musc medical center Human Resources

Retirement

All regular full- and part-time employees must enroll in a basic retirement plan as a condition of employment unless specifically exempted.  Employees have 30 days from the date they attend orientation to select a plan, or they will be automatically enrolled in the South Carolina State Retirement System plan.

The following four basic retirement plans are available:

blue arrow South Carolina State Retirement System (SCRS)
blue arrow State Optional Retirement Program (ORP)
blue arrow South Carolina Police Officers Retirement System (PORS)
blue arrow Special Health Care Retirement Plan (SHARP)

In addition to one of the basic plans, you can add additional retirement savings by choosing a supplemental retirement plan.

South Carolina State Retirement System (SCRS)
A defined benefit plan, this plan is also called the "traditional plan."  When you retire, your annuity will be paid to you monthly, and will depend on your average final compensation and years of service.  You must have a minimum of 5 years of earned service to be eligible to receive a retirement annuity.
blue arrow Overview of this plan
blue arrow Visit the related page on the SC Retirement Systems Web site

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Additional Retirement Options

Supplemental Retirement Plans (401k, 457, 403b)

Teacher & Employee Retention Incentive Act (TERI Program)

Retirement Plan Handbooks and Guidelines

State Optional Retirement Program (ORP)
This is a defined contribution plan.  Retirement income is based on contributions, investment choices, and account balances. 
blue arrow Overview of this plan
blue arrow Visit the related page on the SC Retirement Systems Web site
 

South Carolina Police Officers Retirement System (PORS)
This is a defined benefit plan, available to MUHA safety and security officers.  When you retire, your annuity will be paid monthly, and will depend on your average final compensation and years of service.
blue arrow Overview of this plan
blue arrow Visit the related page on the SC Retirement Systems Web site
 

Special Health Care Alternative Retirement Plan (SHARP)
Special Heathcare Alternative Retirement Plan (SHARP) is an employer-funded retirement plan available to eligible laundry and dietary workers, and eligible nursing and patient support staff. For more information contact the MUHA Benefits Office.