In order to participate in the TERI program, faculty and staff must be active members of the S.C. Retirement System, have at least five years of earned service (prior to July 1, 2012) and are eligible to retire.
The TERI plan is not available to employees who participate in the Police Officer Retirement System or the Optional Retirement Program. It's also not available to Class Three members (Class three members are people who do not currently have earned service in SCRS for a period of service prior to July 1, 2012).
While TERI participants may continue employment for up to five years from the date they enter the program, the TERI program will be closed effective June 30, 2018. This means that those who enter the TERI program after July 1, 2013 will not be eligible to participate in TERI for the full 60 months. Instead, TERI participation will end on June 30, 2018, regardless of when the employee entered the program.
How to Apply
Since circumstances affecting retirement decisions vary from individual to individual, faculty and staff are encouraged to seek answers to specific questions from a benefits counselor at the University or the S.C. Retirement System. The following forms must be completed and returned to the University's Benefits Office to initiate processing of your application to participate in the TERI program:
- S.C. Retirement System Service Retirement Application (Complete all sections)
- USC Retirement - TERI Plan Form [pdf]: You and your department head must sign USC's TERI notification form and state your TERI participation dates.
To complete the TERI application packet, you must submit a copy of your birth certificate and the birth certificates for all beneficiaries if you choose a survivor option. The benefits options are explained on the back of the S.C. Retirement System Service Retirement Application under the Monthly Payment Plan Summary heading.
All forms must be completed and returned to the University's Benefits Office, located at 1600 Hampton Street, Suite 801, and not the S.C. Retirement System.