"Stick with the Program...To and Through Retirement" Seminar
In April 2013, participants in the South Carolina Deferred Compensation Program who are near or already in retirement have an opportunity to attend this informative two-hour program presented by Ron Nichols. View invitation here.
The 2013 South Carolina Deferred Compensation Commission meeting dates are:
The meetings will be held in the second floor conference room at the S.C. Public Employee Benefit Authority, 202 Arbor Lake Drive, Columbia, S.C. and will begin at 10:00 a.m.
About the Program
The South Carolina Deferred Compensation Program (SCDCP) offers 401(k) and 457 savings plans, both of which have a Roth option. These voluntary retirement savings plans can help you supplement your PEBA Retirement Benefits’ pension or your State ORP savings. You can participate in both of these plans. It’s up to you whether you join.
If you participate, you decide how much to have deducted automatically from your pay, tax-deferred for the 401(k) and 457 plans. 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 grows tax-deferred. That means there’s 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 don’t pay taxes on your account until you take it out of the plans.
With the Roth option, you can make after-tax contributions today and generally take tax-free withdrawals at retirement. Employees will need to check with their payroll office to find out if this option is available to them.
For more information about the SCDCP, contact Great-West, the Program's record keeper and administrator, at 877-457-6263 or visit the SCDCP's website at http://www.southcarolinadcp.com/.
South Carolina Deferred Compensation Commission
The eight-member Commission consists of the director of the South Carolina Retirement Systems, the executive director of the State Employees’ Association, the chief executive officer and chief investment officer of the South Carolina Retirement System Investment Commission, and five other public employees or retirees appointed by the SC Budget and Control Board.
Members of the South Carolina Deferred Compensation Commission are appointed for three-year terms by the SC Budget and Control Board. The director of the South Carolina Retirement Systems currently 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.