The Teacher and Employee Retention Incentive (TERI) program closes June 30, 2018. TERI participants must end their participation no later than June 30, 2018. If you began your TERI participation before July 1, 2013, you must end TERI when you reach five years.
Ninety days before your TERI participation is scheduled to end or when you request to end TERI, PEBA will mail you a package containing the needed forms to complete. You will also need to decide how to receive the money in your TERI account. You have three choices for receiving the balance:
Single-sum payment: Receive it as a single-sum distribution payable to you;
Direct rollover: Rollover the full balance into a qualified retirement plan; or
Partial rollover: Rollover a portion of your balance into a qualified retirement plan and receive the remaining amount payable to you.
For tax advice about TERI distributions, talk to your tax advisor, accountant, the IRS or the South Carolina Department of Revenue. For rollover information, contact the retirement plan that will receive your funds.
When you end employment and TERI participation, you may receive an unused annual leave payment from your employer. If you do, PEBA will recalculate your average final compensation to include payment for up to 45 days of unused annual leave. Your post-TERI benefits are based on this new average final compensation. They also take into account any benefit adjustments received during the TERI period.
You should also consider issues such as retiree health insurance and return-to-work requirements when ending your employment.