Deferred Compensation Program

The South Carolina Deferred Compensation Program (Deferred Comp) offers a unique opportunity for you to save for your future. It is a straightforward way to work toward the retirement income you desire. Empower Retirement is the current administrator of Deferred Comp, and it is available to most members who are eligible to participate in the South Carolina Retirement Systems, including the State Optional Retirement Program. Your employer can tell you if they offer Deferred Comp. By choosing to contribute a portion of your salary to Deferred Comp, you can benefit from:

  • Convenience. Your contributions are automatically deducted from your paycheck.
  • Choice. You can contribute to a 401(k) and 457(b) plan and elect to contribute before-tax or choose the Roth option to make after-tax contributions.
  • Variety. You have a wide range of investment options from which to choose.
  • Education. You have access to local retirement plan advisors who can help you develop a personalized approach to reaching your retirement savings goals.
  • Vesting. You own 100 percent of your investment and any potential earnings, which are held in trust.
  • Compounding. The sooner you start saving, the longer your money has to grow.

Local retirement plan advisors

As a Deferred Comp participant, you have access to local retirement plan advisors who act in your best interest to:

  • Explain the features and benefits available through Deferred Comp — specifically the 401(k) and 457(b) plans.
  • Distinguish between pretax and Roth savings options.
  • Target a retirement income goal.
  • Select a desired retirement age, as well as a Social Security registration age.
  • Inventory all of your assets available for retirement income.
  • Identify large expenses expected in retirement.
  • Project and analyze progress toward your targeted retirement income goal.
  • Consider changes to your current strategy designed to fill identified gaps.

If you are close to retirement or you’ve already retired, your retirement plan advisor will provide additional insight on:

  • Estimating your retirement income.
  • The feasibility of pending retirement by analyzing all projected income sources against expenses and the future cost of living.
  • Using annual leave, voluntary separation and/or bonus pay to contribute to Deferred Comp.
  • The advantages of leaving your money in Deferred Comp upon separation of service or retirement.
  • Periodic review of your investment strategy through retirement.
  • Reviewing your Deferred Comp distribution options.
  • How best to withdraw Deferred Comp accounts in consideration of tax implications.
  • Social Security income projections based on age of election.
  • Rules regarding required minimum distributions.

Schedule a meeting

Plan for your future by setting up a meeting with your local retirement plan advisor. It’s easy to set up a meeting online.

Learn more

Visit www.southcarolinadcp.com to learn more about Deferred Comp and to enroll. You can also call Empower Retirement at 877.457.6263 or visit the local office in Columbia, SC.

Local office:
200 Arbor Lake Drive, Suite 201
Columbia, SC 29223
Monday-Friday, 8:30 a.m.-5 p.m.