Retirement Incentive Plans: If I received the RIP documentation in the mail, does it mean I am eligible to retire?
Not necessarily. If you receive the RIP, it means either that you are eligible to retire or that you may be able to achieve eligibility by purchasing additional service credit. To be eligible to retire from your retirement plan, Class II SCRS/PORS members must meet the following requirements (including member-purchased service time and service time purchased by Clemson through the RIP):
- SCRS retirement (unreduced benefit):
- 28 years of SCRS service credit, five of which must be earned; or
- Age 65 with 5 years of earned SCRS service credit.
- SCRS early retirement (reduced benefit):
- Age 60 with at least 5 years of earned SCRS service credit. Your benefit is permanently reduced 5 percent for each year of age less than 65; or
- Age 55 with 25 years of SCRS service credit, 5 of which must be earned. Your benefit is permanently reduced 4 percent for each year of service less than 28.
- PORS retirement rules:
- 25 years of PORS service credit, or
- Age 55 with 5 years of earned PORS service credit.
*Class II members are those who enrolled in SCRS/PORS before July 1, 2012.
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