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8-13-10 Employee Benefits and Employer-Contributed Insurance and Retirement

 

NUMBER:  8-13-10          APPROVED DATE:  05-20-1996

PURPOSE:  To convey Trident Technical College's (TTC) employee benefits and employer-contributed insurance and retirement.


  1. Employer-Contributed Insurance

    1. Insurance Benefits

      TTC participates in all insurance programs offered to employees of the State of South Carolina.  Eligible employees may choose health, dental, vision, life insurance, and/or pre-tax premium options. For more detailed information, visit:  http://www.eip.sc.gov/ or consult your TTC Benefits Coordinator.

      The College continues to pay the employer's share of premium(s) while a nine-month faculty member is on non-pay status for the other three months. However, employees on leave without pay for other circumstances are required to pay both the employer and employee's share of insurance premiums to continue insurance coverage.

      The Consolidated Omnibus Budget Reconciliation Act (COBRA) provides for the continuation of health, dental and/or vision insurance if loss of insurance is a result of employment termination, divorce, dependent no longer eligible, survivor of deceased employee, reduction in work hours to fewer than 30 hours per week, or retirement. For more detailed COBRA information regarding employee's cost and coverage period, visit:  http://www.eip.sc.gov/.

    2. Unemployment Compensation

      Employees of the institutions of the State Board for Technical and Comprehensive Education (SBTCE), effective January 1, 1972, receive coverage under the provisions of the South Carolina Unemployment Compensation Act.  For more information about unemployment compensation, conact your local South Carolina Department of Employment and Workforce. 

  2. Retirement

    Participation in the state's retirement plan is mandatory for employees in Full-time Equivalent (FTE) positions and for temporary employees with funds already on deposit with SC Retirement Systems (SCRS).  Employees do not pay federal and state income tax on their monthly retirement contributions. There are three (3) retirement plans available to TTC employees:  SCRS (Traditional) Plan, the Optional Retirement Program (ORP) and the Police Officers Retirement (PORS) Program.

    SC Retirement System (Traditional) Plan is a defined plan which means that the retirement annuity is based upon the employee's annual final compensation and years of service.  Both the employee and the employer contribute to the plan.

    The Optional Retirement Plan is a defined contribution plan which means the retirement annuity is based upon contributions and investment performance.  Persons electing to participate in the ORP will be required to select an investment provider.  For current investment options, visit:  http://www.retirement.sc.gov/.  Both the employee and the employer contributes to the plan.  NOTE:  You will be required to adhere to your investment options plans rules and regulations for retirement eligibility, withdraw of contributions, etc.

    Police Officers Retirement System is a defined benefit retirement plan that is limited to law enforcement officers.  A law enforcement officer is defined as a person who is required by the terms of his or her employment to give his time to the preservation of public order; protection of life and property; and the detection of crime in the state.  Both employee and the employer contributes to the plan.

    For details including contribution rates, service and disability retirement eligibility, return of contributions, service purchase, and death benefits, visit: http://www.retirement.sc.gov/, refer to the College's Employee Handbook, or consult with Human Resources.

    Application for either type of retirement should be coordinated with the Human Resources Department.


Updated: 02-26-2010

Updated: 09-04-2015