South Carolina’s $200 million Optional Retirement Plan, Columbia, a 401(a) plan for public school teachers and public school administrators, will be offered to new state employees, said Peggy Boykin, director of the $20 billion South Carolina Retirement System. New employees will be able to choose between the 401(a) plan and the defined benefit plan, Ms. Boykin said. Participants who stay with the defined contribution plan for five years then will have a one-time option to switch to the defined benefit plan, she said.
The 401(a) plan’s four bundled providers are ING Aetna, VALIC, TIAA-CREF and CitiStreet. Ketchum Communications will run the education and communication campaign, she said.
