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What type of plan is PEBA?

What type of plan is PEBA?

PEBA administers five defined benefit plans, a defined contribution plan and a voluntary, supplemental retirement savings plan.

How many years do you have to work for the state of SC to retire?

You can retire and receive an unreduced monthly retirement benefit after 28 years of service or at age 65 or older. You can retire early, at age 60, or at age 55 with 25 years of service, and receive a reduced monthly retirement benefit. You must have at least five years of earned service to receive a benefit.

What does PEBA stand for in SC?

South Carolina Public Employee Benefit Authority
The South Carolina Public Employee Benefit Authority (PEBA), which was created July 1, 2012, is governed by an 11-member Board of Directors who supervises and directs the agency’s functions.

Is SC state retirement taxable?

South Carolina does not tax Social Security retirement benefits. It also provides a $15,000 taxable income deduction for seniors receiving any other type of retirement income. The state has some of the lowest property taxes in the country.

Can I withdraw money from my South Carolina state retirement?

Once you are eligible to take a distribution, you may choose from a variety of payment options, including a lump-sum distribution or periodic withdrawals.

How much does SC state health insurance cost?

How much does health insurance cost in South Carolina? South Carolina residents can expect to pay an average of $452 per person* for a basic major medical individual health insurance plan. Prices will vary and premiums can be lower if you are in good health.

What is the tax rate on pensions in South Carolina?

No taxes on Social Security means that your retirement income goes even further in South Carolina. You can claim up to $10,000 in retirement income deductions. In addition to no taxes on Social Security, those over 65 are also able to deduct up to $10,000 in retirement income, from pensions, IRAs and the like.

How do I request a refund from Peba?

To request a refund, you need to complete a Refund Request (Form 4101) and return it to PEBA. You may submit your refund request immediately upon termination; however, by law, payment may not be issued less than 90 days after you cease to be an employee. More information can be found in the SCRS Member Handbook and in the PORS Member Handbook.

What do I do if I am an inactive Peba member?

As an inactive member, it is your responsibility to keep PEBA informed of your current address, as well as any name or beneficiary changes, using Member Access. You may also view and print your retirement member statement. Copyright © 2021 South Carolina Public Employee Benefit Authority.

How do I contact Peba customer service?

Please call PEBA’s Customer Service with any questions: 803.737.6800 or 888.260.9430. in blue or black ink. Consult trustee to determine plan type as necessary.