
Deferred Compensation


South Carolina Deferred Compensation Program
The South Carolina Deferred Compensation Program (SCDCP) offers a 401(k)
savings plan and a 457 savings plan. These voluntary retirement savings
plans can help you supplement your Retirement Systems pension. You can
participate in both of these plans. Its up to you whether you join.
If you participate, you decide how much to
have deducted automatically from your pay, tax-deferred that means no
current taxes are taken out. That amount is put into an account in your
name. You decide where to invest your money among the mutual funds and
other investment products offered.
The investment earnings on your
tax-deferred savings also grow tax-deferred. That means theres more money
to grow in your account, compared with saving and investing with after-tax
dollars outside the plans. The result can be greater savings over time,
especially when you combine tax deferral with the power of compounding.
You dont pay taxes on your account until you take it out of the plans.
The SCDCP now offers a Roth 401(k)
option to all state employees and employees of any agency for which the
Comptroller General handles payroll. With the Roth 401 (k) option, you
can make after-tax contributions today and take tax-free withdrawals at
retirement. Employees of other agencies whose payroll is not handled by
the Comptroller General will need to check with their payroll office to
determine if this option is available to them.
For more information about the SCDCP and
the new Roth 401(k),
contact ING, the SCDCPs record keeper and administrator, toll
free at (866) 826-7283, or visit the SCDCPs Web site at
http://scrs.csplans.com.
South Carolina Deferred Compensation Commission
The seven-member Commission consists of the director of the South Carolina
Retirement Systems, the executive director of the State Employees
Association, and five other public employees appointed by the State Budget
and Control Board.
Members of the South Carolina Deferred
Compensation Commission are appointed for three-year terms by the State
Budget and Control Board. The director of the South Carolina Retirement
Systems serves as chairman of the Commission.
The Commission meets throughout the year on
a regular basis to administer the SCDCP. The Commission establishes rules and regulations for the
SCDCP,
handles all competitive bidding and contracts, plans for the purchase of
fixed and variable annuities, savings, mutual funds, insurance and other
investments, and closely monitors all aspects of the SCDCP and its
contractors.
Current Commissioners
- Peggy G. Boykin, CPA
Director, South Carolina Retirement Systems
Chairman
- Broadus J. Jamerson, III
Executive Director, SC State Employees Association
Vice Chairman
- Dale M. Rhodes, CPA
Director of Finance, SC Education Lottery State Employee
- Harry Tom Cone, Retired State Employee
- Roland H. Windham, Jr., Retired Public
Employee
- Mary M. Greene, Retired Public Employee
- Robert C. Toomey, Retired Public Employee