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Does anyone on this forum know if there's a policy in Greenville or SC that states you must teach in the state for 5 years or else you forfeit you're retirement money?
good question. never heard of that one. i knew a girl who taught in GCS, was laid off / "let go" last spring after being down here 5 years who was looking into trying to take her retirement money out to stay a float. it's pure coincidence to this post that she had been teaching 5 years though haha.
Yes, there is. When you sign contract with GCPS, you have the option to be in one of two pension groups. If you choose the state route, you must work for 5 years and then you may roll your monies over elsewhere. If you choose the other route, you can opt out at any time. Going with the state plans gives you the better deal, but you do have the 5 year commitment. See below from the county website..
he South Carolina Retirement System (SCRS) offers the option of a defined benefit plan to all Greenville County Schools employees. Employees are required to contribute at the specified rate (6.5% as of July 1, 2006). Employee contributions are on a pre-tax basis. Vesting rights are provided after 5 years of earned service. Benefits are defined by the Retirement formula. Optional membership is available to bus drivers, temporary employees and substitutes. For details, visit SCRS. Enrollment is required within 30 days of the hire date. Employees that do not make an election within 30 days will be defaulted into SCRS.
Optional Retirement Plan
Optional Retirement Plan (ORP) is another retirement plan option available to all Greenville County Schools employees. The ORP is a defined contribution plan administered by four contracted investment providers. Employees are required to contribute at the State specified rate (6.5% as of July 1, 2006). The District contributes 5% (as defined by the State) to each employee’s account. All contributions are made on a pre-tax basis and immediately vested. For details visit ORP. Enrollment is required within 30 days of the hire date. Enrollment is required within 30 days of the hire date. Employees that do not make an election within 30 days will be defaulted into SCRS.
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