Serving those who serve South Carolina

State ORP annual open enrollment

The annual open enrollment period for all participants of the State Optional Retirement Program (State ORP) is January 1 to March 1 of each year. During this period, State ORP participants may change their State ORP vendor or, if eligible, may irrevocably elect to participate in the South Carolina Retirement System (SCRS).

 

State ORP vendor change

State ORP participants wishing to change vendors should do so through PEBA’s Member Access. If a participant is unable to change their vendor online through Member Access, they may do so by completing Form 1162.

 

If a State ORP participant changes vendors during annual open enrollment, he may transfer his existing account balance, subject to the current State ORP vendor’s contractual limitations, to the new vendor. In order to do so, he must initiate the process by contacting his prior vendor and requesting the appropriate forms. The participant may also choose to leave funds on account with his prior vendor.

 

Irrevocable election to participate in SCRS

State ORP participants are eligible to change from the State ORP to SCRS during the 2017 annual open enrollment period if at any point during the open enrollment period they have at least 12 months, but no more than 60 months, of participation from their initial enrollment in the State ORP (i.e., initial enrollment between January 1, 2012, and March 1, 2016).

 

If a State ORP participant does not change to SCRS within the allotted time, the participant will, by default, continue State ORP participation. If a State ORP participant changes to SCRS during the allotted time, the participant may purchase service credit for all or a portion of their State ORP participation at any time after joining SCRS. The cost calculation is based in part on the participant’s current age and service credit, as well as his career highest fiscal year earnable compensation at the time PEBA receives the service purchase request. The cost, which is actuarially determined, will not be less than 16 percent of the participant’s career highest fiscal year compensation for each year purchased. State ORP participation that is established in SCRS is considered earned service for the determination of the SCRS minimum service requirement for benefit eligibility. Please note that earnings associated with established State ORP participation will be considered for possible inclusion in the calculation of a member’s average final compensation.

 

Eligible State ORP participants wishing to irrevocably elect to participate in SCRS should request that their employer submit an SCRS enrollment through the Electronic Employer Services (EES) system. The EES system will prompt the employer to confirm that the enrollment is an irrevocable election to change from State ORP to SCRS. The participant will then be contacted to confirm the change. Employers who are unable to submit an enrollment through EES should have the employee complete a Form 1100.

 

Helpful resources

 

If you have any questions, please contact our Customer Contact Center.

 

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Columbia, SC 29223

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State of South Carolina

S.C. Code of Laws

© 2017 South Carolina Public Employee Benefit Authority

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