Membership Overview
South Carolina Retirement Plan (State Traditional Plan) http://www.retirement.sc.gov/
Retirement Eligibility:
Normal Retirement (Unreduced Annuity):
- Age 65; or,
- 28 years of service credit, 5 years of which must be earned service.
Early Retirement (Reduced Annuity):
- Age 60 with at least 5 years of earned service. Your annuity is permanently reduced 5% for each year of age less than 65 ; or
- Age 55 or older with 25 years of service credit, 5 years of which must be earned service. Your annuity is permanently reduced 4% for each year of service credit less than 28. Cost-of-living increase restrictions apply.
Contribution: Mandatory employee contribution of 6.50% of pre-tax salary. Employer contributes 12.89% of which 9.24% goes toward retirement, the remaining 3.50% goes toward group life and retiree insurance surcharge. These contributions will be placed in an account in your name that earns 4 percent interest per year. However, if you terminate employment and receive a refund or rollover of your contributions, your employer's contributions will not be refunded to you.
State Optional Retirement Plan (State ORP) http://www.retirement.sc.gov/
Retirement Eligibility:
There is no minimum age or years of service required for retirement. You become eligible to receive distributions when you terminate employment or reach age 59 1/2.
Contribution: Mandatory employee contribution of 6.50% of pre-tax salary. In addition, employer contributes 5% directly to the investment provider and an additional 7.89% goes toward group life and retiree insurance surcharge.
Four Investment Choices
South Carolina Police Officers Retirement System (PORS) http://www.retirement.sc.gov/
Retirement Eligibility: Age 55 with at least 5 years of earned service; or, 25 years of service credit, 5 years of which must be earned service
Contribution: Mandatory employee contribution of 6.5% of pre-tax salary. Employer contributes 14.55% of which 10.65% goes toward retirement, the remaining 3.90% goes toward group life, accidental death and retiree insurance surcharge. These contributions will be placed in an account in your name that draws 4 percent interest per year. However, if you terminate employment and receive a refund of your contributions, your employer's contributions will not be refunded to you.
