MyNMIN and NMIN Advisor provides South Carolina State employees including teachers and their families with a FREE state pension projection. Get a Pension Projection and NMIN will email you a forecast of your pension benefits.
NMIN Advisor has been helping schools, colleges, and universities navigate the State Retirement System!
NMIN provides, free projections and workshops to educational employees nationwide.
Fill out the request, below and we will email you a complete projection of your pension benefits, based on your projected retirement date.
Pensions are retirement plans that require your employer to contribute to a pool of funds set aside for the worker’s future benefit.
The funds invest on the employee’s behalf, and the earnings generate retirement income for the employee.
Each state has different laws relative to Pensions. In some states, employees can contribute part of their income to help fund their retirement, in addition to their employer contributions. Sometimes, the employer matches a portion of the workers’ contributions or a percentage or specific dollar amount.
Many state employees get paid average salaries, making Pensions an essential driver of employee recruitment and retention. Pension Benefit levels are different between each state and set by state statutes.
Many of the MyNMIN and NMIN Advisor clients are teachers, and their compensation adheres to strict salary schedules, often established through collective bargaining with local school districts.
There are two types of Pension plans for state employees. Here are the differences between the two types of Pensions:
Defined-Benefit Plan: Employer guarantees that the employee receives a certain amount of benefits upon retirement. This type of plan is not affected by the underlying investment plan.
Defined-Contribution Plan: Employer guarantees benefits matching the underlying investment plan performance, like in a 401k, or 403b, in which employees contribute a fixed amount or a percentage of their paycheck to an underlying retirement account.
Regardless of which state your Pension is with, we are here to help explain how your Pension Plan works.
If you are a Public or Private School Teacher or State Employee in or nearing retirement, you must understand how your Pensions and Social Security payouts work.
You’ve worked hard for many years, and now you must sustain yourself in retirement!
Thankfully Pensions and Social Security exist, but they can be confusing and challenging to understand. That’s where NMIN helps Educators and their families.