on the TERI program. At the end of TERI, you must terminate employment. Confirmation of your actual termination date form your employer is required before you receive the balance of your TERI account. Once you separate you will also receive your monthly retirement benefit. You are not guaranteed employment when your TERI ends.
The TERI program will end on June 30, 2018. Current members are still eligible to participate in TERI until the program ends. Any member who participates in TERI will be required to separate employment on or before June 30, 2018.
Review detailed plan information in the SCRS website.