Retirement Plans

Please refer to the PEBA Retirement Plan Guide for detailed information.

For new hire enrollment instructions, please refer to the PEBA Retirement Enrollment Guide.

Membership Overview

Who Participates?

  • All permanent, full - time, and part - time employees must join a retirement plan unless specifically exempted by statute. 
  • All newly hired adjunct and temporary employees may choose to join SCRS (South Carolina Retirement System) or the State ORP (Optional Retirement Plan). A decision must be made within 30 days from your date of hire. 

What are the Plans?

  • All Public Safety Officers and Fire Marshall's must contribute to:
    • The Police Officer Retirement System
  • All permanent, full - time, and part - time employees must contribute to either:
    • The South Carolina Retirement System (SCRS) - Defined benefit plan, OR
    • The State Optional Retirement Plan (State ORP) - Defined contribution plan

When Does Membership Start?

  • Membership starts with your effective date of employment.
  • Please note that you will automatically be enrolled in the South Carolina Retirement System if you do not select a plan within 30 days.
  • In addition, if you already have contributions from previous employment in a plan, you must continue with that plan. 

Are There any Supplemental Retirement Accounts (SRAs)?

  • South Carolina Deferred Compensation - you may shelter your savings from current income taxes using one or both of two plans: 401(k) or 457. 
  • Roth 401(k) and Roth 457 Plans - available with after-tax dollars.
  • Other SRA's - tax sheltered 403(b) accounts are also available through various vendors including TIAA, Empower Retirement, Corebridge Financial, and Voya Financial.

Please contact Human Resources for other participating vendors. 

Retirement Plans

Additional information on the College of Charleston's offered retirement plans.
  • Police Officer Retirement System (PORS) - Defined Benefit Plan

    Plan Summary

    • Complete details: PORS
    • Currently, there are two classes of membership:
      • Class Two members are employees whose membership in PORS was effective before July 1, 2012.
      • Class Three members are those members hired after June 30, 2012. 

    Contributions

    • You contribute: tax deferred 9.75 percent of gross pay into your PORS retirement account.
    • The College contributes: 27.19 percent of your gross pay into PEBA's general fund account. 

    Service Retirement Eligibility

    • Class Two Members:
      • 25 years of service credit, five years of which must be earned service, OR
      • Age 55 or older with at least eight years of earned service. 
    •  Class Three Members:
      • 27 years of service credit, eight years of which must be earned service, OR
      • Age 55 or older with at least eight years of earned service. 

    PORS Incidental Death Benefit

    • If you die in-service with at least one year of service credit, a payment equal to your current annual earned compensation will be paid to your designated beneficiary or trustee. 
    • If your death results from a job-related injury, the one-year requirement is waived. 

    PORS Accidental Death Program

    • Provides a survivor annuity if you are covered and die as a result of an injury by external accident or violence incurred while undergoing a hazard peculiar to your employment while in the actual performance of duty, without willful negligence on your part. 

    Disability Retirement

    • You may apply for a disability retirement annuity if you become physically or mentally incapable of performing the regular duties of your job and your disability is likely to be permanent. Becoming disabled does not automatically qualify you for a disability retirement annuity; you must file an application and go through the review process. PEBA Retirement Benefits must receive your disability retirement application within 90 days of the date of your termination from covered employment.
    • For Class Two members, you must have at leave five years of earned service credit toward retirement unless your disability is the result of an injury arising out of and in the course of the performance of your job duties. Class Three members must have at least eight years of earned service credit toward retirement. 

    Returning to Covered Employment

    • To return to work after you retire, you must first have a complete, bona fide severance or termination of employment. After 30 days of retirement, you may be hired by an employer covered by the Retirement System to return to work. 
    • Any returned member who is employed by an agency that adheres to state personnel policies will be exempt from the state Employee Grievance Procedure Act. This means your employment is at will.
    • Working retired members must contribute a tax-deferred 9.75 percent of gross pay into their retirement account. No additional service credit will be applied. 
  • South Carolina Retirement System (SCRS) - Defined Benefit Plan

    Plan Summary

    • Complete details: SCRS

    Overview

    • The SCRS is the traditional retirement plan for state and public school district employees, and employees of counties and cities and elect to participate in the Retirement System. SCRS provides members a guaranteed monthly pension based on a formula that includes your average final compensation, years of service, and a 1.82 percent benefits multiplier. 
    • Currently there are two classes of membership, Class Two and Class Three:
      • Class Two members are employees whose membership in SCRS was effective before July 1, 2012.
    Class Three members are those members hired after June 30, 2012. 

    Contributions

    • You contribute: tax deferred 9.00 percent of gross pay into your SCRS retirement account. 
    • The College contributes: 24.76 percent of your gross pay into PEBA's general fund account. 

    Service Retirement Eligibility (Full Retirement)

    • Class Two Members may retire at:
      • 28 years of service credit - five years of which must be earned service, OR
      • Age 65 with five years of earned service
    • Class Three Members may retire at:
      • Meet rule of 90 requirement. This means that your age and years of service must add up to 90. For example, a member who is 56 years old and has at least 34 years of service, eight years of which must be earned, would be eligible for full retirement (56 + 34 = 90).
      • Age 65 or older with eight years of earned service.

    Service Retirement Eligibility (Early Retirement)

    • Class Two Members
      • Age 60 with at least five years of earned service. Your annuity is permanently reduced 5 percent for each year of age less than 65 (partial years are pro-rated), OR
      • Age 55 or older with 25 years of service credit, five years of which must be earned service. Your annuity is permanently reduced 4 percent for each year of service credit less than 28 (partial years are pro-rated). Cost of living increase restrictions apply. 
    • Class Three Members
      • Age 60 with at least eight years of earned service. Your benefit is permanently reduced 5 percent for each year of age less than 65. 

    SCRS Incidental Death Benefit

    • If you die in-service with at least one year of service credit, a payment equal to your current annual earned compensation will be paid to your designated beneficiary or trustee.
    • If your death results from a job related injury, the one-year requirement is waived. 

    Disability Retirement Information

    • A member of SCRS may be approved for disability retirement benefits from SCRS only if the member has first been approved for disability benefits from the federal Social Security Administration, which general requires an incapacity to perform any gainful occupation.

    Returning to Covered Employment

    • To return to work after you retire, you must first have a complete, bona fide severance or termination of employment. After 30 days of retirement, you may be hired by an employer covered by the Retirement System to return to work.
    • Any retired member who is employed by an agency that adheres to state personnel policies will be exempt from the State Employee Grievance Procedure Act. This means your employment is at will.
    • Working retired members must contribute a tax-deferred 9.00 percent of gross pay into their retirement account. No additional service credit will be applied. 
  • State Optional Retirement Plan (State ORP) - Defined Contribution Plan

    Plan Summary

    • Complete details: ORP

     Overview

    Contributions

    • You contribute: tax-deferred 9.00 percent of your gross pay into your State ORP account, which is then invested in the products you select from offerings from your investment provider.
    • The College contributes: 5 percent of your gross pay into your State ORP account, which is then invested in the products you select from offerings from your investment provider.
    • The College contributes: 19.76 percent of your gross pay into PEBA's general fund account. 

    Service Retirement Eligibility 

    • There is no minimum age or years of service required for retirement.
    • An employee becomes eligible to receive distributions when he or she terminates employment or reaches age 59 1/2. 
    • Your retirement benefit will be based on the balance in your account when you retire. 
    • An employee may leave the balance on deposit to accumulate earnings tax-deferred until he or she elects to receive them.

    Changes

    • You may change your investment provider only during an open enrollment period which is January 1st through March 1st. 
    • State ORP participants may irrevocably elect to join SCRS during any open enrollment period (January 1st through March 1st) after the first annual anniversary, but before the fifth annual anniversary of the person's initial enrollment in the State ORP.

    State Incidental Death Benefit

    • If you die in-service with at least on year of service credit, a payment equal to your current annual salary will be paid to your designated beneficiary or trustee. 
    • If your death results from a job-related injury, the one-year requirement is waived.
  • Supplemental Retirement Accounts

    South Carolina Deferred Compensation

    Complete details: South Carolina Deferred Compensation

    • You may shelter your savings from current income taxes using one or both of two plans: 401(k) or 457.
    • A Roth 401(k) or Roth 457 is also available with after-tax dollars. 

    Other Supplemental Retirement Accounts

    • Tax-sheltered 403(b) accounts are also available through various vendors including TIAA, Empower Retirement, Corebridge Financial, and Voya Financial.

    For questions, please contact Joe Nowjack, Benefits Counselor, at nowjackjd@cofc.edu.