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Division of Human Resources

Guide to Retirement

Retirement is a major life step. Use these resources to learn when you're eligible, how to apply for retirement, and how to enroll in retiree insurance.

Start Planning Now

It’s never too early to plan for your financial future. These tools can help you get started at any stage of your career.

USC offers free one-on-one counseling, educational materials, and other helpful services for employees early or mid-career.

PEBA's Get Set for Retirement presentation helps near-retirement employees understand their benefits and prepare for retiree insurance and Medicare.

 

Retirement Eligibility

Eligibility depends on your retirement plan and when you joined.

Class Two (membership began prior to July 1, 2012)

  • Full retirement: 28 years of service or age 65
  • Early retirement: Age 60 or age 55 with 25 years (reduced benefit)
  • Must have 5 years of earned service

Refer to the SCRS at a Glance - Class Two flyer [pdf] for more information.

Class Three (membership began on or after July 1, 2012)

  • Full retirement: Age + service = 90, or age 65
  • Early retirement: Age 60 (reduced benefit)
  • Must have 8 years of earned service

Refer to the SCRS at a Glance - Class Three flyer [pdf] for more information.

Class Two (membership began prior to July 1, 2012)

  • Retire after 25 years or at age 55
  • Must have 5 years of earned service

Refer to the PORS at a Glance - Class Two flyer [pdf] for more information.

 Class Three (membership began on or after July 1, 2012)

  • Retire after 27 years or at age 55
  • Must have 8 years of earned service

Refer to the PORS at a Glance - Class Three flyer [pdf] for more information.

  • Your benefit is based on your account balance, which changes with investment performance.
  • You can take a distribution after leaving covered employment or at age 59½.
  • Contact your service provider [pdf] to request a distribution.

Refer to the State ORP at a Glance flyer [pdf] for more information.

If you leave before you're eligible to retire under SCRS or PORS, you can:

  • Request a refund (may be taxed or penalized if under age 59½), or
  • Leave your money in the system to earn interest and collect benefits later if eligible.

 

Retiree Insurance Eligibility

Retirement eligibility doesn’t guarantee retiree insurance. Only PEBA can confirm your eligibility. Contact them before finalizing retirement plans.

As a retiree, what you pay for insurance depends on your service years, employer type, and hire date. Your employer no longer pays part of the cost.


Application Process 

Retirement isn’t automatic. You must leave your job and be removed from USC’s payroll. Use this retirement checklist [pdf] to guide your steps. 

If you plan to retire within 90 days, complete the Employment Verification Record [pdf] and mail it to:

PEBA Insurance Benefits
P.O. Box 11661
Columbia, SC 29211 

PEBA may confirm eligibility through Member Access and/or MyBenefits. Written confirmation will be sent, but PEBA does not confirm eligibility more than six months in advance or over the phone.

Once your eligibility is confirmed, submit the following forms to enroll in retiree insurance (coverage does not continue automatically):

Mail all forms and documents to:
PEBA Insurance Benefits
P.O. Box 11661
Columbia, SC 29211 

Note: To receive full retiree health benefits when eligible for Medicare, you must have both Part A and Part B. Without both, you’ll pay the portion Medicare would have covered. Learn more at www.medicare.gov.

MetLife will send you forms to continue or convert your life insurance. Be sure to update your beneficiaries if needed.

If you have supplemental insurance through USC, contact the vendors directly to continue coverage:

Travelers (Auto and Home Insurance)
Phone: 800-842-5936 

Ward Services (Universal Life with Long Term Care, Critical Illness, Accident and Short-Term Disability Insurance)
Phone: 800-673-6472
Email: customerservice@wardservices.com
Email: cs@wardservices.com          

Apply through Member Access early as 6 months before, but no later than 90 days after, your planned retirement date.

Important: Don’t leave your job until PEBA audits your service credit and confirms your eligibility.

If you are enrolled in the South Carolina Deferred Compensation Program, speak with a retirement advisor to explore your options. Learn more.

If you have a 403(b) plan, contact your plan provider [pdf] to understand your distribuition options and required minimum distributions.  


Other Benefits

Once you retire, you still have access to several perks exclusive to USC Columbia campus employees. 

Once your CarolinaCard is updated to show retiree status, you can access:

  • Strom Thurmond Wellness & Fitness Center
  • Solomon Blatt Physical Education Center

Get an Early Bird membership at USC Memberships & Services or contact:

Email: SACRMSRV@mailbox.sc.edu
Phone: 803-576-9376

Interested in a retiree parking decal or athletic tickets?

Contact the Columbia Benefits Office:

Phone: 803-777-6650

Email: benefits@mailbox.sc.edu


Retirees Returning to Work

If you are a retiree returning to work, please review these special rules which may apply to your employment which may impact hiring, retirement contributions, insurance benefits, and earnings.  

Learn More

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