Our Retirement Systems
Defined Benefit Plans
A defined benefit (DB) retirement plan is one through which employers and employees contribute to a fund for which a clearly defined and guaranteed level of benefit will be paid to retirees. DB plans promise specified annuity benefits, typically in the form of a monthly retirement benefit based on levels of compensation and years of service. Contributions are actuarially calculated to provide annuity benefits. These annuity benefits are paid for a retiree’s lifetime. The DB plans administered by the South Carolina Retirement Systems are:
- South Carolina Retirement System (SCRS)
- Police Officers Retirement System (PORS)
- General Assembly Retirement System (GARS)
- Judges and Solicitors Retirement System (JSRS)
- National Guard Retirement System (NGRS)
Defined Contribution Plan
A defined contribution (DC) retirement plan is one through which employers and/or employees contribute to a fund for which only the contribution is defined and benefits will cease when contributions are exhausted. The level of retirement annuity may rise or fall based on investment performance. The South Carolina Retirement Systems administers one DC plan:
The South Carolina Deferred Compensation Program’s 401(k) and 457 plans are also defined contribution plans.
Hey! Are you unsure whether to choose SCRS or State ORP?
Check out our streaming video "It's Your Choice: SCRS or State ORP" in our Video Library.