This is a defined benefit plan. When you retire, your annuity will be paid to you monthly, and will depend on your average final compensation and years of service. MUSC Medical Center offers disability plans at no additional cost as well a supplemental plan. Insurance benefits are based on years of service and average final compensation. You may increase years of service by purchasing qualified and non-qualified service.
8.41% of pre-tax salary. These contributions will be placed in an account in your name that draws six percent interest per year. Your employer also contributes to the plan. However, if you terminate employment and receive a refund of your contributions, your employer’s contributions will not be refunded to you.
Age 55 with at least five years of earned service; or, 25 years of service credit, five years of which must be earned service.