21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
South Carolina Supplemental Retirement Plan
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US-CC-21-104
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FAQ
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.
Monthly retirement benefit is based on a formula (1.82% of average final compensation multiplied by years of service), not on your account balance at retirement. Current state law provides for an annual benefit adjustment of 1% of your annual benefit up to a maximum of $500 per year.
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.
An employee is vested in the System after eight (8) years of full-time service and may draw an annuity upon eligibility.
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.
For most people, that amounts to at least five years of CalPERS-credited service. But there are a few other factors involved. To be vested, you must actually meet two requirements: age and service credit.
A supplemental retirement plan gives your top employees a chance to save more once they've maxed out their contribution to a qualified plan, which can increase engagement and retention.
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.