Eaving Your Retirement System Early - South Carolina
Leaving Your
Retirement System
Early
Career paths can change, and you might leave your
retirement system before you¡¯re eligible to retire.
The money in your account is always yours. If you¡¯re
a member of the South Carolina Retirement System
(SCRS) or Police Officers Retirement System (PORS),
you have two options for what to do with your
money.
Leave your contributions in your
retirement account
Your account will continue to earn 4 percent interest
until it becomes inactive. This occurs after no
contributions are posted for one fiscal year.
Your contributions will remain in your account until
either:
? You request a refund; or
? You apply for a deferred annuity upon reaching
retirement eligibility. You can do this if you had
the earned service necessary for a retirement
benefit when you left employment.
If you return to covered employment before
retirement, you will resume making contributions to
and earning service credit in the system. If you wait
until you are at least age 59? to request a refund,
your refund will not be subject to an IRS tax penalty.
Request a refund
When you receive a refund, you give up your right
to any future service or disability retirement benefit.
You can generally roll over the taxable portion into
an eligible retirement savings account, which defers
taxes until you begin receiving the money. Eligible
accounts include:
? Individual retirement accounts (IRAs);
? 401(k) plans; and
? Some 457 plans.
If you don¡¯t roll over your refund, the taxable portion
will be subject to taxes and may be subject to an
additional tax penalty unless you¡¯re at least 59?.
Consult with a tax advisor for more information on
tax implications.
If you return to covered employment, you can
reestablish your service credit by repaying the
refunded contributions and the interest you would
have earned since your refund.
More information
? peba.
? PEBA¡¯s Customer Service: 803.737.6800 or
888.260.9430
This document does not constitute a comprehensive or binding representation regarding the employee benefits offered by the South Carolina Public Employee Benefit Authority (PEBA). The terms and
conditions of the retirement benefit plans offered by PEBA are set out in the applicable statutes and are subject to change. Please contact PEBA for the most current information. The language used in this
document does not create any contractual rights or entitlements for any person.
SCPEBA 032021 | Expires 06302022
Data classification: public information
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