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State Retirement Plan Options

South Carolina Police Officers Retirement System (PORS)

Contribution

Effective July 1, 2017, 9.75 percent of pre-tax salary. MUSC Law Enforcement Officers and Security Specialists only are eligible for this plan. These contributions will be placed in an account in your name that draws 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. Election of membership is permanent until you separate employment or are assigned to an exempt position.

Retirement Eligibility

Class II Members

(effective date of membership prior to July 1, 2012)

  • Age 55 with at least 5 years of earned service; or,
  • 25 years of service credit, 5 years of which must be earned service.

Class III Members

(effective date of membership July 1, 2012 and after)

  • Age 55 with at least 8 years of earned service; or,
  • 27 years of service credit, 8 years of which must be earned service.

Insurance Benefits

Based on years of service and retirement criteria. Review detailed plan information in the PORS Handbook and on the PEBA website.

South Carolina State Retirement System

Effective July 1, 2017: 9% of salary before taxes.

Contributions are placed in an account in your name that earns interest per year. Your employer contributes to the SCRS plan also. However, if you terminate employment before you are eligible to retire and receive a refund of your contributions, the employer contributions will not be refunded to you. Election of membership in the SCRS is irrevocable and permanent until you separate employment.

Retirement Eligibility

Class II Members (effective date of membership prior to July 1, 2012)

  • Regular Retirement with 5 years of earned service (Unreduced Annuity):
    • Age 65; or,
    • 28 years of service credit.
  • Early Retirement with 5 years of earned service (Reduced Annuity):
    • Age 60 in which your annuity is permanently reduced 5 percent for each year under age 65; or,
    • Age 55 or older with 25 years of service credit in which your annuity is permanently reduced 4 percent for each year of service credit less than 28 years of service.

Class III Members (effective date of membership July 1, 2012 or after)

  • Regular Retirement with 8 years of earned service (Unreduced Annuity):
    • Age 65; or,
    • Once your age and years of service total 90. For example, if you begin covered service at age 22 and work continuously for a covered employer, you would be eligible for service retirement once you reach 56 years of age and have 34 years of service credit. (56 + 34 = 90)
  • Early Retirement with 8 years of earned service (Reduced Annuity):
    • Age 60 in which your annuity is permanently reduced 5 percent for each year under age 65.

Insurance Benefits

Retirees may be eligible for insurance based on service and retirement criteria. Review detailed plan information in the SCRS Handbook.

State Optional Retirement Program (ORP)

Contribution

Effective July 1, 2017, 9 percent of salary before taxes. In addition, employer contributes 5 percent directly to the investment provider. You are vested immediately, meaning, your contributions, the contributions the Medical University Hospital Authority contributed, (5%) plus earned interest belong to you. Election of membership is permanent until you separate employment.

Investment Providers

  • VALIC
  • Voya
  • Mass Mutual
  • TIAA-CREF

Review detailed plan information on ORP and the ORP at a Glance PDF for more information. Participants may irrevocably change to the SCRS plan during the designated open enrollment period of January 1 through March 1 each year if from their initial enrollment they have at least 12 months of participation by March 1, but no more than 60 months. This change may not be made at any other time.

Withdrawal Restrictions

The ORP is regulated by the IRS and is designated as a 401(a) plan under the IRC. There are no MUSC regulations for when an employee may leave employment or retire when enrolled in the ORP however, the IRS mandates that if you withdraw funds from your account prior to age 59 1/2 you will be assessed a 10 percent penalty. Please check with your investment provider if you have questions regarding withdrawals.

Helpful tool when considering your retirement plan options: Select Your Retirement Plan Guide.