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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 at Ask-HR.
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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
- 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
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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 2022 Limit 2023 Limit 401(k) & 403(b) coordinated limit $20,500 $22,500 457(b) not coordinated $20,500 $22,500 Catch-up Contributions Contribution Type 2022 Limit 2023 Limit 401(k) & 403(b) over age 50 coordinated limit $6,500 $7,500 457 Over age 50 not coordinated $6,500 $7,500 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. Contributions to 401(k) and 457(b) plans should be designated through the employee’s SC Deferred Compensation profile. Contributions to 403(b) plans can be designated by completing the appropriate request form (PDF) and submitting it to the Office of Human Resources at empins@clemson.edu.
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Modifying a Plan Contribution Amount
Contribution changes to 401(k) and 457(b) plans should be designated through the employee’s SC Deferred Compensation profile. Contributions to 403(b) plans can be designated by completing the appropriate request form (PDF) and submitting it to the Office of Human Resources at empins@clemson.edu.
