South Carolina Stop Annuity Request
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How to fill out Stop Annuity Request?
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FAQ
If you decide to quit your job in South Carolina, your state retirement benefits may be affected. Generally, you will not receive your retirement benefits immediately, as they are typically disbursed at retirement age. However, you can apply for a South Carolina Stop Annuity Request to address your situation. This process allows you to understand your options for managing your retirement funds effectively.
NOTE: Refunds for members of the SC Retirement System and Police Officers Retirement System are payable within 6 months after demand, but not less than 90 days after termination of employment.
Retirement benefitOnce 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 may submit your refund request immediately upon termination; however, by law, your refund cannot be paid sooner than 90 days after your termination, and may not be paid later than six months after the date of your request.
You can typically expect to receive your refund within 30 to 45 days from the date we receive all your necessary forms.
Take a refund If the refund is payable directly to you, all pre-tax contributions plus interest will be subject to tax withholding. Please refer to the "Special Tax Notice Regarding Plan Payments and Federal Income Tax" form. The refund process takes six to eight weeks.
Take a refund The refund process takes six to eight weeks. Please see page 2 of the Distribution of Retirement Contributions Election form for information regarding the Withdrawal / Rollover Employment Requirements.
Like most states, teachers need to serve a number of years before qualifying for a pension. South Carolina has a 8 year vesting period. While educators qualify for a pension after 8 years of service, the pension may not be worth all that much.
You are not required to withdraw your contributions and interest at termination. Your refund may be rolled over to another eligible retirement plan or an Individual Retirement Account (IRA) as allowed by the Internal Revenue Code.
All regular county employees are required to participate in the South Carolina Retirement System unless exempted by law. An employee is vested in the System after eight (8) years of full-time service and may draw an annuity upon eligibility.
