PEBA administers two types of primary retirement plans as well as a voluntary, supplemental retirement savings program.
Defined benefit plans
The defined benefit plans PEBA administers provide a fixed monthly annuity based on a formula that includes your years of service, earnable compensation and a benefit multiplier, not on your account balance at retirement. PEBA's defined benefit plans are:
PEBA's defined contribution plan provides an account into which you and your employer contribute. You select your own investments from the options available and your retirement benefit is based on your account balance at retirement. PEBA administers the following primary defined contribution plan:
Voluntary, supplemental retirement savings program
Active employees who participate in a PEBA-administered retirement plan may take advantage of PEBA’s voluntary, supplemental retirement savings program, the South Carolina Deferred Compensation Program. Learn more here.