Fiscal Year 2021 South Carolina Retirement Member
Fiscal year 2021South Carolina RetirementMember Handbook
Table of contentsDisclaimer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Normal retirement (unreduced benefit) . . . . . . 13General information. . . . . . . . . . . . . . . . . . . . . . . . . . 3Early retirement (reduced benefit). . . . . . . . . . . 13Membership and enrollment. . . . . . . . . . . . . . . . . . . 3Retiree health insurance eligibility. . . . . . . . . . . 14Class Two and Class Three membership. . . . . . . 3Average final compensation . . . . . . . . . . . . . . . . 14Employee contribution rate. . . . . . . . . . . . . . . . . . 4Estimated benefit . . . . . . . . . . . . . . . . . . . . . . . . . 14Member compensation limit. . . . . . . . . . . . . . . . . 4Service retirement benefit calculations. . . . . . . . . . 15Interest on your SCRS account . . . . . . . . . . . . . . . 4Class Two members . . . . . . . . . . . . . . . . . . . . . . . 15Correlated systems . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Class Three members. . . . . . . . . . . . . . . . . . . . . . 16Designating beneficiaries for your account . . . . . . . 4Payment options at retirement . . . . . . . . . . . . . . . . 16Online access to your SCRS account . . . . . . . . . . . . . 5Option A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Purchasing additional service credit . . . . . . . . . . . . . 5Option B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Types of service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Option C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17In-service death benefits. . . . . . . . . . . . . . . . . . . . . . . 8Choosing Option B or Option C. . . . . . . . . . . . . . 17Active member incidental death benefit. . . . . . . 8Approximate amount of Option A monthlyRetirement account benefits. . . . . . . . . . . . . . . . . 9benefit at retirement . . . . . . . . . . . . . . . . . . . . . . 18Disability retirement benefit. . . . . . . . . . . . . . . . . . . . 9Post-retirement information. . . . . . . . . . . . . . . . . . 19Who may apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Monthly benefit payments. . . . . . . . . . . . . . . . . . 19How to apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Acknowledgement of receipt. . . . . . . . . . . . . . . . 10Benefit adjustments. . . . . . . . . . . . . . . . . . . . . . . 19Processing the claim. . . . . . . . . . . . . . . . . . . . . . . 10Non-working retired member incidentalEffective date of disability benefit. . . . . . . . . . . . 10Continuing disability review. . . . . . . . . . . . . . . . . 11Returning to employment while receivingReturning to covered employment. . . . . . . . . . . 20Earnings limitation . . . . . . . . . . . . . . . . . . . . . . . . 20a disability retirement benefit. . . . . . . . . . . . . . . 11Employment status. . . . . . . . . . . . . . . . . . . . . . . . 21Additional information. . . . . . . . . . . . . . . . . . . . . 11Working 48 continuous months. . . . . . . . . . . . . 21Leaving before retirement . . . . . . . . . . . . . . . . . . . . 12Request a refund. . . . . . . . . . . . . . . . . . . . . . . . . . 12Leave funds on deposit . . . . . . . . . . . . . . . . . . . . 12Service retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . 13When to apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Eligibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132death benefit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Working retired member incidentaldeath benefit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Working retired member contribution rate . . . 21Beneficiary and payment option changes. . . . . 22More information. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Tell us what you think . . . . . . . . . . . . . . . . . . . . . . . . 22South Carolina Retirement System Member Handbook
DisclaimerBenefits administrators and others chosen by youremployer to assist you with your participationin the employee benefit programs administeredby the South Carolina Public Employee BenefitAuthority (PEBA) are not agents or employees ofPEBA and are not authorized to bind PEBA or makedecision, please refer to the Select Your RetirementPlan guide and the “It’s Your Choice: SCRS or StateORP” video.Membership is mandatory as a condition ofyour employment with a covered employerunless you are in a position or classificationof employment specifically exempted fromrepresentations on behalf of PEBA.membership by statute. Other classifications, suchGeneral informationto elect non-membership within 30 days fromThe South Carolina Retirement System (SCRS) isa defined benefit retirement plan administeredby the South Carolina Public Employee BenefitAuthority (PEBA) for employees of state agencies,public and charter school districts, public highereducation institutions, and other local subdivisionsof government that have joined SCRS, as wellas individuals first elected to the South CarolinaGeneral Assembly at or after the general electionin November 2012. This handbook provides aas non-permanent employees, have the optiontheir date of hire, unless the employee alreadyhas an SCRS account. Your employer shouldlet you know if your employment falls into oneof these categories. Newly hired employees ofstate agencies, public school districts and highereducation institutions may choose participationin the State ORP instead of SCRS within 30 daysof their date of hire. However, if a member isemployed by two covered employers, he mustcontinue membership in his original retirementgeneral introduction to SCRS and its plan benefits.plan.If you are eligible and elect to participate in theYour SCRS membership starts when you earnState Optional Retirement Program (State ORP)compensation from a covered employer and makedefined contribution plan in lieu of SCRS, contactcontributions to your SCRS retirement account.your State ORP service provider for informationYou are considered an active member if you areregarding the administration of your benefits.working for an SCRS covered employer, earningMembership and enrollmentservice credit and making regular contributionsYour employer will initiate the retirementretired or terminated from covered employment.enrollment process. You will need to provide aYou must be an active member to be eligible forvalid email address to your employer. Then, youmost of the benefits described in this handbook.will make your plan election when you respond toto an SCRS retirement account, and you have notthe Retirement Plan Election email you receive fromClass Two and Class Three membershipPEBA.Currently, there are two classes of membership:You have 30 days from your date of hire to makeClass Two and Class Three.1 Class Two membersyour decision. If you do not make a selectionwithin that time period, you will automaticallybecome a member of SCRS. You must completeare generally employees who currently haveearned service credit in SCRS or a correlatedretirement system for a period of service prioran enrollment election regardless of the plan youintend to select. If you have not yet made yourSouth Carolina Retirement System Member HandbookClass One membership is no longer available.13
to July 1, 2012. Class Three members are thosemembers who do not currently have earnedservice in SCRS or a correlated retirement systemfor a period of service prior to July 1, 2012.Your active SCRS account earns 4 percent interestcompounded annually on your balance as of theprevious June 30 until you retire or your accountA period of withdrawn service or a period ofbecomes inactive. An account is consideredparticipation in the State ORP does not countinactive when no contributions have been madetoward the earned service credit used toto the account in the preceding fiscal year anddetermine whether a member is Class Two or Classno other active, correlated system or State ORPThree unless the member has completed a serviceaccount exists.purchase to establish earned service credit in SCRSfor the period of withdrawn service or State ORPCorrelated systemsparticipation.PEBA administers several other defined benefitEmployee contribution rateretirement systems for public employees andofficials. Two of these other systems, the PoliceMembers of SCRS contribute 9 percent of theirOfficers Retirement System (PORS) and thegross pay, tax-deferred, into their SCRS retirementGeneral Assembly Retirement System (GARS),accounts. Employer contribution rates to theare correlated systems with SCRS. If yousystem are set by a statutory schedule, subjecthave contributions in more than one of theseto additional increases to meet certain fundingcorrelated retirement systems, your service creditrequirements.is maintained separately within each system;Member compensation limitThe Internal Revenue Service (IRS) imposes afederal compensation limit under the InternalRevenue Code (IRC), Section 401(a) (17). This limit,also referred to as a cap, is placed on the amountof annual compensation which may be takeninto account for purposes of calculating pensioncontributions. Employees who became membersof SCRS or PORS, or participants in State ORP priorto January 1, 1996, are not subject to the annualcompensation limit. Employees who becamemembers or participants in the plans on and afterJanuary 1, 1996, are subject to the compensationlimit as adjusted by the commissioner of the IRSfor increases in the cost of living in accordancewith Section 401(a)(17) of the IRC. The calendaryear 2020 compensation limit (cap) is 285,000.Compensation in excess of this limitation is notsubject to retirement contributions.4Interest on your SCRS accounthowever, your service credit is added together todetermine your eligibility for a retirement benefit.Although this service is combined for eligibilitypurposes, the amount of your benefit from eachsystem is still calculated based only upon yourservice credit in that system.For example, if you are an SCRS member with10 years of service credit and were previously amember of PORS with 15 years of service, youwould be considered to have 25 years of servicecredit for the purposes of determining youreligibility for a retirement benefit.Designating beneficiaries for youraccountThe retirement benefits administered by PEBAalso offer options for you to help provide for yoursurvivors in the event of your death. As an activemember, you have the option to designate threetypes of beneficiaries for your retirement account:South Carolina Retirement System Member Handbook
Primary beneficiaries for your in-service deathbenefit (see Page 8) or refund of contributions(see Page 12). Multiple beneficiaries wouldshare equally in a survivor monthly benefit; Contingent beneficiaries in case of deathof the primary beneficiaries. All primary Change their tax withholdings; View and print a 1099-R form; View and print a monthly benefit verificationletter; View and print an insurance premium letter;beneficiaries must be deceased before any View their current payment method;contingent beneficiaries will be paid; and View payment history; Incidental death benefit beneficiaries (seePage 8).You may name your estate as a beneficiary foryour account; however, monthly benefit paymentscannot be paid to an estate. As an active member,you may change your beneficiaries at any timebefore retirement. Change their payment method from papercheck to direct deposit; and Modify an existing direct deposit account oradd an additional direct deposit account.Inactive members may: View and print their member statement; and Update their contact information.Online access to your SCRS accountIf you haven’t registered for Member Access, youMember Access is PEBA’s online portal thatmay do so by selecting the Member Access buttonallows SCRS members to manage their retirementat peba.sc.gov. From there, select Register Now toaccount. It’s safe, secure and available anytimestart the process.from anywhere you have internet access.Active members may: View and update their designated beneficiaryinformation; View their current service credit;Purchasing additional service creditActive members may establish additional servicecredit for various types of previous employmentand leaves of absence, and up to five years of nonqualified service, which is a type of service credit View and print their member statement;not associated with any specific employment. Update their contact information;Generally, a member on leave without pay from Create a benefit estimate; Calculate an unofficial cost estimate topurchase service credit; Submit a service purchase request; Submit and view the status of their refundrequest; and Submit and view the status of their serviceretirement application.Retired members may: Update their contact information;South Carolina Retirement System Member Handbooka covered employer is not eligible to establishservice credit of any type.You may establish service credit through a lumpsum payment, a pre- or post-tax installmentservice purchase or a tax-deferred rollover froman Individual Retirement Account (IRA), a 401(k)plan, a 401(a) eligible plan, a 403(b) plan or a 457plan. The interest rate for an installment servicepurchase is calculated at the prime rate plus 2percent. Installments initiated July 1, 2020, throughJune 30, 2021, will be calculated at 5.25 percent.5
The interest rate is fixed for the term of theA Class Three member who purchases a periodinstallment.of withdrawn service or State ORP participationYou may establish each type of service credit oncefor any period of covered employment renderedwithin a fiscal year. If you are establishing serviceto meet retirement eligibility, contact the Customermembership.Contact Center at 803.737.6800 or 888.260.9430Some types of purchased service may not befor more information. Payment for serviceused in determining eligibility for retiree healthpurchases must be made in full prior to yourinsurance. If you are covered by the state’sretirement date or termination from employment.employee health insurance program, contactIf you are terminated from covered employmentthe Customer Contact Center at 803.737.6800within one year of retirement eligibility, you haveor 888.260.9430 for eligibility information. Iffive business days after the date of termination toyour employer does not participate in the state’spurchase any service credit that you are otherwiseemployee health insurance program, contacteligible to purchase. If you previously establishedyour employer for information about insurance inservice credit for periods of part-time service orretirement.previously earned service credit for periods ofpart-time service prior to July 1996, you may beeligible to establish additional service credit atan additional cost. Please contact the CustomerContact Center at 803.737.6800 or 888.260.9430for more information.One factor used to determine the cost of mosttypes of service credit purchases is your careerhighest fiscal year earnable compensation. Thisincludes any salary earned during a period ofwithdrawn service, regardless if the withdrawnservice has been established through aservice purchase. This also includes earnablecompensation received while participating in StateORP if you have purchased SCRS service credit forany State ORP participation. The cost to purchaseperiods of less than one year will be prorated. YouTypes of servicePublic serviceAs an active member, you may establish SCRSservice credit for any period of paid public serviceas an employee of the government of the UnitedStates, a state or political subdivision of the UnitedStates, by making an actuarially neutral paymentto PEBA. The cost calculation is based in part onyour current age and service credit, as well as yourcareer highest fiscal year earnable compensationat the time PEBA receives your service purchaserequest. The cost, which is determined by PEBA’sindependent actuary, will not be less than 16percent of your career highest fiscal year earnablecompensation for each year purchased.may not establish SCRS service credit for a periodEducational service (K-12)of service, other than military service, for whichAs an active member, you may establish serviceyou may also receive a retirement benefit fromanother defined benefit retirement plan or for aperiod of service for which you already have creditin SCRS. You also may not establish SCRS servicecredit if doing so would violate Section 415 or anyother provision of the Internal Revenue Code.6prior to July 1, 2012, will revert to Class Twocredit for any period of paid classroom teachingconsisting of grades kindergarten through 12 ina public, private or sectarian school by makingan actuarially neutral payment to PEBA. The costcalculation is based in part on your current ageand service credit, as well as your career highestSouth Carolina Retirement System Member Handbook
fiscal year earnable compensation at the timeservice credit for the employer-approved leavePEBA receives your service purchase request. Theperiod for which you do not already have servicecost, which is determined by PEBA’s independentcredit, up to a maximum of two years per leaveactuary, will not be less than 16 percent of yourof absence. The leave of absence must be withcareer highest fiscal year earnable compensationan employer covered by one of the retirementfor each year purchased.systems administered by PEBA. You may establishMilitary servicethis service by making an actuarially neutralpayment to PEBA. The cost calculation is basedAs an active member, you may establish up to sixin part on your current age and service credit, asyears of service credit for any period of militarywell as your career highest fiscal year earnableservice for which you do not already have servicecompensation at the time PEBA receives yourcredit in SCRS, PORS or GARS by making anservice purchase request. The cost, which isactuarially neutral payment to PEBA. This includesdetermined by PEBA’s independent actuary, willservice in the United States Army, Navy, Marinenot be less than 16 percent of your career highestCorps, Air Force, Coast Guard, Select Reservesfiscal year earnable compensation for each yearand the Army or Air National Guard. The costpurchased.calculation is based in part on your current ageand service credit, as well as your career highestWorkers’ compensationfiscal year earnable compensation at the timeAs an active member, you may establish servicePEBA receives your service purchase request. Thecredit for a period while on a leave of absence andcost, which is determined by PEBA’s independentreceiving workers’ compensation benefits. The costactuary, will not be less than 16 percent of yo
in November 2012 . This handbook provides a general introduction to SCRS and its plan benefits. If you are eligible and elect to participate in the State Optional Retirement Program (State ORP) defined contribution plan in lieu of SCRS, contact your State ORP service provider for i
South Carolina Department of Archives and History. South Carolina Census Records on Ancestry.com U.S. Census Reconstructed Records, 1660-1820 1910 South Carolina, Compiled Census and Census Substitutes Index, 1790-1890 Index to the 1800 Census of South Carolina Free Blacks and Mulattos in South Carolina 1850 Census
1.8-1.9 Is the library now reporting on a different fiscal year than it reported on in the previous Annual Report? – If the library's fiscal year has changed please answer this question accordingly and contact your library system. 1.11-1.12 Beginning Local Fiscal Year and Ending Local Fiscal Year-Beginning Local Fiscal Year (operating year) and Ending Local Fiscal Year (operating year) –
Fiscal Year (operating year) and Ending Local Fiscal Year (operating year) – Enter the beginning and ending dates of the library's local fiscal year, even if they are the same as the fiscal reporting year indicated in Questions 1.6 and 1.7. (For example, a school district library's local fiscal year may be July 1 – June 30, but the library .
Chapter 15: Fiscal Policy The Effects of Fiscal Policy on Real GDP and the Price Level Expansionary and Contractionary Fiscal Policy Figure 15-5. Fiscal Policy. Explain how fiscal policy affects aggregate demand and how the government can use fiscal policy to stabilize the economy. In
Project Total 580 2,000 3,000 5,580. Adopted CIP Form C 5. PARKS AND RECREATION FACILITIES - Summary of Funds 2018-2022 CAPITAL IMPROVEMENT PLAN ( Thousands) . F-000850 Sagemont Park CC Gym Floor Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year F0008
property purchased at retail for storage, use, or other consumption in South Carolina, regardless of whether the retailer is engaged in business in South Carolina. These taxes also apply to tangible personal property manufactured within South Carolina or brought into South Carolina by its manufacturer for storage, use, or consumption in South
KERRY D. SOLOMON, MD, MODERATOR n Partner, Carolina Eyecare Physicians, Charleston, South Carolina n Director of the Carolina Eyecare Research Institute, Charleston, South Carolina n Adjunct Clinical Professor of Ophthalmology, Medical University of South Carolina, Charleston n kerry.solomon@carolinaeyecare.com n Financial disclosure: Consultant (Carl Zeiss Meditec)
The Juvenile Justice Department turnover rate of 31.1 percent in fiscal year 2017 was an increase from its turnover rate of 29.2 percent in fiscal year 2016. That was followed by the Department of Criminal Justice, whose turnover rate of 23.6 percent in fiscal year 2017 was an increase from 19.5 percent in fiscal year 2016.
