Does anyone know about the S.C. TERI retirement system and its advantages and disadvantages?

why would someone join or why would they not join? this is for a 50 year old who has been teaching for over 20 years.

Does anyone know about the S.C. TERI retirement system and its advantages and disadvantages?
I don't know anything about the S.C. plan but if it's anything like Washington's then they have likely added a new plan that has a larger defined contribution portion (you contribute) and a smaller defined benefit portion (they pay). And, my guess is they are offering you a pretty bonus to switch from the old plan to the new plan....





If that's the case then I'd run...You are likely gonna retire at 30 years. That's not enough time to build up a reasonable balance. Better to keep the plan you have and be secure in knowing you'll get that retirement check each month. I'd also start investing heavily in your 403(b) so that you have a retirement income to access between the time you retire and start drawing on your pension. The longer you can push that first pension payment out the larger the payment will be.





People younger than you...40 years old and teaching for 10 years? They might benefit from the switch as their income can compound long enough to overcome the pension loss.