South Carolina SCRS Retirement Calculator
Estimate your South Carolina Retirement System pension as a Class Two or Class Three member. Enter your service, average pay and retirement age to see the monthly benefit, any early retirement cut, and the yearly increase.
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How the SCRS formula works
Every SCRS member uses the same multiplier: 1.82% of average final compensation for each year of service. PEBA divides by 12 for the Option A monthly benefit. A Class Two member with 28 years and a $30,000 AFC gets $1,274 a month.
AFC depends on your class. Class Two averages the 12 highest consecutive quarters and can fold in up to 45 days of unused annual leave pay. Class Two also gets service credit for up to 90 days of unused sick leave, though that credit can't be used to reach eligibility. Class Three averages 20 quarters and gets neither.
Class Two: 28 years or 65
Members who joined before July 1, 2012 retire unreduced with 28 years of service or at 65, and need 5 years of earned service. Earlier than that, there are two reduced options.
At 60 with 5 years, the benefit drops 5% for each year under 65, prorated by the month. At 55 with 25 years, it drops 4% for each year of service short of 28, also prorated. A 56-year-old with 26 years loses 8%. If you qualify both ways, you'd pick the smaller cut, and the calculator does.
Class Three: 65 or the Rule of 90
Members who joined on or after July 1, 2012 retire unreduced at 65 or when age plus service reaches 90, with at least 8 years of earned service. At 60 with 8 years they can go early at 5% a year under 65. There's no 55-with-25 option for Class Three.
The benefit adjustment
SCRS retirees get 1% of their annual benefit each July 1, capped at $500 a year. A $30,000 pension gets $300. A $60,000 pension gets $500, not $600. The first adjustment comes the second July 1 after retirement. Class Two members who used the 55-with-25 option wait until the second July 1 after they turn 60 or would have reached 28 years.
What this calculator leaves out
It shows the Option A maximum benefit, with no survivor option. It assumes you work full time until the retirement age you enter. It doesn't add Class Two sick leave credit, and it doesn't cover the Police Officers Retirement System or the State ORP.
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Frequently asked questions
How is an SCRS pension calculated?
AFC x 1.82% x years of service, divided by 12 for the monthly Option A benefit. PEBA's Class Two example: $30,000 x 0.0182 x 28 / 12 = $1,274 a month. Class Three example: $30,000 x 0.0182 x 30 / 12 = $1,365 a month.
What is the difference between Class Two and Class Three?
Class Two members joined before July 1, 2012. Class Three joined on or after that date. Class Two uses 12 quarters for AFC and can add up to 45 days of annual leave pay and 90 days of sick leave. Class Three uses 20 quarters, with no leave added. Class Two retires unreduced at 28 years or 65. Class Three retires unreduced at 65 or under the Rule of 90, and needs 8 years of earned service instead of 5.
When can a Class Two member retire unreduced?
With 28 years of service at any age, or at 65, with at least 5 years of earned service either way. Retiring at 60 with 5 years, or at 55 with 25 years, is early retirement with a permanent reduction.
What is the early retirement reduction?
At 60 or older it's 5% a year (5/12 of 1% a month) for each year you're under 65. Class Two members at 55 with 25 years can take a different cut instead: 4% for each year of service short of 28. Someone at 55 with 26 years loses 8%.
What is the Rule of 90?
Class Three members retire unreduced when age plus service credit equals 90, with at least 8 years earned. PEBA's example is a 56-year-old with 34 years.
Does SCRS have a COLA?
Yes. Each July 1, eligible retirees get 1% of their annual benefit, up to $500 a year. The first one comes the second July 1 after you retire. Class Two members who retire at 55 with 25 years wait until the second July 1 after they turn 60 or would have reached 28 years, whichever is first.