21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
South Carolina Retirement Benefits Plan
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US-CC-21-166
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FAQ
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.
South Carolina does not tax Social Security benefits. Plus, it offers a retirement income deduction of up to $15,000 for individuals over the age of 65. This is a great advantage to stretch that retirement income as far as possible.
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.
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.
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.
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.
An employee is vested in the System after eight (8) years of full-time service and may draw an annuity upon eligibility.