Payment Options at Retirement

Type I: Standard Annuity Payment Plan

9-8-60(2)(5), 9-8-110(2)
The Standard Annuity Payment Plan benefit is equal to 71.3 percent of the current active salary for your respective position plus an additional 2.67 percent of compensation for each year of service earned in JSRS after attaining 25 years of service credit for judges or 24 years of service credit for solicitors and circuit public defenders. The total annuity may not exceed 90 percent of your current active salary for your respective position.

Should a married retiree who elected the Standard Annuity Payment Plan die, one-third of the retiree’s annuity will be paid automatically to his surviving spouse for life unless the retiree designated a beneficiary other than his spouse or his estate to receive a refund of any remaining contributions.

Should an unmarried retiree who elected the Standard Annuity Payment Plan die, his designated beneficiary or estate will receive a refund of any remaining contributions.

Standard Annuity Payment Plan Calculation

The formula below is used to calculate a member’s standard annuity payment plan benefit.

Step 1:	Multiply the current active salary for the respective position of judge, solicitor or circuit public defender by 71.3 percent (.713).
Step 2:	Calculate the additional benefit by multiplying the respective salary by 2.67 percent (.0267) for each year of earned service over 25 for a judge or over 24 for a solicitor or circuit public defender.
Step 3:	Add the results from Steps 1 and 2.
Step 4:	Divide the result from Step 3 by 12 for the gross monthly annuity amount.

The total annual annuity of the Standard Annuity Payment Plan cannot exceed 90 percent of your current active salary for your respective position.

Standard Annuity Payment Plan Example

For the purposes of this example, we’ll use a Family Court Judge with 27 years of service who makes $126,883 per year.

Step 1:	$126,883 x .713 = $90,467.58
Step 2:	$126,883 x .0267 = 3,387.78 $3,387.78 x 2 (years in excess of 25) = $6,775.56
Step 3:	$90,467.58 + $6,775.56 = $97,243.14
Step 4:	$97,243.14 ÷ 12 = $8,103.60 per month

Type II: Optional Survivor Annuity Payment Plan

9-8-70
With this payment plan, a member may provide a survivor annuity to a non-spousal beneficiary or multiple beneficiaries that may or may not include a spouse. The retiree’s annuity is permanently reduced from the Standard Annuity Payment Plan by an actuarial factor based on the age of the member and the age of the member’s beneficiary, or the average age of the member’s multiple beneficiaries. At the member’s death, a benefit of one-third of the member’s annuity continues to the member’s beneficiary.

Optional Survivor Annuity Payment Plan Calculation

First, calculate the member’s standard annuity payment plan benefit using the 4-step formula above. Then, go to Step 5 below:

Step 5:

Apply applicable reduction factor to the result from Step 4.
3 (.7046)* = 2.1138
1 + 2 (.7046) = 2.4092
$8,103.60 x .877386 = $7,109.99 monthly benefit

Note: Average Optional Payment Benefit Age: 23
(Beneficiary 1 age 20 + Beneficiary 2 age 26 = 46/2 = 23)

*The reduction factor is derived from actuarial group annuity mortality tables and is based on your age and the ages of your designated beneficiaries as of your date of retirement. Since survivor reduction factors vary, please contact Customer Services at 803-737-6800, toll free at 800-868-9002 (within SC only), or use our online contact form.

Additional Benefit Payout Request

9-8-60(5)
A JSRS member whose annuity as calculated at retirement exceeds the 90 percent maximum annuity may complete the JSRS Additional Benefit Payout Request (Form 4103) to request an additional lump sum benefit at retirement. The additional benefit is equal to the member’s contributions and interest paid in to the system after the member attained sufficient service credit to be eligible to receive the maximum annuity of 90 percent of the current active salary. The 90 percent maximum annuity amount is generally reached when the following JSRS service credit is obtained: 32 years for justices and judges; and 31 years for solicitors and circuit public defenders. This refund is not payable until after retirement, as either a taxable, single-sum refund or a rollover to a qualified retirement plan or IRA.

Additional Payout for Members under Age 60 Who Retire and Continue To Work

If receipt of the retirement annuity is deferred under a JSRS Deferred Retirement Optional Program (DROP), the member will not receive a refund until he reaches age 60 [9-8-60-7(c)]. This refund is not automatic. When the member reaches age 60 he must complete and submit Form 4103 to the Retirement Systems to receive this additional benefit payout.

Active JSRS Member Applying for a GARS Annuity at Age 62

9-8-125
An active JSRS member who is at least 62 years of age and eligible to receive benefits from GARS, may elect to receive his GARS retirement annuity while still employed with a JSRS-covered employer by submitting an application up to six months prior to his effective GARS retirement date.

Active JSRS Member Applying for a PORS or an SCRS Annuity

9-1-650, 9-11-40(9)
An active JSRS member may file an application up to six months prior to reaching retirement eligibility in either SCRS or PORS and receive the SCRS or PORS annuity while actively employed with a JSRS-covered employer.