Eligibility and participation requirements for the following retirement plans may depend on the type of position you are employed in. Please refer to the UofSC Insurance Benefits Summary [pdf] for more information.
South Carolina Retirement System (SCRS) and Police Officers Retirement System (PORS)
The SCRS and the PORS are known as defined benefit plans. These plans provide pension income to retired employees based on a formula that accounts for your average final compensation (AFC), age and years of credited service.
Contributions to these plans are made on a pretax basis at the rate of 9% of your gross pay for the SCRS and 9.75% for the PORS. If you are an active member, your account will earn 4% interest compounded annually on your account balance as of the previous June 30 until your account becomes inactive.
The PORS is only for eligible police officers, peace officers, firefighters, coroners, magistrates and probate judges.
More information about the SCRS and PORS may be found on the S.C. Public Employee Benefits Authority (PEBA) website. Current members can review their account information using Member Access. You may use this system to change your beneficiaries, request to purchase service credit or update your personal information anytime throughout the year.
State Optional Retirement Program (State ORP)
The State ORP is considered a defined contribution plan, and is an alternative to the SCRS and PORS plans. This plan is a 401(a) qualified governmental plan that provides an account into which both you and your employer contribute.
If you are eligible to participate in the State ORP, there are several vendors you may choose from [pdf]. Your contributions are made on a pretax basis at a rate of 9% of your gross pay. Your employer's contributions are made at a rate of 7% of your gross pay, and will increase annually by 1% until July 1, 2022.
Incidental Death and Disability Retirement Benefits
Those who participate in the SCRS, PORS or State ORP are eligible for incidental death benefits. Members of the SCRS and PORS are also eligible for disability retirement benefits as long as they meet specific guidelines. For more information, please review the Insurance Benefits Summary [pdf] or PEBA retirement benefits website.
Other Tax-Sheltered Annuity Products
For employees who would like to explore savings beyond the SCRS/ORP pension programs, the South Carolina Deferred Compensation website, brochure [pdf] and video outlines 401(k) and 457(b) savings plan offerings that are currently administered by Great West Retirement Services. You are also welcome to research providers of other tax-sheltered annuity plans [doc] who offer a number of 403(b) plans.
Visit the South Carolina Deferred Compensation (SCDP) website to enroll in 401(k) and 457(b) plans any time throughout the year. All enrollments and changes for these plans are coordinated directly with the vendor, who will then facilitate enrollment with the University's Payroll department. Please contact Payroll at 803-777-4227 with any questions about deductions.