PEBA administers two types of primary retirement plans as well as a voluntary, supplemental retirement savings program.
Defined benefit plans
The defined benefit plans PEBA administers provide a fixed monthly benefit based on a formula that includes your years of service, earnable compensation and a benefit multiplier, not on your account balance at retirement. PEBA's defined benefit plans are:
PEBA's defined contribution plan provides an account into which you and your employer contribute. You select your own investments from the options available and your retirement benefit is based on your account balance at retirement. PEBA administers the following primary defined contribution plan:
Voluntary, supplemental retirement savings program
PEBA also offers the South Carolina Deferred Compensation Program (Deferred Comp), which is currently administered by Empower Retirement. 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. You have access to a local retirement plan advisor who will meet with you one-on-one to assist you in planning for your financial future. Ask your employer if they participate in Deferred Comp, and click here to learn more.