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• A member’s earned service, prior service, and/or purchased service.

  South Carolina Retirement Systems - Cite This Source - This Definition
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  Cite Definition for Service Credit

  American Psychological Association (APA)

  Service Credit. (n.d.). SCRS Glossary. Retrieved March 25, 2023, from website: http://www.expertglossary.com/definition/service-credit.

  Chicago Manual of Style (CMS)

  Service Credit. www.retirement.sc.gov. SCRS Glossary. South Carolina Retirement Systems. http://www.expertglossary.com/definition/service-credit (accessed: March 25, 2023).

  Modern Language Association (MLA)

  "Service Credit." SCRS Glossary. South Carolina Retirement Systems. 25 March. 2023 http://www.expertglossary.com/definition/service-credit.

• Browse Related Terms: AICPA PFP, Asset allocation, Asset Classes, Capital appreciation, Cash Equivalents, Distribution, diversification, dividend, Income, inflation, Service Credit, Yield

All > Business > Finance > Personal Finance > Retirement

• Non-periodic distribution from a qualified retirement plan received before an annuity start date. TERI payouts are considered single-sum distributions.

  South Carolina Retirement Systems - Cite This Source - This Definition
  ×

  Cite Definition for Single-Sum Distribution

  American Psychological Association (APA)

  Single-Sum Distribution. (n.d.). SCRS Glossary. Retrieved March 25, 2023, from website: http://www.expertglossary.com/definition/single-sum-distribution.

  Chicago Manual of Style (CMS)

  Single-Sum Distribution. www.retirement.sc.gov. SCRS Glossary. South Carolina Retirement Systems. http://www.expertglossary.com/definition/single-sum-distribution (accessed: March 25, 2023).

  Modern Language Association (MLA)

  "Single-Sum Distribution." SCRS Glossary. South Carolina Retirement Systems. 25 March. 2023 http://www.expertglossary.com/definition/single-sum-distribution.

• Browse Related Terms: 401(k) Savings Plan and 457 Savings Plan, Average Final Compensation (AFC), Defined Contribution Plan, Direct Rollover, IRC Section 401(a), Lump-Sum Distribution, Qualified Domestic Relations Order (QDRO), Qualified Plan, Rollover, Roth 401(k) Savings Plan, Single-Sum Distribution, Tax-Deferred

All > Business > Finance > Personal Finance > Retirement

• This is the name of the retirement system covering state employees, public school employees, public higher education personnel, and employees of other political subdivisions. See SCRS for more information.

  South Carolina Retirement Systems - Cite This Source - This Definition
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  Cite Definition for South Carolina Retirement System (SCRS)

  American Psychological Association (APA)

  South Carolina Retirement System (SCRS). (n.d.). SCRS Glossary. Retrieved March 25, 2023, from website: http://www.expertglossary.com/definition/south-carolina-retirement-system-scrs.

  Chicago Manual of Style (CMS)

  South Carolina Retirement System (SCRS). www.retirement.sc.gov. SCRS Glossary. South Carolina Retirement Systems. http://www.expertglossary.com/definition/south-carolina-retirement-system-scrs (accessed: March 25, 2023).

  Modern Language Association (MLA)

  "South Carolina Retirement System (SCRS)." SCRS Glossary. South Carolina Retirement Systems. 25 March. 2023 http://www.expertglossary.com/definition/south-carolina-retirement-system-scrs.

• Browse Related Terms: Correlated Systems, Defined benefit plan, Inactive Member, member, Non-Member, Pension Plan, Police Officers Retirement System (PORS), South Carolina Retirement System (SCRS), State Optional Retirement Program

All > Business > Finance > Personal Finance > Retirement

• This is the name commonly used to refer to the Retirement Division of the State Budget and Control Board . The Retirement Systems administers five distinct retirement plans.

  South Carolina Retirement Systems - Cite This Source - This Definition
  ×

  Cite Definition for South Carolina Retirement Systems

  American Psychological Association (APA)

  South Carolina Retirement Systems. (n.d.). SCRS Glossary. Retrieved March 25, 2023, from website: http://www.expertglossary.com/definition/south-carolina-retirement-systems.

  Chicago Manual of Style (CMS)

  South Carolina Retirement Systems. www.retirement.sc.gov. SCRS Glossary. South Carolina Retirement Systems. http://www.expertglossary.com/definition/south-carolina-retirement-systems (accessed: March 25, 2023).

  Modern Language Association (MLA)

  "South Carolina Retirement Systems." SCRS Glossary. South Carolina Retirement Systems. 25 March. 2023 http://www.expertglossary.com/definition/south-carolina-retirement-systems.

• Browse Related Terms: Annuity, Cost-of-Living Adjustment, Earnable Compensation, FICA, Fixed Income, Guaranteed investment contract (GIC), Interest, Pre-Tax, Prospectus, South Carolina Retirement Systems, volatility

All > Business > Finance > Personal Finance > Retirement

• A defined contribution retirement plan offered as an alternative to SCRS . The State Optional Retirement Program ( State ORP ) is available to all state, public school, and higher education employees hired after June 30, 2003. This includes all permanent full-time employees, temporary and part-time employees and political appointees.

  South Carolina Retirement Systems - Cite This Source - This Definition
  ×

  Cite Definition for State Optional Retirement Program

  American Psychological Association (APA)

  State Optional Retirement Program. (n.d.). SCRS Glossary. Retrieved March 25, 2023, from website: http://www.expertglossary.com/definition/state-optional-retirement-program.

  Chicago Manual of Style (CMS)

  State Optional Retirement Program. www.retirement.sc.gov. SCRS Glossary. South Carolina Retirement Systems. http://www.expertglossary.com/definition/state-optional-retirement-program (accessed: March 25, 2023).

  Modern Language Association (MLA)

  "State Optional Retirement Program." SCRS Glossary. South Carolina Retirement Systems. 25 March. 2023 http://www.expertglossary.com/definition/state-optional-retirement-program.

• Browse Related Terms: Correlated Systems, Defined benefit plan, Inactive Member, member, Non-Member, Pension Plan, Police Officers Retirement System (PORS), South Carolina Retirement System (SCRS), State Optional Retirement Program