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Office of Human Resources

Supplemental Retirement Plan Comparison Chart

Supplemental Retirement Plan Comparison Chart
Supplemental Retirement Plan 401(k) Roth 401(k) 403 (b) Roth 403(b) 457(b) Roth 457(b) Roth IRA
Deferred Income Companies

SC Deferred Compensation Program (DCP)

Corebridge Financial and TIAA

SC Deferred Compensation Program (DCP)

Independent Plan- not associated with employment

Ownership and Vesting

Account in Employee's name - 100% immediately vested

Payroll Deduction through Clemson

Yes

Yes

Yes

Yes

Yes

Yes

No

Employer Contribution

No

No

No

No

Fees

Variable - Please check with the plan vendor

Enroll/Changes/ Cancellations

Visit the SC Deferred Compensation enrollment page for instructions on how to enroll. Contributions should be designated through the employee's SC Deferred Compensation profile.

Visit the Clemson University Retirement Manager page to enroll, select your investment provider and make your contribution elections.

Visit the SC Deferred Compensation enrollment page for instructions on how to enroll. Contributions should be designated through the employee's SC Deferred Compensation profile.

Independent Plan

Maximum Annual Contributions

For 2023: $22,500; 401(k) & 403(b) coordinated limit

For 2024: $23,000; 401(k) & 403(b) coordinated limit

For 2023: $22,500

For 2024: $23,000

For 2023: $6,500, income limits apply

For 2024: $7,000, income limits apply

Catch-Up Provision for 50 or older

For 2023: Age 50 or older, $7,500; 401(k) & 403(b) coordinated limit

For 2024: Age 50 or older, $7,500; 401(k) & 403(b) coordinated limit

For 2023: Age 50 or older, $7,500

For 2024: Age 50 or older, $7,500

For 2023: $1,000, income limits apply

For 2024: $1,000, income limits apply

Special Catch-Up Provision

No

No

Yes - Within 3 years of retirement

No

Taxability

Pre-Tax Contributions.

Investment growth is not subject to federal and state income taxes until funds are withdrawn.

After-tax contributions.

Tax- free withdrawals after account has been in place for 5 years and  owner is at least age 59.5.

Pre-Tax Contributions.

Investment growth is not subject to federal and state income taxes until funds are withdrawn.

After-tax contributions.

Tax- free withdrawals after account has been in place for 5 years and  owner is at least age 59.5.

Pre-Tax Contributions.

Investment growth is not subject to federal and state income taxes until funds are withdrawn.

After-tax contributions.

Tax- free withdrawals after account has been in place for 5 years and  owner is at least age 59.5 who has separated from state service.

After-tax contributions.

Tax- free withdrawals after account has been in place for 5 years and  owner is at least age 59.5.

Loan Provisions

Available - Contact SC DCP (restrictions apply)

Available - Contact Vendor (restrictions apply)

Available - Contact SC DCP (restrictions apply)

None

Direct Transfers

Pre-tax to
Pre-tax
Allowed

Roth to Roth
Allowed

Pre-tax to
Pre-tax
Allowed

Roth to Roth
Allowed

457 to 457
Allowed

Allowed

Rollovers

Contact Vendor; restrictions apply

This page is for informational purposes only and is provided with the understanding that Clemson University is not rendering legal/tax/investment advice. If such advice is desired, employees should consult their independent legal counsel, tax consultant, and/or financial planner. The University neither endorses nor recommends one investment vehicle over another.

Office of Human Resources
Office of Human Resources | 108 Perimeter Rd, Clemson, SC 29634