In order to meet the needs of our customers, a variety of service purchase payments are offered as described below. You MUST remit your payment by the expiration date on the "Member Service Payment Invoice" (Form 2320) in order to avoid re-calculation. If we may further assist you, please call one of our customer service representatives at 803-737-6800 or 800-868-9002 (within SC only).
I. LUMP SUM PAYMENT
You may make a single lump sum payment by personal check or money order for the entire cost of your
service.
Note: If the service period you are purchasing is associated with contributions in a defined contribution
(DC) plan, you may be subject to certain restrictions. Please contact the South Carolina Retirement
Systems regarding your DC plan.
II. TAX DEFERRED ROLLOVER
Pre-approval Process:
With exception only to our rollover agreement with the South Carolina Deferred Compensation Program,
advanced approval of pre-tax funds is required before your rollover can be accepted.
To initiate the pre-approval process, you must provide us with a letter from the custodian or a recent account
statement that provides the member's name, plan type, account number, balance, contact number, and
mailing address of the custodian of the funds. If the plan type is an Individual Retirement Account (IRA) and
the custodian will not verify the funds are pre-tax, it will be necessary to provide additional information in
order to determine the tax status. Please contact the South Carolina Retirement Systems regarding an IRA
rollover.
Information can be faxed to 803-740-1255 or mailed to the South Carolina Retirement Systems, Service
Accounting, P.O. Box 11960, Columbia, SC 29211-1960.
Acceptable rollover plans include the following:
1. South Carolina Deferred Compensation Program and/or other qualified plans
Acceptable pre-tax plans include, but are not limited to, 403(b), 401(a), 401(k), 457, and IRAs.
2. Public Employee Retirement System Plans
Most public retirement system plans will transfer your funds to the South Carolina Retirement Systems to
purchase service credit. Please contact your institution directly.
III. INSTALLMENT SERVICE PURCHASE PROGRAM
This program functions as a payroll deduction for both pre-tax and after-tax installment notes with a fixed
interest rate for the duration of your note. Interest is calculated at prime plus 2 per cent.
For a payroll deduction estimate, complete the bottom portion of Form 2320 and return it to: Installment
Accounting, South Carolina Retirement Systems, PO Box11960, Columbia, SC 29211-1960.
We will return to you a "Payroll Withholding Form" to be officially authorized and
returned. Your employer will then be notified to take the authorized deduction.