Faculty and staff in state-funded institutions of higher education who have opted for the Optional Retirement Plan (ORP) have from January through March 2004 to switch their retirement plan to the S.C. Retirement System.
This action permits faculty and staff to divest from their optional retirement programs such as TIAA-CREF, thereby making them eligible for future retirement under South Carolina state programs. Years eligible for purchase include military service, K-12 service in public and private institutions, and assorted other public services.
One area currently ineligible includes service in private higher education institutions. A bill introduced last year in the state Senate would allow state-employed higher education personnel to purchase previous years of service at eligible private higher education institutions. Senate Bill No. 61 was sent to the Senate Finance Committee for further review before being reintroduced for vote in the Senate.
Without incentive to purchase private institution years of service, many ORP members might choose to retain their former programs or seek employment in other states where this service is accepted, said Peter Graham, a professor in sport and entertainment management and chair of USC’s Faculty Welfare Committee.
Faculty and staff should contact their House or Senate representative to express their views on the bill, Graham said.
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