The South Carolina Public Employee Benefit Authority (PEBA) is the state agency responsible for the administration and management of the state’s retirement systems and employee insurance programs for South Carolina’s public workforce. PEBA is governed by an 11-member Board of Directors. Members of the Board are appointed by the Governor, President Pro Tempore of the Senate, Chairman of the Senate Finance Committee, Speaker of the House of Representatives and Chairman of the House Ways and Means Committee.
The PEBA Board of Directors makes trustee-level policy decisions related to maintaining the fiscal soundness of the state’s benefit plans. The Board is committed to working with the following co-fiduciaries to accomplish this:
As part of its administration and management of the state’s benefits programs, PEBA also partners with various outside vendors. These vendors include auditors, actuaries, investment consultants and third-party claims administrators.
Our membershipThe South Carolina Retirement System (SCRS) is for employees of state agencies, public and charter school districts, public higher education institutions and other optional employers. The Police Officers Retirement System (PORS) is for public safety employees of state agencies, public school districts, public higher education institutions and optional employers. The State Optional Retirement Program (State ORP), a defined contribution retirement plan, is an alternative option for some members of SCRS. The South Carolina Deferred Compensation Program (Deferred Comp) is a voluntary, supplemental savings program that offers 401(k) and 457 plans. Pension reform legislationThe South Carolina General Assembly sets the provisions of the retirement plans for our state’s public workforce. The General Assembly passed significant legislation in 2012 and in 2017 to promote the fiscal soundness of SCRS and PORS. While the unfunded actuarial accrued liability, or UAAL, has continued to rise, the additional contributions required by the 2017 legislation have reduced the funding period. If actuarial assumptions are met, the funding period is expected to shorten over time. The actual reduction in the amortization period will depend upon emerging experience, including investment experience. Additions to pension trust funds | 2005-2019There are three primary sources of income for the pension trust funds: employee contributions, employer contributions and investment income. These sources of income are used to fund retirement benefits. The exact proportion of these numbers to each other will change over time as investment income changes and if any changes are made to contributions. Investment returns | 2005-2019The South Carolina Retirement System Investment Commission (RSIC) manages and invests the assets of our state’s public pension trust funds. The assumed rate of return, which is the amount we expect to receive from investments each fiscal year, is 7.25 percent. Annual compensation by employer type for SCRSEmployers are divided into three categories: state agencies and higher education institutions, school districts and optional employers. Each employer pays contributions based on the total compensation of its employees. Average retirement benefitSCRS and PORS offer lifetime monthly benefits for retirees. On average, employees who reach full retirement eligibility can expect to receive a benefit equal to approximately 50 percent of their salary. Economic impact of retirement benefitsPEBA disbursed more than $3.5 billion in retirement benefits in calendar year 2019 to more than 180,000 payees. More than 91 percent of payments were made to individuals who live in South Carolina.
Our membership and participating employersPEBA’s insurance programs cover more than 500,000 people throughout South Carolina. Employers are divided into four categories: state agencies, higher education institutions, school districts and optional employers. Average monthly premiumsThe State Health Plan’s average monthly premiums compare favorably to other Preferred Provider Organization (PPO) plans. Premiums shown below are for single coverage and include both the employee and employer share. Average annual deductibleThe State Health Plan’s average annual deductible is less than half of that of employers with more than 200 employees in both public and private sectors. Historical State Health Plan increasesEmployees have only had one premium increase since 2006 and employee premiums have not increased since 2012. Actuarial valueActuarial value is the portion the State Health Plan pays of the total allowed amount for covered services. The value considers patient cost sharing elements, including copayments, deductibles and coinsurance.