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South Carolina Deferred Compensation Program 401(k) Profit Sharing Plan Hardship Withdrawal Request (401(k) Profit Sharing Plan only) PLEASE PRINT OR TYPE IN DARK INK. INSTRUCTIONS ARE ON PAGE 2 OF.

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Deferring compensation reduces your current year tax burden, which is valuable for high income earners in top tax brackets. Recognizing deferred compensation income at lower tax brackets when you're retired can save you money on taxes. Choosing to defer income is very difficult to reverse if your circumstances change.

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

You may request all or a portion of your lump sum separation pay be transferred into your Savings Plus account. You may split it into either or both the 457(b) and 401(k) Plans. However, you may want to plan ahead, unlike rollovers, because this contribution does count toward the IRS maximum limit in a given year.

At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2023.

The South Carolina Deferred Compensation Program (Deferred Comp) is a voluntary retirement savings program that provides participants an opportunity to supplement their retirement savings through its 401(k) and 457 plans.

The Rule of 90 means your age and your years of service total 90. For example, under the Rule of 90, if you begin covered employment at age 22 and remain with a covered employer, once you reach age 56, you will have 34 years of service.

The SCRS 401(k) Multiple Employer Plan (MEP) The vision of SCRS MEP 401k plan was to help participating businesses and employees save expenses relevant to their 401k balances, reduce administrative responsibilities for companies and provide fiduciary support.

A 401k plan has certain limitations on the amount that an individual can contribute each year. A deferred compensation plan, on the other hand, has no maximum contribution limit in any given year.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232