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Each year purchased cannot cost less than 16% of career- highest salary. Member must have: Active PORS account; and ? Non-concurrent SCRS service, meaning the SCRS service is for a period of time not already covered by PORS service.
SCRS provides a fixed monthly benefit based on a formula that includes your average final compensation, years of service credit and a benefit multiplier, not on your account balance at retirement. The plan assumes life expectancy and investment risk.
Investing your deferred compensation Your plan might offer you several options for the benchmark?often, major stock and bond indexes, the 10-year US Treasury note, the company's stock price, or the mutual fund choices in the company 401(k) plan.
If you leave your job and terminate all covered employment before you are eligible to retire, you have two options concerning your contributions: request a refund of your contributions plus interest earned on your account or leave your funds in your retirement account with PEBA.
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.
SC Retirement System Traditional Pension 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.
Less than 20 years You are not eligible for retiree insurance coverage. 20 or more years You are eligible for coverage upon reaching retirement eligibility. 1 You pay only the employee share of the premium. Learn more about retirement eligibility at peba.sc.gov.
The State of South Carolina Deferred Compensation Program is a voluntary tax sheltered retirement program available only to public employees. It was established in 1980 to allow employees to supplement their South Carolina Retirement and Social Security Benefits.