How do I change my name on my retirement account?
Members of SCRS, PORS, GARS, JSRS and SCNG Plan
To change your name, complete the Name/Address Change Form (Form 1239) and provide a copy of one of the following documents verifying your name change: your marriage license; your divorce decree; a filed court order; your driver’s license or state-issued ID card; your Social Security card; or your valid U.S. passport. Mail the completed form and documentation to:
S.C. PEBA
Attention: Enrollment Department
202 Arbor Lake Drive
Columbia, SC 29223
State ORP participants
To change your name with PEBA, follow the instructions in the previous section. You must also change your name on your State ORP account with your selected service provider. The Changing your information with your service provider flyer provides instructions.
How do I update my retirement account address?
Members of SCRS, PORS, GARS, JSRS and SCNG Plan
To change your address, log into Member Access and select the Change Address link. You can also complete a Name/Address Change Form (Form 1239). Mail the completed form to:
S.C. PEBA
Attention: Enrollment Department
202 Arbor Lake Drive
Columbia, SC 29223
State ORP participants
To change your address with PEBA, follow the instructions in the previous section. You must also change your address on your State ORP account with your selected service provider. The Changing your information with your service provider flyer provides instructions.
Can I obtain my retirement account balance online?
Members of SCRS, PORS, GARS and JSRS
If you are a member of one of the four primary defined benefit retirement plans PEBA administers and have not received a refund of your contributions, you can view your member statement by logging into Member Access and selecting the Statement link.
State ORP participants
State ORP service providers deliver quarterly statements to participants that include the account balance and other details. You can also get this information by logging in to your account with your service provider.
Can I borrow money from my PEBA-administered retirement account?
All retirement plans
No. The state laws that govern the retirement plans PEBA administers do not include provisions to allow members to borrow funds from their retirement account.
How do I withdraw money from my PEBA-administered retirement account?
Members of SCRS, PORS, GARS and JSRS
If you leave your job and terminate all employment covered by one or more of the retirement plans PEBA administers before you are eligible to retire, you have two options concerning your contributions:
- Request a refund of your employee contributions plus the interest earned on your account; or
- Leave for funds in your retirement account where they will continue to accrue interest until your account becomes inactive.
To request a refund, complete a Refund Request (Form 4101) and return it to PEBA. You can submit your refund request immediately upon termination; however, by law, PEBA cannot pay your refund sooner than 90 days after your termination and cannot pay it later than six months after the date of your request. More information is available in the SCRS Member Handbook and PORS Member Handbook.
State ORP
You have immediate rights to your entire account State ORP balance, including employee and employer contributions, when you terminate employment or reach age 59 ½. Your State ORP assets remain in the investment options you select unless you request they be transferred to another eligible retirement plan, or unless an investment option is no longer offered. Eligibility to establish State ORP service with another retirement plan depends on the other plan’s provisions. Contact your State ORP investment provider for more information, including any fees or charges that may apply to transferring out of any investment option.
How do I change my beneficiary?
Members of SCRS, PORS, GARS and JSRS
Active members can change their beneficiary designations through Member Access. To make a change, you will need to have all beneficiary information, such as full names, dates of birth and Social Security numbers. Any beneficiary changes you make will override your prior designations and will take effect immediately. Before making any changes, you might wish to consult an attorney/estate planner.
You must complete an Active Member Beneficiary Form (Form 1102) or Beneficiary/Trustee Designation Form (Form 1103) if you choose to designate any of the following as your beneficiary:
- Trust.
- Entity.
- Charity.
- Organization.
You can name your estate as a beneficiary for your account; however, PEBA cannot pay monthly benefit payments to an estate. All beneficiary changes made using the paper form require your signature be notarized and must be submitted to PEBA. As an active member, you can change your beneficiaries at any time before retirement.
State ORP participants
If you participate in State ORP, you must update your beneficiaries with your chosen service provider. Your beneficiary will receive your State ORP account balance in the event of your death. If you are eligible for an incidental death benefit because your employer offers coverage, you can update your incidental death benefit beneficiaries through Member Access. You can also complete a State ORP Active Incidental Death Benefit Beneficiary Designation form (Form 1106). All beneficiary changes made using the paper form require your signature be notarized and must be submitted to PEBA.
How is my average final compensation calculated and how is unused annual leave pay factored into my monthly benefit?
SCRS and PORS members
Your employer reports your earnable compensation information to PEBA on a quarterly basis. If you are a Class Two member, your average final compensation is calculated by adding your 12 highest consecutive quarters of earnable compensation and dividing by three. An amount up to and including 45 days’ termination pay for unused annual leave at retirement is included in your average final compensation calculation.
If you are a Class Three member, your average final compensation is calculated by adding your 20 highest consecutive quarters of earnable compensation and dividing by five. Termination pay for unused annual leave at retirement cannot be included in your average final compensation calculation.
More information about how your AFC is used to determine your retirement benefit is available in the SCRS Member Handbook and PORS Member Handbook.
If I choose to name multiple beneficiaries, how are the payments dispersed?
If you select the Option A (maximum) benefit payment option and designate multiple beneficiaries, each surviving beneficiary will receive an equal share of any contributions and interest in your account that were not paid to you in the form of a retirement benefit. If any beneficiary predeceases you, the remaining beneficiaries will receive equal shares of any unpaid contributions and interest. If you select Options B or C, which provide survivor benefits, and designate multiple beneficiaries, each beneficiary will receive an equal share of the monthly benefit. If any beneficiary predeceases you, the deceased beneficiary’s share ends and the remaining beneficiaries will continue to receive their original share of the benefit.
I’m currently a State ORP participant. Can I switch and become a member of SCRS?
There is an annual open enrollment period (January 1 to March 1) for State ORP participants during which you can irrevocably change to SCRS if it has been at least one year, but not more than five years, since the date of your initial enrollment in State ORP. If you do not elect SCRS membership during this time, you will automatically continue your State ORP participation and forfeit your opportunity to elect SCRS membership.
Who can purchase additional service credit?
Member of SCRS, PORS, GARS and JSRS
You must be an active member to be eligible to purchase additional service credit. You are an active member if you are currently working for an employer participating in a PEBA-administered retirement plan, earning service credit, making regular contributions, and have not retired or terminated from covered employment.
State ORP participants
State ORP does not have any service purchase provisions. If, as a former State ORP participant, you become an active member of one of the defined benefit retirement plans PEBA administers, you might be eligible to establish your State ORP participation in the defined benefit retirement plan in which you are an active member.
How much does it cost to purchase additional service credit?
The cost for most types of service purchases must at least equal the true actuarial cost. The actuarial cost involves a complex calculation that considers your age, service credit, salary, average final compensation and the length of service you want to purchase. By law, there is a minimum cost of 16% (qualified service) or 35% (non-qualified service) of your career highest fiscal year salary for each year purchased.
How long does it take to get an invoice?
Unless you are purchasing non-qualified service, PEBA must obtain verification from you, your current or former employer(s) or other agencies. Even considering these variables, PEBA’s goal is to provide you with a payment invoice(s) within 30 days after receiving all documentation and verification needed to process your request.
How much service credit can I purchase?
There is no limit on the number of years you can purchase for most service types; in particular, those based on prior periods of qualified service. However, you can only purchase six years of military service and five years of non-qualified service.
Can I purchase a portion of service credit?
Yes. You can purchase all or any portion of each type of service credit once within a fiscal year.
Can I receive a cost estimate for any service type?
The Service Purchase Cost Estimate Calculator in Member Access provides an unofficial cost estimate to purchase certain types of service based on an actuarially neutral cost. The calculator does not provide cost estimates for withdrawn service, workers’ compensation or transfers of service from SCRS to PORS. You can request a cost estimate for purchasing these types of service by reaching out to Customer Service.
Will I be notified when my service purchase payment is received?
Yes. PEBA will notify you by mail upon receipt of your lump sum payment, rollover or election to participate in the Installment Service Purchase Program.