Corebridge Retirement Services is proud to partner with the State of South Carolina to administer the State ORP. Our goal is to help make retirement planning, investment selection, State ORP enrollment, and account administration as simple as possible for our clients.
More about your ORP
Effective July 1, 2000, the State of South Carolina enacted legislation establishing the South Carolina State Optional Retirement Program (ORP), which is a defined contribution plan available to certain public school (K-12) employees hired after June 30, 2000.
Eligible employees have 30 days from their date of hire to enroll in the State ORP. If an employee does not elect to enroll in the State ORP within that time period, he/she will automatically become a member of the South Carolina Retirement System (SCRS) Defined Benefit Plan.
The main difference between the State ORP and the SCRS is the method by which participants accumulate retirement benefits. In a defined contribution plan, like the State ORP, total contributions plus investment earnings over a career determine the account value. Upon retirement or separation from service, participants have many payment options from which to choose a retirement benefit. In a defined benefit plan, like the SCRS, a pre-set benefit formula determines the retirement benefit. SCRS employer contributions and investment earnings have no direct impact on your monthly benefit.
There is an annual open enrollment period (January 1 - March 1) during which a State ORP member may:
- Change investment providers
- Irrevocably switch to SCRS if the member has between one and five years of State ORP service.
A financial professional can help you determine which plan is best for you. To arrange an appointment, call our South Carolina office in Columbia at 803.743.2020 or 1.800.647.4416.
Click below to view the additional features and highlights of your employer’s retirement plan.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.