Participation in one of the state retirement plans is mandatory for Classified Employees, Faculty and Employees with current accounts (active or inactive). Participation is optional for temporary Employees, Research Grant Employees, Residents and Postdoctoral Fellows.
You have 30 days from your hire date to select a retirement plan. If you are required to participate and do not make a selection within 30 days, you will automatically default to the SCRS plan. If you have the option to participate and do not make a selection within 30 days,
you will automatically default to Non-Membership. You may only join one of the plans at a later time if you are assigned to a position that requires your participation. Election of membership is permanent until you separate employment. SC Retirement System
Traditional Plan
(SCRS)
| A defined benefit plan. When you retire, you receive a monthly pension based on a formula that includes average final compensation, years of service and a 1.82 percent benefit multiplier. You must have a minimum of 5 years of earned service to be eligible to receive a retirement annuity... more details | South Carolina Optional Retirement Program (ORP)
| A defined contribution plan. Retirement income is based on contributions, investment choices and account balances...
more details | Police Officers
Retirement Plan
(PORS) | A defined benefit plan. When you retire, you receive a monthly pension based on a formula that includes average final compensation, years of service and a 2.14 percent benefit multiplier. You must have a minimum of 5 years of earned service to be eligible to receive a retirement annuity... more details |
The enrollment period for all State Optional Retirement Program (ORP) participants is from January 1 through March 1 of each year. During the retirement enrollment period, State ORP participants may change investment providers or, if eligible, irrevocably elect to join the South Carolina Retirement System (SCRS). State ORP participants who have a minimum of 12 months of participation, but no more than 60 months by March 1, 2008 (initially enrolled between January 1, 2003 and March 1, 2007) are eligible to switch from State ORP to SCRS during the 2008 retirement enrollment period. ORP participants may change investment providers regardless of participation time. Participants can review plan information on the South Carolina Retirement Systems website.
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