§ 9-20-20. State Optional Retirement Program.
117 words·~1 min read·
/sc/title-9-retirement-systems/chapter-20/state-optional-retirement-program/9-20-20·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 9-20-20. State Optional Retirement Program.
The South Carolina Retirement System shall establish the State Optional Retirement Program (State ORP), a defined contribution plan, for eligible employees defined in Section 9-20-10(2). An employee is not eligible to participate in the State ORP unless the employee is eligible for membership in the South Carolina Retirement System. The following retirement and death benefit payment options may be provided for a participant in the State ORP: annuities, lump-sum distributions, partial distributions, or periodic withdrawals, whether through individual annuity contracts or mutual funds or individual certificates issued for group annuity contracts, fixed, or variable in nature, or a combination of them.
Eligibility is determined solely by the South Carolina Retirement System.