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The South Carolina Deferred Compensation Program (Program) is a powerful tool to help you reach your retirement dreams. As a supplement to other retirement benefits or savings that you may have, this voluntary Program allows you to save and invest extra money for retirement through before-tax and after-tax contributions in a 401(k) and/or 457¹ plan!

FOR MORE INFORMATION, VIEW THE PROGRAM HIGHLIGHTS.

457 Plan Distributions

When can I receive a distribution from my 457 accounts?1

Qualifying before-tax distribution events are as follows:

  • Severance of employment from a participating employer in the Program (NOTE: If you separate from service or retire from a participating employer and are then rehired by a participating employer, you will not qualify for a distribution for reason of "separation from service" while you are employed.)
  • Unforeseeable emergency as defined by your Program's provisions
  • Attainment of age 70½
  • Death (upon which your beneficiary receives your benefits)

Each distribution from the 457 plan is subject to ordinary income tax.

Qualifying Roth account distributions may be made after the five-year period beginning with your first Roth contribution and one of the following:

  • Attainment of age 59½ and separation from service
  • Permanent disability
  • Death (upon which your beneficiary receives your benefits)

See the Taxes section of the Program Highlights for a general explanation of the effect a distribution of your account will have on your taxes.

What are my distribution options for my 4572 accounts?

1. Leave the value of your account in the plan until a future date.
2. Receive a full or partial lump sum.
3. Receive installment payments in the following forms:

  • A fixed period of time
  • A fixed dollar amount until the account is exhausted
  • Payment throughout the member's or co-payee's life expectancy

When am I required to take a distribution from my 457 account?

You are required to begin to receive a minimum distribution no later than April 1 of the calendar year following the later of the calendar year in which you reach age 70½ or the calendar year in which you retire. If you continue to work for a participating employer of the Program after age 70½, the minimum distribution must begin the calendar year in which you separate from service from that participating employer. An Empower Retirement education counselor will work with you to determine the minimum amount you must receive.


What happens to my 457 account when I die?

Your designated beneficiary will receive the remaining value of your 457 account, if any. Your beneficiary must contact Empower to request a distribution. If you do not have a beneficiary on file, the remaining value of your account will be paid to your estate.


1 Withdrawals may be subject to ordinary income tax. The 10% federal early withdrawal penalty does not apply to 457 plan withdrawals except for withdrawals attributable to rollovers from another type of plan or account.

2 All references to the 457 plan are to a governmental 457(b) plan.


401(k) Plan Distributions

When can I receive a distribution from my 401(k) accounts?*

Qualifying before-tax account distribution events are as follows:

  • Severance of employment from a participating employer in the Program (NOTE: If you separate from service or retire from a participating employer and are then rehired by a participating employer, you will not qualify for a distribution for reason of "separation from service" while you are employed.)
  • Permanent disability
  • Financial hardship as defined by your Program's provisions
  • Attainment of age 59½
  • Death (upon which your beneficiary receives your benefits)

Qualifying Roth account distributions may be made after the five-year period beginning with your first Roth contribution and your:

  • Permanent disability
  • Attainment of age 59½
  • Death (upon which your beneficiary receives your benefits)

See the Taxes section of the Program Highlights for a general explanation of the effect a distribution of your account will have on your taxes.


What are my distribution options for my 401(k) accounts?

1. Leave the value of your account in the plan until a future date.
2. Receive a full or partial lump sum.
3. Receive installment payments in the following forms:

  • A fixed period of time
  • A fixed dollar amount until the account is exhausted
  • Payment throughout the member's or co-payee's life expectancy

When am I required to take a distribution from my 401(k) account?

You are required to begin to receive a minimum distribution no later than April 1 of the calendar year following the later of the calendar year in which you reach age 70½ or the calendar year in which you retire. If you continue to work for a participating employer of the Program after age 70½, the minimum distribution must begin the calendar year in which you separate from service from that participating employer. An Empower Retirement education counselor will work with you to determine the minimum amount you must receive.


What happens to my 401(k) accounts when I die?

Your designated beneficiary will receive the remaining value of your 401(k) accounts, if any. Your beneficiary must contact Empower to request a distribution. If you do not have a beneficiary on file, the remaining value of your accounts will be paid to your estate.



* Withdrawals may be subject to ordinary income tax. Withdrawals made prior to the investor reaching age 59½ may incur a 10% early withdrawal penalty

Loans

May I take a loan from my account?
Yes. Effective January 1, 2015 participants are allowed to have no more than one outstanding loan across both plans at any time. Additionally, all Program loans initiated after January 1, 2015, must be repaid through payroll deduction. For more information about loans, view the Program Highlights or log in to your account and choose "Loans & Withdrawals."



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