South Carolina Retirement Systems

Benefit Comparison Program for the South Carolina Retirement System (Traditional Plan) and the SC State Optional Retirement Program (State ORP)

If you are eligible for membership in the SC State Optional Retirement Program (State ORP), you may choose either the traditional SCRS defined benefit plan or the State ORP defined contribution plan. This computer program is designed to help you estimate and compare the retirement benefit you might receive from one of these two state retirement plans. This program assumes that you do not have any prior service with a plan under the SC Retirement Systems. If you have prior service with a SC Retirement Systems’ plan, you should not use this program but consult with your financial advisor. In making your decision, it is important to read all of the information provided concerning the use of this calculator.

ESTIMATES ARE HYPOTHETICAL
The benefits estimated using this computer program are based on the features of each of the two retirement plans and a retirement date of June 30th in addition to the personal information and assumptions you provide, such as: your estimate of your rate of return on your investments, your estimate of your future salary increases, your estimate of the number of years you plan to work and contribute to your plan, and the number of years you choose to receive systematic withdrawals. Therefore, these estimates are hypothetical and not intended to serve as a prediction of actual results. Benefits will vary based on your actual experience, such as; earned future return on investments, your future salary increases, the number of years you actually work and contribute to your plan, and for the State ORP, the number of years you choose to receive systematic withdrawals. Benefit estimates reflect future values and are not adjusted for inflation. The statutes governing the South Carolina Retirement Systems are found in Title 9 of the South Carolina Code of Laws, and should there be any conflict between this program and the statutes, the statutes will prevail.

To prepare an estimate of your retirement benefit under the SCRS plan and the SC State ORP, please complete the following information.

DATA AND ASSUMPTIONS PROVIDED BY THE EMPLOYEE
Date Prepared: Nov. 20, 2008

Employee's Current Age (ages 18 - 65) :	Current Annual Salary:	$
Number of years you expect to continuously work for an employer and contribute to one of the covered plans. (5 - 52):	What is your assumed or expected annual rate of return on your investments under the State ORP? (1% - 10 %) :	%
What is your assumed annual rate of salary increase you expect to receive during your work career with a covered employer participating in the South Carolina Retirement Systems retirement plans? (0% - 6%) :		%
If you choose the State ORP defined contribution plan as your retirement plan, how many years after retirement will you need to receive your benefit? (5 - 50) : Generally, your distribution must be made in equal amounts over your life expectancy or you will be subject to paying a 10% penalty tax for early withdrawals before age 59 1/2. See IRS Publication 575. The estimated State ORP benefit shown below is not reduced by the ten percent penalty tax.