Optional Retirement Plan by Chris Pourteau

You can decide between three different payment types, depending on whether you need a beneficiary or not, and if so, how much you want them to receive. Participants contribute 9% of each paycheck to the system, with 4% interest applied to your balance. South Carolina Retirement System: This defined benefit plan spans the largest group of South Carolina public employees.

Overview of South Carolina’s Retirement Systems – Those who are eligible for the SCRS and work for a participating employer – Must be at least 60 years old, be discharged honorably and have no less than 20 years total service – National Guard members who served at least 15 of their 20 years in South Carolina, including the last 10 South Carolina National Guard Plan (SCNG) – Members of the general assembly elected before November 2012 General Assembly Retirement System (GARS) – Judges in the circuit courts, court of appeals, family court and administrative law – Members of the South Carolina Supreme Court Judges and Solicitors Retirement System (JSRS) – Firefighters, peace officers, probate judges, magistrates and coroners – Members of the police of participating local subdivisions – Employees of participating local subdivisions – Employees of state agencies, public and charter school districts and public higher education institutions However, this allows the government to select benefits that apply to very select groups of employees, rather than taking a more generalized approach. The retirement systems that South Carolina employs are very segmented, which one might think could adversely affect the long-term strength of the system. Types of Retirement Systems in South Carolina

Optional Retirement Plan by Chris Pourteau