Your Pension (SCRS)

Should You Rely Only on the SCRS for Retirement?

The South Carolina Retirement System (SCRS) Plan is designed to be the cornerstone of your retirement income. However, you should be aware that your payout from the plan will not replace 100% of your income at retirement. Note that there is the potential for a 53% reduction in your current income if you rely solely on the SCRS Plan for your retirement income. A sample retirement plan example can be found below. The difference between your full retirement income and your SCRS Plan income will need to come from other sources such as Social Security and personal savings or financial products such as annuities.

Example: Monthly Retirement Benefit

Class 2 member retiring at age 60 with 28 years of service making $3,583 per month in their final year.

$3,756 final average monthly compensation x 1.82% graded multiplier = $63

$63 x 28 years of service = $1,764 monthly benefit

Questions to Ask Yourself:

1. Do you know what class member you are (Class 2 or Class 3)?

2. Do you know what your retirement shortfall will be?

3. Are you concerned about not having enough retirement?

For more information, complete the questionnaire below to have a professional representative contact you with a personalized report.

Would you like to speak with us about your options? Please contact us or make an appointment and please fill out this questionnaire to help us prepare for our meeting as well.

Disclaimer: Richardson and Associates representatives are neither endorsed by nor affiliated with the South Carolina Retirement System.