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. It’s 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 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.

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 SCDCP’s record keeper and administrator, toll free at (866) 826-7283, or visit the SCDCP’s Web site at http://scrs.ingplans.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