Special requirements apply to employees who have retired from the University of South Carolina, or another state agency, and are participating in a retirement plan administered by the South Carolina Public Benefits Authority (PEBA).
If you participated in the South Carolina Retirement System (SCRS) or the South Carolina Police Officer's Retirement System (PORS) you should also review university policy HR 2.02 Post-Retirement Employment and the returning to work information provided by PEBA.
Post Retirement Waiting Periods
To return to work after retirement, SCRS and PORS retirees must have completed a bona fide severance or termination consisting of 30 consecutive calendar days. After 30 calendar days of retirement, the retiree may be rehired by the USC. Failure to wait the 30 calendar days will result in suspension of retirement payments while the retiree remains employed by the USC or another covered employer.
The 30-day break rule does not apply to ORP retirees; however, there must be a bona fide separation to elect non-membership in a state retirement program. PEBA must have Form 1162 on file before an ORP retiree returns to work.
SCRS or PORS Contribution Requirements
Return-to-work retirees who participated in SCRS and PORS and are rehired by the university will be required to contribute to SCRS or PORS in accordance with PEBA guidelines.
Return-to-work retirees who participated in ORP are not required to contribute to the South Carolina Retirement System.
Insurance Benefits
Retirees returning to work in a benefits eligible position are not allowed to remain enrolled in retiree insurance group coverage while employed. They may enroll in employee group benefits.
Retirees returning to work in a position that is not eligible for benefits are allowed to remain enrolled in retiree insurance group coverage.
This rule applies to SCRS, PORS, and ORP participants.
Earnings Limitations
Return-to-work retirees who retired before reaching age 62 for SCRS or 57 for PORS are subject to an earnings limitation of $10,000 in a calendar year.
If you participate in SCRS or PORS and earn $10,000 or less as a university employee you can continue to receive distributions from your retirement annuity. Once your university earnings exceed $10,000 during a calendar year your monthly retirement annuity will be suspended for the remainder of the calendar year if you continue to work. It is your responsibility to monitor your earnings.
The $10,000 earnings limitation does not apply to employees who retired prior to January 2, 2013 or who retired after age 62 for SCRS or age 57 for PORS.
Leave Payout Exceptions
Return-to-work retirees who participated in PORS are not eligible for a lump-sum payment of unused leave.
All other return-to-work retirees with a rehire date later than June 30, 2005 are not eligible for a lump-sum payment for unused leave.