State Optional Retirement System (State ORP)

Defined Contribution Plan

Overview

The State Optional Retirement Program (State ORP) is an alternative to the South Carolina Retirement System (SCRS) retirement plan. A variant of the current State ORP has been available to certain employees since 1987. Employees eligible for State ORP participation may choose between the State ORP, which is a defined contribution plan, or the traditional SCRS plan, which is a defined benefit plan.

If you are eligible for SCRS or State ORP membership, you determine which of the two plans best meets your retirement needs. Your choice will affect your financial future and retirement income security. Before you decide which plan is best for you, you should review the Select Your Retirement Plan guide for a comparison of the two plans.

You have 30 days from your date of hire to make your decision. If you do not make a selection, you will automatically become a member of SCRS.

If you choose State ORP, you must choose an authorized investment provider (listed below on this page). You must then choose from the investment products offered by your chosen investment provider. Before selecting an investment provider or investment products, read the fund prospectus carefully.

Investment Education (The Basics)

You may want to download a copy of Investing for Your Retirement, a brochure that features basic investment education. The brochure can help you understand investment basics so you have the basic knowledge to invest for your retirement, whether or not you choose State ORP.

What Type of Investor Are You?

What Type of Investor Are You? is a two-page questionnaire that will help you determine an investment strategy with which you can be comfortable by measuring how long you have before retirement and how willing you are to ride the ups and downs of the market. This important tool can indicate the type investor you may be and provide a matching model portfolio for your investments.

Investment Policy

Learn more about how the State ORP investment decisions are made by reviewing the Investment Policy.

The statement of Investment Policy serves the following purposes:

Plan Document

Learn more about the South Carolina State Optional Retirement Program Plan Document.

Select Your Retirement Plan

This guide is intended to acquaint eligible employees with the two retirement plan options available to them at hire: SCRS and State ORP. The guide also provides a comparison of the two plans and instructions for enrolling in either plan.

 

Investment Product Information for State ORP

Each of the companies designated to provide investment products for the State ORP has prepared a table that shows general information and historical returns about each of the products being offered. Click on the links below to view a specific vendor's product information.

Contact your choice of investment provider for more information on the investment products offered and a copy of a prospectus.

Withdrawal Restrictions on Investment Products

Each of the four authorized investment providers in the State ORP have prepared a table summarizing the withdrawal restrictions on the investment products they offer in the State ORP. Click on the links below to view a specific vendor's withdrawal restrictions.

 

Note: For clarification on the “Status” indicator and how funds are placed on the “Watch List”, please read the South Carolina State Optional Retirement Program Investment Policy,  section II, Performance Measurement and Retention Guidelines, on page 9.

 Investment Provider Information

The following companies have been selected to provide the annuities, mutual funds, and similar investment products for the State ORP. For questions concerning the investment products and to obtain a copy of a fund prospectus, contact the investment provider. The contact information for each provider is listed below along with a link to the provider's Web site.