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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 |
Reference the OHR Supplemental Retirement Programs webpage and click “Enrolling in and Contributing to a Plan” |
Independent Plan- not associated with employment |
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| Ownership and Vesting |
Account in Employee's name - 100% immediately vested |
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| Payroll Deduction through Clemson |
Yes |
Yes |
Yes |
No |
Yes |
Yes |
No |
| Employer Contribution |
No |
No |
No |
No |
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| Fees |
Variable - Please check with the plan vendor |
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| Enroll/Changes/ Cancellations |
1.) Contact the vendor directly for their enrollment packet 2.) Contributions to 401(k) and 457(b) plans can be designated and changed through the employee’s SC Deferred Compensation profile. Contributions to 403(b) plans can be designated and changed by contacting the Office of Human Resources (OHR) at Ask-HR |
Independent Plan |
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| 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 |
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| 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 |
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| Special Catch-Up Provision |
No |
No |
Yes - Within 3 years of retirement |
No |
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| 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 Investment growth is not subject to federal and state income taxes until funds are withdrawn.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 |
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| Direct Transfers |
Pre-tax to |
Roth to Roth |
Pre-tax to |
Roth to Roth |
457 to 457 |
Allowed |
|
| Rollovers |
Contact Vendor; restrictions apply |
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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.
