The State of South Carolina Deferred Compensation Program is a voluntary tax sheltered retirement program available only to public employees. It was established in 1980 to allow employees to supplement their South Carolina Retirement and Social Security Benefits. The Deferred Compensation Commission, established by the State, oversees the safety and security of the Program.

As a public employee in the State of South Carolina the Deferred Compensation Program offers you a number of important features and benefits to help reach your financial goals. When participating in the 401K or 457 pre-tax programs, through the convenience of payroll deduction, you realize a tax deferral each pay period and your deposits accumulate tax deferred. In addition, you have a choice of investments: fixed interest, and/or equities. Depending on which plan you choose, you may have the ability to borrow money, tax free, from your account.

At retirement or termination, you have a multiple choice of withdrawal options. Depending on which plan you choose, you may participate at levels as small as $10 per pay period and as much as $18,000 per year. You may shelter your savings from current income taxes using one or both of two pre-tax plans: 401(k), 457.