State ORP

Plan details

Corebridge Retirement Services is proud to partner with the South Carolina Public Employee Benefit Authority. Our goal is to help make retirement planning, investment selection and account administration as simple as possible for our clients.

More about the State ORP

Effective July 1, 2000, the State of South Carolina enacted legislation establishing the South Carolina State Optional Retirement Program (State ORP), which is a defined contribution plan available to employees of state agencies, public and charter school districts and public higher education institutions. State ORP is also available to individuals first elected to the South Carolina General Assembly at or after the general election in November 2012. Employees of optional employers are not eligible to participate in State ORP.

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.

There is an annual open enrollment period (January 1 - March 1) during which a State ORP member may: 

• Change service providers. 
• Irrevocably change from State ORP to SCRS if at any point during the open enrollment period it has been at least one year, but not more than five years, since the date of your initial enrollment in State ORP.

A financial professional can help you determine which plan is best for you. Schedule an appointment with a local Corebridge financial professional to review your options.

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.