Teacher and Employee
Insurance Retention Incentive
• If your current
employer is covered
under the group life
insurance program at
the time of your death,
your beneficiary will
be eligible for group
Retiring South Carolina’s Public Workforce For Life
life insurance benefits.
• For a working retiree,
the value of this group For Dates of Retirement
life insurance benefit
is equal to one year’s
July 1, 2005, and After
salary. For tax advice or information regarding TERI payouts or early
withdrawal penalties, please consult your tax advisor, accountant,
the Internal Revenue Service, or the South Carolina Department of
Termination of Revenue.
• If you return to work
• At the end of your TERI
after your TERI par- THE INFORMATION IN THIS BROCHURE
period, you must ter- IS MEANT TO SERVE AS A GUIDE AND
ticipation, you will be
minate employment. DOES NOT CONSTITUTE A BINDING
required to make em- REPRESENTATION OF THE SOUTH CARO-
Confirmation of your
ployee contributions LINA RETIREMENT SYSTEMS. TITLE 9 OF
on all wages earned. THE SOUTH CAROLINA CODE OF LAWS
date will be required CONTAINS A COMPLETE DESCRIPTION
from your employer
by the Retirement Sys- To Find Out More: OF THE RETIREMENT BENEFITS, THEIR
TERMS AND CONDITIONS, AND GOV-
tems at that time. ERNS ALL RETIREMENT BENEFITS OF-
• Contact your human FERED BY THE STATE. STATE STATUTES
resources office ARE SUBJECT TO CHANGE BY THE GEN-
• Following termina- ERAL ASSEMBLY. CONTACT THE RETIRE-
tion, you may elect to • MENT SYSTEMS FOR THE MOST CUR-
Contact the South Caro-
receive the balance RENT INFORMATION.
lina Retirement Systems
in your TERI account at (803) 737-6800 or
in either a single-sum (800) 868-9002 (within
distribution payable SC only) or visit us at
directly to you or 202 Arbor Lake Drive,
through a rollover into Columbia, SC 29223.
a qualified retirement
plan. • Log on to the Retire- A Retirement Option Available to
South Carolina Information Online,
• You are not prohib-
ment Systems’ Web
Retirement Systems Members of the South Carolina
site at www.retirement. All the Time:
ited from returning to sc.gov. P.O. Box 11960 Retirement System (SCRS)
employment with a Columbia, SC 29211-1960
covered employer fol- www.retirement.sc.gov
• For rollover information, (803) 737-6800
lowing your termina- contact the retirement (800) 868-9002 (within SC only)
tion. plan that will receive
An Overview of the TERI Program for Members of SCRS
What is the TERI • Your date of retire- enroll at the time of What about
ment is considered your retirement.
THE LANGUAGE USED IN THIS BROCHURE DOES program? to be your TERI start
the leave I
NOT CREATE ANY CONTRACTUAL RIGHTS OR EN-
TITLEMENTS AND DOES NOT CREATE A CONTRACT date . How long can I accumulate ?
• The Teacher and Em-
BETWEEN THE MEMBER AND THE SOUTH CAROLINA
ployee Retention In- participate? • Up to 90 days of
RETIREMENT SYSTEMS. THE SOUTH CAROLINA RE- Contributions
South Carolina Retirement Systems TERI Program
TIREMENT SYSTEMS RESERVES THE RIGHT TO RE- centive (TERI) program unused sick leave that
is a deferred retire- • You may participate for
VISE THE CONTENT OF THIS BROCHURE.
• Employee contribu- you have accumu-
ment option plan. up to 60 months.
tions will continue to lated when you begin
be deducted on a tax- • You must indicate the TERI participation
• As a TERI participant, may be included and
you continue work- deferred basis from length of participation
the wages you earn at the time you submit calculated into your
ing for an employer retirement annuity
covered by the South from your employer your retirement ap-
while under the TERI plication. at the onset of your
Carolina Retirement participation.
Systems without termi- program.
• You may terminate the
nating your employ- • Payment for up to
• Employee contribu- program earlier than
ment. You may occupy 45 days of unused
tions remitted as a originally anticipated.
a full-time, temporary annual leave paid
working retiree are al-
grant, or other time- • You must terminate when you terminate
located to your retired
limited position. employment at the employment at the
separately from accu- end of your participa- end of TERI participa-
• Your monthly retire- tion can be calculated
mulated TERI benefits. tion.
ment annuity is de- and included in your
ferred into a separate
account at the Retire-
• Upon your death, any What happens retirement annuity
after your TERI partici-
ment Systems for the
remaining contribu- to my retirement pation.
tions that have not
duration of your TERI
been exhausted annuity while I
TERI account does not
through annuity bene- participate in the TERI Participants
If you are an active member of the South accrue interest.
fits will be distributed program? Will Not:
Carolina Retirement System (SCRS) who to your beneficiary
• There is no guarantee according to your pay- • The gross amount of • earn additional ser-
is considering retiring and participating
of employment during ment plan selection. your monthly re- vice credit;
in the TERI program, you should review
your TERI period. tirement annuity is
these important program points.
Am I eligible to deferred for up to 60 • be able to purchase
• State employees par- participate? months and is accu-
ticipating in TERI have mulated in your TERI
This brochure contains an no grievance rights. account.
• You are eligible if you
abbreviated description of • be eligible for dis-
Check with your em- meet SCRS retirement
the retirement benefits of- • Any applicable COLA’s ability retirement
ployer for employment eligibility criteria.
fered by the TERI program, are applied to your benefits from the
policies and regula-
available to members of • Participation is not au- monthly annuity. Retirement Systems.
SCRS. tomatic and you must