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The South Carolina Deferred Compensation Program (Program) provides qualifying employees with investing options through its 401(k) and 457(b) retirement savings plans. You may also be eligible to make elective deferrals to the Coastal Carolina University 403(b) Plan. These supplemental retirement plans allow participants to contribute a portion of their compensation on a pre-tax basis or as a Roth (after-tax) contribution.
The IRS sets annual contribution limits for supplemental retirement plans. The IRS allows participants who are turning age 50 or older in the calendar year to contribute up to an additional dollar amount in combined retirement contributions. In addition to the age 50 catch-up, if you have completed at least 15 years of service with Coastal Carolina University, you may be eligible to contribute up to $3,000 a year above the elective deferral limit until the amount of the cumulative annual additional contributions made using this special rule equals $15,000. Participants who are eligible for both the age 50 catch-up rule and the 15 years of service catch-up contribution are required to use the 15 years of service catch-up contribution first.
401(k)/457 South Carolina Deferred Compensation – Empower Retirement
- For more information or to enroll, visit South Carolina Deferred Compensation or call 1-855-756-4738.
- To cancel or make changes to your existing contribution, click here or call 877-457-6263.