South Carolina Financial Planning Newsroom

South Carolina Retirement Systems

SCRS Service Retiree
As a service (not disability) retiree, you may work for an employer not covered by the Retirement Systems, such as in the private sector, and earn any amount without affecting your retirement annuity. If you have been retired for at least 60 days, you may return to work for an employer covered by the Retirement Systems and earn up to $50,000 this fiscal year (July 1, 2004-June 30, 2005) without affecting your retirement annuity. If you exceed this limit and continue to work, your retirement annuity will be discontinued for the remainder of the fiscal year. If you return to covered employment sooner than 60 days after retirement, your retirement annuity will be suspended while you remain employed by a covered employer.

TERI participants are exempt from the retiree earnings limitation during their TERI period. If you are a TERI participant, your date of retirement is the starting date of your TERI period.

The Department of Education may approve an annual exemption from the earnings limitation for certain teachers hired in a geographical or academic critical needs area.

If you work 48 continuous months for a covered employer with an annual salary of at least 75 percent of the AFC used to calculate your retirement annuity, you may again join SCRS. If you rejoin, you may repay your retirement annuity and purchase service credit for that 48-month period by making a payment equal to the amount you would have contributed plus the interest your contributions would have accrued if you had been an active member. Your subsequent retirement annuity will be computed as if you are retiring for the first time.

Contact South Carolina Financial Planning Professional