Get SC PEBA Optional Employer Handbook 2021-2023

The cost is 16 percent of current salary or career highest fiscal year salary whichever is greater, for each year purchased. The cost for purchasing periods of less than one year will be prorated.

You can retire and receive an unreduced monthly retirement benefit after 28 years of service or at age 65 or older. You can retire early, at age 60, or at age 55 with 25 years of service, and receive a reduced monthly retirement benefit. You must have at least five years of earned service to receive a benefit.

Once you are eligible to take a distribution, you may choose from a variety of payment options, including a lump-sum distribution or periodic withdrawals.

You can retire and receive an unreduced monthly retirement benefit after 28 years of service or at age 65 or older. You can retire early, at age 60, or at age 55 with 25 years of service, and receive a reduced monthly retirement benefit. You must have at least five years of earned service to receive a benefit.

At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2023.

The SCRS 401(k) Multiple Employer Plan (MEP) The vision of SCRS MEP 401k plan was to help participating businesses and employees save expenses relevant to their 401k balances, reduce administrative responsibilities for companies and provide fiduciary support.

The Rule of 90 means your age and your years of service total 90. For example, under the Rule of 90, if you begin covered employment at age 22 and remain with a covered employer, once you reach age 56, you will have 34 years of service.

An employee is vested in the System after eight (8) years of full-time service and may draw an annuity upon eligibility.