Deferred Compensation

The South Carolina Deferred Compensation Program (SCDCP)offers two voluntary supplemental retirement plans to South Carolina's public workforce. The SCDCP's 401(k) and 457 plans are powerful tools through which you may save on a pre-tax basis for your retirement.

Before you join, you decide what dollar amount of your pay you want to contribute to the plan you select. The contribution amount will be deducted from your paycheck before taxes are taken out. You can defer a minimum of 2% of your gross pay or $1 per month up to a maximum of $15,500 per year (for 2007). You can invest in fixed income investments, stock funds, or bond funds. You may borrow money tax-free from your account according to plan guidelines. When you retire or leave state government, you may leave your money in your account, withdraw your balance, or roll over your balance to another qualified retirement plan..
 

Workers' Compensation

Workers' Compensation was created to benefit you if you are injured or suffer an illness arising out of and in the course of your employment. The benefits of Workers' Compensation include medical expenses, and, in case of disability, protection against total loss of income. Any injury, disease, or death which is not job-related will not be covered under Workers' Compensation.
 

MoneyPlus

This is the states flexible benefits program. It enables you to save money by using pretax dollars to pay insurance premiums, dependent care expenses, medical and dental bills for which you are not reimbursed and to contribute to a Health Savings Account.

External Resources

The South Carolina Deferred Compensation Program