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Division of Human Resources

Retirement

Some of us work to live, while others live to work. But when the work is over, we can provide ourselves with financial security and peace of mind by choosing the right retirement plan and making essential investments in our future health and happiness.

The University of South Carolina partners with the South Carolina Public Employee Benefits Authority (PEBA) to provide comprehensive retirement plan options that are designed with a variety of choices so that you can determine what level of coverage best suits your needs.

We offer a traditional state defined benefit plan and defined contribution plan as well as other tax-sheltered annuity products such as 457(b), 401(k) and 403(b) plans.

In addition, there is also a Teacher and Employee Retirement Incentive (TERI) Program available for those who are ready for retirement, but would like to continue to work. This program ends June 30, 2018.

Retirement Plans

University employees hired into permanent positions are required to participate in either the South Carolina Retirement System's traditional pension program or the State Optional Retirement Program. Temporary and research grant or time-limited employees have the option to opt out, as long as they meet specific requirements. Employees may also choose to participate in the State Deferred Compensation Program with 457(b) and 401(k) plans, or in 403(b) plans with private insurance/investment companies.

Teacher and Employee Retirement Incentive (TERI) Program

Faculty and staff members who are retiring, but would like to continue working for the University have the option to participate in the Teacher and Employee Retirement Incentive (TERI) Program which allows you to escrow your monthly retirement checks while you continue to work.