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Covered Employer Training Program Leaving Covered Employment FY 2016

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Page 1: Covered Employer Training Program Leaving Covered Employment FY 2016

Covered Employer Training Program

Leaving Covered EmploymentFY 2016

Page 2: Covered Employer Training Program Leaving Covered Employment FY 2016

Termination packet

• Appropriate application• Refund application; or• Disability or service retirement application

• South Carolina Retirement System (SCRS) or Police Officers Retirement System (PORS) Member Handbook• Outlines how to apply for a refund and a deferred

annuity

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Page 3: Covered Employer Training Program Leaving Covered Employment FY 2016

Account options following termination

• Leave funds on deposit and accrue interest until account becomes inactive • Account becomes inactive on July 1 if no contributions

have been made in the preceding 12 months and no other active, correlated system or State ORP account exists

• Receive a refund of the member’s contributions plus interest

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Page 4: Covered Employer Training Program Leaving Covered Employment FY 2016

Refund vs. deferred annuity

• Must terminate all covered employment to receive refund or deferred annuity

• For members terminating employment and seeking refunds: • Inform member of option to leave funds on deposit and

later apply for deferred annuity (if eligible)• Member’s responsibility to contact PEBA and file

application prior to retirement • Remind member to keep address and beneficiaries

current with PEBA

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Page 5: Covered Employer Training Program Leaving Covered Employment FY 2016

Leaving funds on deposit

• Funds can be left on deposit for as long as member wishes; however, a distribution must occur no later than April 1 of the calendar year after the year in which he attains age 70½ or in which he retires, if later

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Page 6: Covered Employer Training Program Leaving Covered Employment FY 2016

Refund option

• Minimum 90-day waiting period from date of termination

• Must terminate from all covered employment• Employer contributions and interest on these

contributions are not included • Cannot withdraw funds from an inactive SCRS

account if actively participating in State Optional Retirement Program (State ORP) - does not apply to inactive PORS accounts

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Page 7: Covered Employer Training Program Leaving Covered Employment FY 2016

Consequences of taking a refund

• All service credit in the account is also withdrawn

• Class Two members with at least five years of earned service and Class Three members with at least eight years of earned service would forfeit their rights to any future service or disability retirement annuities

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Page 8: Covered Employer Training Program Leaving Covered Employment FY 2016

How to apply for a refund

• Refund Request (Form 4101) • Must be notarized • Submit a copy of the member’s driver’s license or state-

issued identification card with form

• Certification of Final Retirement Deductions (Form 4201) will be sent to employer via EES for completion

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Page 9: Covered Employer Training Program Leaving Covered Employment FY 2016

Refund payment options

• Lump-sum payment• Direct rollover• Partial rollover

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Page 10: Covered Employer Training Program Leaving Covered Employment FY 2016

Taxes on lump-sum payment

• Account may contain both pre-tax and after-tax contributions: • After-tax contributions may have resulted from

contributions made on or before June 30, 1982, or service purchases

• Pre-tax portion of payments made directly to member is subject to 20 percent federal tax withholding before member’s check is prepared

• A member may also be subject to state income tax to be paid when filing taxes for the year

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Page 11: Covered Employer Training Program Leaving Covered Employment FY 2016

Refund request after disability retirement denial

• Member must send a signed written statement to PEBA along with the Refund Request (Form 4101) refusing his right to appeal the disability retirement claim denial

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Page 12: Covered Employer Training Program Leaving Covered Employment FY 2016

Summary quiz• When does the 90-day waiting period begin for

refunds?

• Can a member who is actively participating in State ORP take a refund of his inactive SCRS account?

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Page 13: Covered Employer Training Program Leaving Covered Employment FY 2016

Disclaimer

This presentation does not constitute a comprehensive or binding representation regarding the employee benefits offered by the South Carolina Public Employee Benefit Authority (PEBA). The terms and conditions of the retirement and insurance benefit plans offered by PEBA are set out in the applicable statutes and plan documents and are subject to change. Please contact PEBA for the most current information. The language used in this presentation does not create any contractual rights or entitlements for any person.

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Page 14: Covered Employer Training Program Leaving Covered Employment FY 2016

Questions

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