Retirement plans

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:

Defined contribution plan

Defined contribution plans provide a retirement benefit based on a member’s accumulated account balance. PEBA’s defined contribution plan is:

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.