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Supplemental Retirement Programs
Clemson University, in partnership with the Public Employee Benefit Authority (PEBA), is a tax-exempt public education entity eligible to offer voluntary supplemental retirement programs as described under sections 401(k), 403(b) and 457(b) of the Internal Revenue Service (IRS). Eligible employees can elect to defer a portion of their compensation on a before-tax or after-tax basis to a 401(k) plan, 403(b) plan and/or a 457(b) plan to supplement their retirement savings. Questions regarding 401(k) and 457(b) programs can be answered by contacting SC Deferred Compensation. Questions regarding 403(b) programs can be answered by contacting the Office of Human Resources through Contact Benefits.
Effective November 15, 2024, Clemson University will provide an enhanced 403(b) Plan designed to deliver a lower cost structure, new investment choices, streamlined administration and a high level of retirement planning education and digital services. Participants may now choose between Corebridge Financial and TIAA for plan administration. Current participants received a Transition Guide and several email communications prior to the changes. More information is available on the 403(b) Enhancements webpage below.
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Eligibility
All Clemson University employees (excluding student workers) are eligible to participate in a 401(k) plan, a 403(b) plan and a 457(b) plan.
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Contribution Options
Eligible employees may elect to contribute on a before-tax or after-tax basis or contribute a combination of tax-deferred and Roth after-tax funds.
Contribution Options Before-tax Contributions Contributions are deducted from the employee’s pay before taxes are calculated lowering the employee’s current taxable income. Available through:
- 401(k)
- 457(b)
- 403(b)
Roth/After-tax Contributions Contributions are deducted from the employee’s pay after taxes are calculated allowing the funds to be taxed before they enter the account. Available through:
- 401(k)
- 457(b)
- 403(b)
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Annual Contribution Limits
Annual contribution limits are set by the IRS. The IRS provides regular calendar-year limits as well as an additional catch-up contribution limit beginning in the year in which the employee turns age 50. It is the responsibility of the participating employee and 401(k), 403(b), 457(b) company handling the contract to make certain the authorized maximum is not exceeded.
Annual Contribution Limits:
Regular Contributions Contribution Type 2024 Limit 2025 Limit 401(k) & 403(b) coordinated limit $23,000 $23,500 457(b) not coordinated $23,000 $23,500 Regular Catch-up Contributions Contribution Type/Eligibility Age 2024 Limit 2025 Limit 401(k) & 403(b) coordinated limit $7,500 $7,500 457 not coordinated $7,500 $7,500 Age of Eligible Participants Over 50 50-59 or 64+ during 2025 Super Catch-up Contributions Contribution Type/Eligibility Age 2024 Limit 2025 Limit 401(k) & 403(b) coordinated limit $0 $11,250 457 not coordinated $0 $11,250 Age of Eligible Participants N/A 60-63 during 2025 Please note: Individuals aged 60-63 may choose to do the super catch-up OR the regular catch-up, but not both.
Note: Contribution limits include the combination of before-tax and after-tax funds.
9 Month Employees: 16 deferrals allowed annually; deducted from check dates of January through April and September thru December
12 Month Employees: 24 deferrals allowed annually; deducted from check dates of January through December
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Enrolling in and Contributing to a Plan
Eligible employees must contact an approved service provider for account set up. Once an account is created, employees can elect to designate contributions from their paycheck.
401(k) and 457(b) Accounts: 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.
403(b) Accounts: Visit Clemson University's Retirement Manager to enroll, select your investment provider and make your contribution elections. Detailed instructions can be found on page 9 of the Transition Guide. Effective November 15, 2024, Clemson University will only offer two 403(b) Plan providers, Corebridge Financial and TIAA, for ongoing contributions to the 403(b) Plan.
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Modifying a Plan Contribution Amount
401(k) and 457(b) Accounts: Employees should visit their SC Deferred Compensation profile or call a SC Deferred Compensation customer service representative at 1-877-457-6263 (Monday - Friday between 8 a.m. and 10 p.m. EST or Saturdays between 9 a.m. and 5:30 p.m. EST) to update their contribution amount. Contributions should be elected per paycheck as a flat amount. Changes submitted as a percentage will be converted to a flat amount.
403(b) Accounts: Employees should visit Retirement Manager or contact the Retirement Manager Call Center at 866-294-7950 (weekdays, 8 a.m. to 9 p.m. EST). Contributions should be elected per paycheck as a flat amount. Changes submitted as a percentage will be converted to a flat amount.
