The five defined benefit plans that make up the Retirement System are administered by the Public Employee Benefits Administrator (PEBA). The RSIC and PEBA work together to pay beneficiaries as PEBA is the administer of the defined benefit plans, taking in contributions and making disbursements, while the RSIC manages the assets through investments.
Defined benefit plansPEBA administers a fixed monthly annuity based on a formula that includes your years of service, earnable compensation and a benefit multiplier. The defined benefit plans are:
- South Carolina Retirement System (SCRS)
- Police Officers Retirement System (PORS)
- General Assembly Retirement System (GARS)
- Judges and Solicitors Retirement System (JSRS)
- South Carolina National Guard Supplemental Retirement Plan (SCNG)
Defined Contribution PlanAn alternative to the defined benefit plans is the State Optional Retirement Program (State ORP), a defined contribution retirement plan.
While the RSIC manages the assets of the five defined benefit plans and PEBA administers the benefits, the RSIC does not manage the State ORP. The defined contribution plan is administered by PEBA.
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