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Supplemental Retirement Plans

Retirement

The Medical Center offers a variety of providers that offer tax-favored plans that you may start at any time during your employment.

If you choose to participate in either the 403B, 457 or traditional 401K, you can exclude a portion of your salary from taxable income by making plan contributions. You are taxed on this money only when you withdraw it at retirement or at times permitted by the plan rules. All three available plans offer a variety of investment choices to which contributions can be allocated, and investment earnings accumulate tax-deferred until withdrawn.

When you enroll in a Roth 401K, you make payroll deducted, post-tax contributions and if you comply with the plan rules, the money should not be taxed when you begin spending it at retirement.

MUHA offers the following supplemental retirement/deferred compensation plans

401(k) Plan

  • Fees and expenses may be lower than 403(b)
  • Fewer investment choices than 403(b)
  • Access to a pool of account representatives via an 800 number

457 Plan

  • Fees and expenses may be lower than 403(b)
  • Fewer investment choices than 403(b)
  • Access to a pool of account representatives via an 800 number
  • Has a "Three Year Catch-up Provision" 
    • Enables employees within three years of retirement under SCRS or PORS that have not always made the maximum allowable contribution to make twice the normal contribution amount.  Call 803-754-7997 for more information.
  • Can make withdrawals either upon retirement or termination of employment prior to 59½ years of age without being assessed the 10% early withdrawal penalty.

403(b) Plan

  • Fees and expenses may be higher than 401(k)/457
  • More investment choices than 401(k)/457
  • A company representative is assigned to support you

Contribution Limits 

Under 50 Years of Age

The contribution limits for each plan are set at $18,000* for 2015. However, the 457 Plan has its own, separate contribution limit of $18,000 meaning that you could defer up to $36,000 annually.

50 Years of age or older

In the year in which you turn 50 years of age, you are permitted to make an additional contribution of $5,500 to the 457 Plan and another $6,000 to one of or a combination of the 403(b), 401(k) or Roth 401(k).

How Do I Get Started with a 401(k)/457?

The 401(k)/457 plan offered by the Medical Center is administered by the South Carolina Deferred Compensation Plan. To enroll in the plan, complete the 401(k) & 457 Enrollment Form and return it turn it in to the Human Resources office via fax or in-person:

Fax: 843-792-0853

Human Resources Offices:
Calcote Building
163 Rutledge Avenue
Suite 200

Ashley River Tower
25 Courtney Drive
Suite 1205

How Do I Get Started with a 403(b)?

  1. Choose a provider from the list below
  2. Establish an account with that company
  3. The selected company should provide you with a salary reduction form to complete and turn in to on of the Human Resources offices below. (Forms are also available in the Human Resources office.)


    Human Resources Offices:

    Calcote Building
    163 Rutledge Avenue
    Suite 200

    Ashley River Tower 
    25 Courtney Drive
    Suite 1205

MUHA 403(b) Providers

Ameriprise Financial Services: 843-971-0982 or 843-284-1237

Fidelity Investments: 800-343-0860 then select Option#3

Metropolitan Life: 843-478-0636

TIAA CREF: 800-842-2638 Ext. 2144

VALIC: 843-343-7400 or 843-345-9796

State Deferred Compensation (ING) 401K, Roth 401K & 457: 877-457-6263

Learn more about SC Deferred Compensation