State Teacher Plans for South Carolina

Many teachers do not have access to low-cost choices in their 403(b) plans. Of the 34 district 403(b) plans that we have graded so far in South Carolina, 0 districts have an A rating, 0 districts have a B rating, 10 districts have a C rating, 8 districts have a D rating, and 16 districts have an F rating.

If you are a teacher in South Carolina, here are the state teacher plan options that are available to you.

South Carolina PEBA

Most states still offer a traditional formula-based pension. Under this type of arrangement an educator would receive a percentage of their final year's salary until death that is based on some combination of years worked, age, and salary. Some states have made pension plans less generous to new hires, and some states have replaced traditional pensions with 401(k)-type plans.

More information about the South Carolina PEBA plan is available directly from the pension website, and Karl Fisch's book on the South Carolina pension is available here. Pension plan information for other states is also available for reference through this state pension search tool. This data is shared with us by Karl Fisch, and it is current as of January 1, 2025.

Applicable to All Teachers

Social Security

South Carolina teachers also pay into Social Security

Administrative Fee for Supplemental Plans

$1 per year plus 0.065% for 401k and 457

New Teachers Hired On or After 1/1/2024

Choice of Defined Benefit or Defined Contribution

Employee: 9%; Employer: defined benefit 24.91%, defined contribution 5%

Multiplier

1.82%

Average Salary

Highest 20 consecutive quarters

Normal Retirement

Rule of 90 with 8 years of service (age plus years of service is greater than or equal to 90)
Age 65 with 8 years of service

Cost-of-Living Adjustment (COLA)

1%; max of $500 per year

Veteran Teachers Hired Prior to 1/1/2001

There are no additional benefit tiers between the new teacher and veteran teacher tiers compared here. The exact transition date between these tiers is not relevant to this comparison.

Defined Benefit

Employee: 9%; Employer: 24.91%

Multiplier

1.82%

Average Salary

Highest 12 consecutive quarters

Normal Retirement

Any age with 28 years of service
Age 65 with 5 years of service

Cost-of-Living Adjustment (COLA)

1%; max of $500 per year

South Carolina 457(b)

Every state operates a 457(b) plan that serves governmental workers like police, fire, and state government officials. These plans are generally excellent, and in many cases they are superior to the 403(b) offerings available in school district plans. Most states allow educators to participate in these plans; unfortunately, about a dozen do not.

Find out more about how we rate state 457(b) plans and view plans in other states.

Green PEBA

South Carolina teachers are eligible to contribute to this plan.

Fees

0.065% admin fee, $12 account fee, and a low index fee

Record Keeper

Empower

Target Date Fund

SSGA

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