South Carolina Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-104
• Format: Word; Rich Text

Description

21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan The South Carolina Supplemental Retirement Plan (SCARP) is a comprehensive retirement program designed to provide additional financial security to state employees in South Carolina. It is an optional plan offered alongside the standard retirement system and offers various benefits and investment options. The Scarps primary objective is to help employees save and invest for retirement in a tax-efficient manner. Participants can contribute a portion of their salary to the plan on a pre-tax basis, thereby reducing their taxable income. The contributions and any potential investment earnings grow tax-deferred until retirement, at which point they are subject to taxation upon withdrawal. One of the main advantages of the Scarps is the flexibility it offers in terms of investment options. Participants can choose from a range of investment funds, including equity funds, fixed-income funds, and target-date funds, depending on their risk tolerance and retirement goals. This allows employees to personalize their retirement savings strategy to align with their individual financial objectives. It's worth mentioning that the Scarps comprise several retirement plans, each tailored to different groups of public employees in South Carolina. These plans include the South Carolina Retirement Systems (SCRS) Optional Retirement Program, the State ORP, the SCRS Deferred Compensation Plan, and other 403(b) and 457 plans. Each plan has its own specific features, eligibility criteria, and contribution limits, ensuring that employees from various sectors of the public workforce can find a retirement plan that meets their unique needs. The Scarps are overseen by the South Carolina Retirement Systems Investment Commission (SIC) and administered by leading financial institutions chosen through a competitive bidding process. This ensures that the plans are managed in a diligent and professional manner to optimize returns for participants. In summary, the South Carolina Supplemental Retirement Plan offers state employees a valuable opportunity to enhance their retirement savings through pre-tax contributions and a diverse selection of investment options. Whether it's through the SCRS Optional Retirement Program, the State ORP, or other supplemental plans, employees can take advantage of these retirement plans to build a financially secure future.

The South Carolina Supplemental Retirement Plan (SCARP) is a comprehensive retirement program designed to provide additional financial security to state employees in South Carolina. It is an optional plan offered alongside the standard retirement system and offers various benefits and investment options. The Scarps primary objective is to help employees save and invest for retirement in a tax-efficient manner. Participants can contribute a portion of their salary to the plan on a pre-tax basis, thereby reducing their taxable income. The contributions and any potential investment earnings grow tax-deferred until retirement, at which point they are subject to taxation upon withdrawal. One of the main advantages of the Scarps is the flexibility it offers in terms of investment options. Participants can choose from a range of investment funds, including equity funds, fixed-income funds, and target-date funds, depending on their risk tolerance and retirement goals. This allows employees to personalize their retirement savings strategy to align with their individual financial objectives. It's worth mentioning that the Scarps comprise several retirement plans, each tailored to different groups of public employees in South Carolina. These plans include the South Carolina Retirement Systems (SCRS) Optional Retirement Program, the State ORP, the SCRS Deferred Compensation Plan, and other 403(b) and 457 plans. Each plan has its own specific features, eligibility criteria, and contribution limits, ensuring that employees from various sectors of the public workforce can find a retirement plan that meets their unique needs. The Scarps are overseen by the South Carolina Retirement Systems Investment Commission (SIC) and administered by leading financial institutions chosen through a competitive bidding process. This ensures that the plans are managed in a diligent and professional manner to optimize returns for participants. In summary, the South Carolina Supplemental Retirement Plan offers state employees a valuable opportunity to enhance their retirement savings through pre-tax contributions and a diverse selection of investment options. Whether it's through the SCRS Optional Retirement Program, the State ORP, or other supplemental plans, employees can take advantage of these retirement plans to build a financially secure future.