 Basic
Retirement Plans
Participation in a state retirement plan is mandatory for
Classified Employees, Faculty and Employees with current accounts
(active or inactive). The participation is optional
for Temporary Employees, Research Grant Employees, Residents and
Postdoctoral Fellows.
You have 30 days from your effective date of employment to select an
investment choice. You will automatically default to the state traditional
plan if you do not make a selection within 30 days.
A defined benefit plan: When you retire, your annuity will be paid
to you monthly, and will depend on your average final
compensation and years of service.
You must have a minimum of 5 years of earned service
to be eligible to receive a retirement annuity.
- Contribution: 6.5% of pre-tax salary.
These contributions will be placed in an account in your name that earns
approximately 6 percent interest per year. Your employer also contributes
to the plan. However, if you terminate employment and receive a refund
or rollover of your contributions, your employer’s contributions
will not be refunded to you.
- Retirement Eligibility:
- Normal Retirement (Unreduced Annuity):
- Age 65; or,
- 28 years of service credit, 5 years of
which must be earned service.
- Early Retirement (Reduced Annuity):
- Age 60 with at least 5 years of earned
service. Your annuity is permanently reduced 5% for each year
of age less than 65 ; or
- Age 55 or older with 25 years of service
credit, 5 years of which must be earned service. Your annuity
is permanently reduced 4% for each year of service credit
less than 28. Cost-of-living increase restrictions apply.
- Insurance Benefits are based
on years of service and average final compensation. You may increase
years of service by purchasing qualified and non qualified service.
Visit the related web
page on the SC Retirement System website...
A defined contribution plan. Retirement income is based on contributions,
investment choices and account
balances.
Visit the related web
page on the SC Retirement System website...
A defined benefit plan: When you retire, your annuity will be paid
to you monthly, and will depend on your average final
compensation and years of service.
MUSC offers disability plans at no additional cost as well a supplemental
plan.
- Contribution: 6.5% of pre-tax
salary. These contributions will be placed in an account in your
name that draws 6 percent interest per year. Your employer also
contributes to the plan. However, if you terminate employment
and receive a refund of your contributions, your employer’s
contributions will not be refunded to
you.
- Retirement Eligibility: Age
55 with at least 5 years of earned service; or, 25 years of service
credit, 5 years of which must be earned service.
- Insurance Benefits are based
on years of service and average final compensation. You may increase
years of service by purchasing qualified and non-qualified service.
Visit the related
web page on the SC Retirement System website...
Additional Resources
In order to help you in your planning, saving and investing efforts,
the State of South Carolina Retirement System team has prepared
for you very useful brochures that will help you start or refine
your retirement project. You will learn some basic but very important
investing concepts, and quickly grasp the advantages & disadvantages
of each plan through comparison charts and tables...
The State of South Carolina web site features several Benefit
Calculators (Service Purchase Cost Calculator, Benefit Comparator
between the SCRS Traditional Plan and the State ORP, and Benefits
Estimator)
Additionally, any information you need about the Social Security
Administration can be found on their web site at http://www.ssa.gov
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