Select Your Retirement Plan - South Carolina Retirement Systems

THIS DOCUMENT CONTAINS AN ABBREVIATED DESCRIPTION OF THE RETIREMENT BENEFITS What’s Inside OFFERED BY THE SOUTH CAROLINA RETIRE- MENT SYSTEMS. THE INFORMATION IN THIS The Retirement Plans................................ 1 DOCUMENT IS MEANT TO SERVE AS A GUIDE Enroll in Your Chosen Plan...................... 2 FOR OUR MEMBERS AND DOES NOT CONSTI- Investment Providers................................ 3 TUTE A BINDING REPRESENTATION OF THE Selecting the

Right Plan to Fit Your Needs......4 SOUTH CAROLINA RETIREMENT SYSTEMS. TITLE 9 OF THE SOUTH CAROLINA CODE OF Retirement Plan Comparison................. 5 LAWS CONTAINS A COMPLETE DESCRIPTION Questions and Answers........................... 9 OF THE RETIREMENT BENEFITS, THEIR TERMS AND CONDITIONS, AND GOVERNS ALL RETIRE- MENT BENEFITS OFFERED BY THE STATE. STATE STATUTES ARE SUBJECT TO CHANGE BY THE GENERAL ASSEMBLY. PLEASE CONTACT THE Welcome As a new employee or member of the South Carolina RETIREMENT SYSTEMS FOR THE MOST CUR- General Assembly, you have a number of decisions to RENT INFORMATION. make and what seems like countless forms to com- plete. Choosing which of the two available retire- THE LANGUAGE USED IN THIS DOCUMENT ment plans to join is one of these decisions. DOES NOT CREATE ANY CONTRACTUAL RIGHTS OR ENTITLEMENTS AND DOES NOT To assist you in making this decision and to help en- CREATE A CONTRACT BETWEEN THE MEMBER able you to make an informed choice, this guide pro- AND THE SOUTH CAROLINA RETIREMENT SYS- vides information about the two plans from which TEMS. THE SOUTH CAROLINA RETIREMENT you may choose. This guide includes a comparison of SYSTEMS RESERVES THE RIGHT TO REVISE THE the two plans as well. CONTENT OF THIS DOCUMENT. This document was published by the South Carolina Public Employee Benefit Authority (PEBA). PEBA is located at 202 Arbor Lake Drive, Columbia, SC 29223. Our mailing address is P.O. Box 11960, Columbia, SC 29211-1960. You may contact us at 803-737-6800, toll free at 800-868-9002 (within S.C. only), or at http://www.retirement.sc.gov/contact/email.htm. Or, you may try out our Live Chat option by clicking on the “Customer Service Chat Now” button in the header of our homepage (www.retirement.sc.gov). Select Your Retirement Guide - January 2013 Eligibility All newly hired state, public school, and public ployees, and political appointees. You must select higher education employees, and individuals elected one of the two available retirement plans unless your to the South Carolina General Assembly in Novem- position is exempted by state law. Your employer ber 2012 and after, are eligible to choose between can tell you whether your position is exempt from the two available plans. This includes all permanent mandatory participation/membership. full-time employees, temporary and part-time em- The Retirement Plans South Carolina Retirement System State Optional Retirement Pro- The South Carolina Retirement System (SCRS) is gram a defined benefit plan. In a defined benefit plan, The State Optional Retirement Program...

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