The South Carolina Retirement System (SCRS) is a defined benefit retirement plan PEBA administers for employees of state agencies, public and charter school districts, public higher education institutions and other local subdivisions of government that participate in SCRS. SCRS also provides benefits for individuals first elected to the South Carolina General Assembly at or after the general election in November 2012. The retirement plan assumes life expectancy and investment risk.
To become a member of SCRS, you must be actively employed by an SCRS-participating employer and be making employee contributions to SCRS.
You contribute a tax-deferred percentage of your gross pay. The employee contribution rate is 9 percent. Your SCRS account earns 4 percent interest compounded annually until you retire or your account becomes inactive.
If you’re like many of us, you look forward to retirement as the time when you will be able to enjoy the things you like to do with the people about whom you care the most. As a member of SCRS, you need to meet the plan’s eligibility requirements to retire and receive a benefit.
The requirements vary depending on when you first became an SCRS member, but most likely, you have a few more years to work before you can consider becoming a former public servant. While meeting the plan’s retirement eligibility requirements is something to look forward to, being eligible to retire doesn’t necessarily mean you are ready, financially or emotionally. What you do during your years of employment can make a big difference in whether or not you are prepared for your future.
Planning for your future resources
Whether you’re a new employee or someplace else in your career, PEBA has retirement awareness resources that can help you as you plan for a secure financial future. If you make planning and saving for your future a priority now, you’ll be glad you did when you become eligible to retire because it may mean the difference between being eligible to retire and being able to retire.