Robby Brown

This document serves as a comprehensive guide for employees to select a retirement plan, comparing the South Carolina Retirement System (SCRS), a defined benefit plan, with the State Optional Retirement Program (ORP), a defined contribution plan. It outlines the eligibility, contributions, investment control, portability, disability benefits, and survivor benefits for each plan to help employees make an informed decision based on their financial goals and risk tolerance.

The PEBA Board of Directors meeting included an OPEB investment performance update, a state and federal policy update focusing on healthcare policy and the potential impacts of the government shutdown, and committee reports from the Health Care Policy Committee, Retirement Policy Committee, and Finance, Administration, Audit and Compliance Committee. The Health Care Policy Committee reviewed the MUSC Health Plan, Wondr Health program, and the 2027 State Health Plan Budget Requirements. The Retirement Policy Committee discussed the South Carolina Defined Contribution Plans Quarterly Investment Performance Report and cybersecurity measures. The FAAC Committee presented internal audit reports. The Executive Director provided a director's report, including updates on financial statement audits, the RSIC's investment return, and the upcoming budget hearing.

This strategic plan outlines the direction for the South Carolina Public Employee Benefit Authority (PEBA), an agency responsible for administering insurance and retirement programs for the state's public workforce. Key strategic pillars include enhancing customer service and member experience through improved online functionality and personalized support, ensuring the financial sustainability of health and retirement plans through cost containment and funding reforms, and modernizing information technology systems, notably through the PEBA-Connect project, to create a unified and secure platform. The plan also focuses on organizational restructuring, staff development, and effective risk and vendor management to provide the best service to South Carolina's public employees and employers.

The Retirement Policy Committee meeting included discussions on the Defined Contribution Plans quarterly investment performance report, where CAPTRUST provided market commentary and recommendations for the South Carolina Deferred Compensation Program and the State Optional Retirement Program. The committee also reviewed the Deferred Compensation Program quarterly plan, including plan statistics, retirement plan advisory activity, and cybersecurity measures. Additionally, a service overview of the State ORP administered through Voya Financial was presented.

The meeting included a presentation of the 2025 Actuarial Valuations, covering the South Carolina Retirement System (SCRS), the South Carolina Police Officers' Retirement System (PORS), the Retirement System for Judges and Solicitors of the State of South Carolina (JSRS), the Retirement System for Members of the General Assembly of the State of South Carolina (GARS), and the South Carolina National Guard Retirement System (SCNG). Also, there was a presentation of the Health and Retirement Financial Statements Audit and Deferred Compensation Financial Statements Audit. The board also reviewed and approved the 2026 Board and Committee meeting schedule.