SCRS - The South Carolina Retirement System

Service Retirement - General Information

Service Retirement Annuity Formula

The following four-step formula is used to calculate your standard monthly annuity (Option A payment plan).

Step 1

Total your 12 highest consecutive quarters of earnable compensation and divide by 3.

 

The dollar amount of payment for up to 45 days of unused annual leave paid by your last employer at retirement may be included before averaging your 12 highest consecutive quarters of earnable compensation. The result of Step 1 is your average final compensation (AFC).

 
Step 2

Multiply the result of Step 1 by 1.82 percent (.0182) for Class II service or by 1.45 percent (.0145) for Class I service.

 
Step 3

Multiply the result of Step 2 by years, months, and days of creditable service.


Convert months to days and divide the total days by 360 to determine a decimal equivalent for partial years. For example, 25 years, 2 months and 10 days equals 25 years, 70 days (60 + 10). 70 ÷ 360 = .19. This amounts to 25.19 years of service.
 

Step 4
Divide the result of Step 3 by 12.

Example

Average final compensation (AFC) = $25,000
Creditable retirement service = 28 years
$25,000 x 1.82% (.0182) = $455
$455 x 28 = $12,740 annual retirement annuity
$12,740 ÷ 12 = $1,061.67 standard monthly annuity

If your retirement is considered early based on either your age or years of creditable service, your annuity will be reduced.

If you are a Teacher and Employee Retention Incentive (TERI) program participant who retired on or after July 1, 2005, during your TERI deferral period, your unused annual leave will not be included in your annuity calculation. However, your annuity will be recalculated prospectively upon termination of employment at the end of your TERI period and may include up to 45 days of unused annual leave paid at termination (end of TERI).

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Approximate Amount of Monthly Annuity at Retirement

The information in the table below is based on the standard monthly annuity (Option A payment plan). Choosing Options B or C to provide a future annuity for beneficiaries will reduce the amount of your monthly annuity.

 

Service and Age Percentage Type of Benefit
25 years at age 55 40% Reduced early retirement
26 years at age 55 44% Reduced early retirement
27 years at age 55 46% Reduced early retirement
28 years at any age 51% Normal retirement
29 years at any age 53% Normal retirement
30 years at any age 55% Normal retirement

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Approximate Option A Monthly Annuity at Retirement

The information in the table below is based on the standard monthly annuity (Option A payment plan). Choosing Options B or C to provide a future annuity for beneficiaries (or retiring with SCRS early retirement reductions*) will reduce the amount of your monthly annuity.

 

AFC

Years of Service

 Additional Monthly Benefit for Each Additional Year
25* 26* 27* 28 29 30
$ 15,000 $ 569 $ 592 $ 614 $ 637 $ 660 $ 683 $ 23
20,000 758 789 819 849 880 910 30
25,000 948 986 1,024 1,062 1,100 1,138 38
30,000 1,138 1,183 1,229 1,274 1,320 1,365 46
35,000 1,327 1,380 1,433 1,486 1,539 1,593 53
40,000 1,517 1,577 1,638 1,699 1,759 1,820 61
45,000 1,706 1,775 1,843 1,911 1,979 2,048 68
50,000 1,896 1,972 2,048 2,123 2,199 2,275 76
55,000 2,085 2,169 2,252 2,336 2,419 2,503 83
60,000 2,275 2,366 2,457 2,548 2,639 2,730 91
65,000 2,465 2,563 2,662 2,760 2,859 2,958 99
70,000 2,654 2,760 2,867 2,973 3,079 3,185 106
75,000 2,844 2,958 3,071 3,185 3,299 3,413 114
80,000 3,033 3,155 3,276 3,397 3,519 3,640 121
85,000 3,223 3,352 3,481 3,610 3,739 3,868 129
90,000 3,413 3,549 3,686 3,822 3,959 4,095 137
95,000 3,602 3,746 3,890 4,034 4,178 4,323 144
100,000 3,792 3,943 4,095 4,247 4,398 4,550 152
105,000 3,981 4,141 4,300 4,459 4,618 4,778 159
110,000 4,171 4,338 4,505 4,671 4,838 5,005 167

*SCRS early retirement deductions apply if you retire with fewer than 28 years of service credit.

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