PEBA sponsors and manages the retirement plans for South Carolina's public workforce. In partnership with the state's public employers, we help ensure that public employers can offer their employees a comprehensive retirement plan that is responsive to their employees' needs and is equitable to all stakeholders. While we administer the retirement plans, receive contributions and make disbursements, PEBA does not manage the money in the public pension trust funds. The public pension trust funds are managed and invested by another state agency, the South Carolina Retirement System Investment Commission.
Defined benefit plans
Defined benefit plans provide a lifetime monthly retirement benefit based on a formula that includes a member’s average final compensation, years of service credit and a benefit multiplier. The benefit is not based on a member’s account balance at retirement. PEBA's defined benefit plans are:
- South Carolina Retirement System (SCRS)
- Police Officers Retirement System (PORS)
- General Assembly Retirement System (GARS)
- Judges and Solicitors Retirement System (JSRS)
- South Carolina National Guard Supplemental Retirement Plan (SCNG Plan)
Defined contribution plan
Defined contribution plans provide a retirement benefit based on a member’s accumulated account balance. PEBA’s defined contribution plan is:
- State Optional Retirement Program (State ORP)
Voluntary, supplemental retirement savings program
The South Carolina Deferred Compensation Program (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.