South Carolina Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan
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How to fill out Retirement Plan Transfer Agreement For The Motorola, Inc. Pension Plan?
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FAQ
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.
An employee is vested in the System after eight (8) years of full-time service and may draw an annuity upon eligibility.
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.
You have immediate rights to your entire account State ORP balance, including employee and employer contributions, when you terminate employment or reach age 59 ½.
SC Retirement System Traditional Pension Plan (SCRS) You must have a minimum of 5 years of earned service (Class II members) or 8 years of earned service (Class III members) to be eligible to receive a retirement annuity. Learn more about the SCRS Plan.
To submit a request to establish reciprocity, log in to your myCalPERS account and select Retirement, then select Retirement Summary from the drop-down list. Under Reciprocity, select submit a request to establish reciprocity.
Monthly retirement benefit is based on a formula (1.82 percent of average final compensation multiplied by years of service), not on a member's account balance at retirement. Current state law provides for an annual benefit adjustment of 1 percent of your annual benefit up to a maximum of $500 per year.