Start Planning Now
No matter what stage of your career you're in, it's important to act now to help plan for a secure financial future. Use these resources to help you get started.
USC employees have access to free one-on-one counseling as well as many educational resources and other free or low-cost services. These resources are targeted toward employees who are just getting started or in middle of their careers.
PEBA's Get Set for Retirement presentation is targeted toward employees who are within a few years of retirement eligibility. The presentations provide an overview of the benefits you can expect to receive from your PEBA-administered retirement plan and other issues you should consider as you approach retirement, like eligibility for retiree insurance and Medicare.
Retirement Eligibility
Retirement eligibility differs based on the type of plan you are enrolled in and the date your membership began.
Class Two (membership began prior to July 1, 2012)
- You can retire and receive an unreduced monthly retirement benefit after 28 years of service or at age 65 or older.
- You can retire early, at age 60, or at age 55 with 25 years of service, and receive a reduced monthly retirement benefit.
- You must have at least five years of earned service to receive a benefit.
Refer to the SCRS at a Glance - Class Two flyer [pdf] for more information.
Class Three (membership began on or after July 1, 2012)
- You can retire and receive an unreduced monthly retirement benefit once your age and
years of service total 90, or at age 65 or older.
- For example, if you begin covered service at age 22 and work continuously for a covered employer, you would be eligible for service retirement once you reach 56 years of age and have 34 years of service credit.
- You can retire early at age 60 and receive a reduced monthly retirement benefit.
- You must have at least eight years of earned service to receive a benefit.
Refer to the SCRS at a Glance - Class Three flyer [pdf] for more information.
Class Two (membership began prior to July 1, 2012)
- You can retire after 25 years of service or at age 55 or older.
- You must have at least five years of earned service to receive a monthly retirement benefit.
Refer to the PORS at a Glance - Class Two flyer [pdf] for more information.
Class Three (membership began on or after July 1, 2012)
- You can retire after 27 years of service or at age 55 or older.
- You must have at least eight years of earned service to receive a monthly retirement benefit.
Refer to the PORS at a Glance - Class Three flyer [pdf] for more information.
Your State ORP retirement benefit consists of your State ORP account balance when you retire. The balance will continue to fluctuate based on the performance of your investment options.
Although you are eligible to take a distribution from your State ORP account once you terminate all covered employment or reach age 59½, you may leave your balance on deposit with your service provider until you elect to receive the funds, or you are required by the IRS to begin receiving annual requited minimum distributions.
To request a distribution from your State ORP account, contact your service provider [pdf] or log in to your account with your service provider.
Refer to the State ORP at a Glance flyer [pdf] for more information.
If you're a SCRS and PORS member, you have two options for what to do with your money if you leave the system before you are eligible fore retirement [pdf]:
- Request a refund of your contributions and interest, subject to taxes and possible penalties if you are under age 59½ and do not roll over into an eligible plan; or
- Leave your money in SCRS, where it will earn an annual 4 percent interest until your account becomes inactive. If you have the earned service necessary for a monthly retirement benefit and leave your funds on deposit, you can receive the benefit once you reach age eligibility.
Retiree Insurance Eligibility
Eligibility for retiree group insurance is not the same as eligibility for retirement. Determining retiree insurance eligibility is complicated, and only PEBA can make that determination. It is very important to contact PEBA before making final arrangements for retirement. Learn more about retiree insurance eligibility under the Retiree insurance section on PEBA’s Navigating Your Benefits page.
As an active employee, your employer pays part of the cost of your health and dental insurance. When you retire, several factors determine if you pay all or part of your insurance premiums. These factors include your years of earned service credit, the type of agency from which you retire and the date you were hired into an insurance-eligible position. Refer to the Retiree Insurance Eligibility, Funding flyer [pdf] for more information.
Application Process
Retirement is not automatic. Before an effective date of retirement can be established, you must be terminated from covered employment and removed from USC’s payroll. Use this checklist [pdf] to help guide you through the process.
If you plan to retire within 90 days, complete the Employment Verification Record [pdf] and submit the original to:
PEBA Insurance Benefits
P.O. Box 11661
Columbia, SC 29211
In some situations, eligibility determinations are available in Member Access and/or MyBenefits. PEBA will also send you written confirmation of your eligibility. PEBA does not confirm eligibility for retirement dates further out than six months. PEBA cannot confirm eligibility for retiree group insurance or funding of your retiree insurance premiums by telephone.
After confirmation of eligibility, you must submit the necessary forms to enroll in retiree coverage. Coverage does not automatically continue at retirement.
Complete the Retiree Notice of Election [pdf], Employment Verification Record [pdf] and Certification Regarding Tobacco and E-Cigarette Use [pdf] and submit the originals along with any required documentation to:
PEBA Insurance Benefits
P.O. Box 11661
Columbia, SC 29211
Note: To receive full benefits with PEBA’s retiree group health plan when you become eligible for Medicare, you will need to be covered by both Part A (hospital coverage) and Part B (medical coverage). If you are not, you will be required to pay the portion of your health care costs Parts A and B would have paid. You can learn more about Medicare at www.medicare.gov.
Complete forms you receive from MetLife to continue or convert life insurance and update life insurance beneficiaries, if applicable.
If you participate in any supplemental insurance coverage offered through the University of South Carolina, contact the vendor directly to continue your benefits in retirement.
Travelers (Auto and Home Insurance)
Phone: 800-842-5936
Ward Services (Universal Life with Long Term Care, Critical Illness, Accident and
Short-Term Disability Insurance)
Phone: 800-673-6472
Email: [email protected]
Email: [email protected]
Apply for retirement via Member Access as early as six months before, but no later than 90 days after, your desired retirement date.
Do not terminate employment until PEBA has audited your service credit and you receive official notice of retirement eligibility.
If you are enrolled in the South Carolina Deferred Compensation Program, contact one of their retirement plan advisors to learn what options you have [pdf].
If you are enrolled in a 403(b) plan, contact your plan provider [pdf] for more information regarding the required minimum distribution when you retire.
Other Benefits
Once you retire, you still have access to several perks exclusive to USC Columbia campus employees.
When your Carolina Card is updated to indicate retiree status, you can use your CarolinaCard to access the Strom Thurmond Wellness and Fitness Center (STWFC) or Solomon Blatt Physical Education Center (Blatt PEC).
- Purchase an Early Bird membership online at USC Memberships & Services, or
- Contact Memberships and Services at [email protected] or 803-576-9376 for details.
Please contact the Columbia Benefits Office if you are interested in a retiree parking decal or athletic tickets at 803-777-6650 or [email protected].
Retirees Returning to Work
If you are a retiree returning to work, please review these special rules which may apply to your employment which may impact hiring, retirement contributions, insurance benefits, and earnings.
Learn More
- Contact your campus Benefits office [pdf].
- Go to sc.gov or contact PEBA by phone at 803.737.6800 or 888.260.9430.
- Schedule an appointment at sc.gov/visit-us.