Retirement Benefits & Information
Retirement participation is either mandatory or optional depending on the position and terms of employment with Aiken County Public Schools. For most positions, participation is mandatory with a fixed contribution rate of 8.66%.
South Carolina Retirement System
The South Carolina Retirement System (SCRS) offers the option of a defined benefit plan to all Aiken County Public School District employees. Employees are required to contribute at the specified rate 8.66%. Aiken County Public School District contributes 16.89%. Employee contributions are on a pre-tax basis. Benefits and vesting rights are define by the SCRS. Benefits are defined by a retirement formula and is a lifetime benefit. 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
The Optional Retirement Plan (ORP) is another retirement plan option available to all Aiken County Public School District employees. The ORP is a defined contribution plan administered by four contracted investment providers. Employees are required to contribute at the State specified rate of 8.66%. 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. Employees that do not make an election within 30 days will be defaulted into SCRS.
If you are interested in purchasing retirement credit, please contact Human Resources.
When planning for retirement, you should consider your eligibility for social security and Medicare benefits. Information is available on the Social Security Administration’s website.
Any employee of Aiken County Public School District is eligible to enroll in South Carolina Retirement. The SC Retirement System will only provide a percentage of your income at the time you retire. For information on ways to invest additional pre-tax dollars in a 403b, 401k or 457 plans to supplement your retirement income, please contact Human Resources Benefits Clerk.
401(k)/457 Deferred Compensation Enrollment
If you would like to sign up for the State 401k or 457 Plan offered by the South Carolina Deferred Compensation Program, please download an enrollment kit.
Teacher and Employee Retirement Incentive (TERI)