20-221D 20-221D . . . Stock Bonus Plan Board of Directors has authority to determine which key employees shall be awarded stock bonuses, amounts of bonuses, number of shares of common stock to be awarded, and all other terms and provisions of each bonus. Bonus awards are based on attainment of specified types and combinations of performance measurement criteria, which may differ as to various employees
South Carolina Executive Bonus Plan
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US-CC-20-221D
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FAQ
The South Carolina Deferred Compensation Program (Deferred Comp) is a voluntary retirement savings program that provides participants an opportunity to supplement their retirement savings through its 401(k) and 457 plans.
An employee is vested in the System after eight (8) years of full-time service and may draw an annuity upon eligibility.
The South Carolina Deferred Compensation Program (Program) is a voluntary program that gives you a tool to save and invest extra money for retirement through before-tax and after-tax contributions.
Under SCRS, you are eligible to retire with an unreduced benefit if you have at least eight years of earned service credit and: Met the Rule of 90 requirement; or ? Reached age 65. The Rule of 90 means your age and your years of service total 90.
TO ESTABLISH THE PLAN BY WHICH THE DEPARTMENT OF ADMINISTRATION MUST ALLOCATE AMOUNTS APPROPRIATED FOR EMPLOYEE PAY INCREASES SO THAT STATE EMPLOYEES RECEIVE A FIVE PERCENT EMPLOYEE PAY INCREASE EFFECTIVE JULY 1, 2023.
Insurance benefits State Health Plan. Standard Plan. Savings Plan. Medicare Supplemental Plan. TRICARE Supplement Plan. Dental benefits. Vision benefits. Life insurance. Long term disability. MoneyPlus.
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.
South Carolina wage law does not explicitly address bonuses. Generally, discretionary bonuses are not considered wages, while nondiscretionary bonuses paid under an agreement are considered wages and protected under wage law. Employers should follow any written policy they have about paying bonuses as a best practice.
