Supplemental Retirement Plans

Retirement planning experts maintain that most retirees will need income from personal savings and investments to supplement their pensions and Social Security benefits. As an MUSC Care Team Member, you can save additional money for retirement in our voluntary retirement plans. These plans are Care Team Member contributions only. MUSC offers taxed and tax-deferred retirement plans. SC Deferred Compensation Program also known as Empower Retirement offers four voluntary retirement plans:

  • Traditional 401(k): contributions are tax-deferred resulting in a lower taxable income, however distributions are taxed as income; minimum age for distribution is 59 1/2.
  • Roth 401(k): contributions are taxed, but savings and investment earnings are withdrawn tax-free if you are age 59 1/2 and have held the account for at least five years.
  • Traditional 457: contributions are tax-deferred resulting in a lower taxable income, however distributions are taxed as income; no minimum age for distribution, but must be separated from employment.
  • Roth 457: contributions are taxed, but savings and investment earnings are withdrawn tax-free once you separate employment and the account has been open for at least five years.

*Please be advised the South Carolina Deferred Compensation Program is offering a percentage option for Care Team Member contributions. MUSC is not able to offer this option to Care Team Member's due to system limitations. MUSC Care Team Members can only elect a dollar amount contribution for the 401k, 457 and 403b plans.

South Carolina Deferred Compensation Program Resources:

In addition, MUSC offers Tax Sheltered 403(b) Annuity Plans through. These contributions are also tax-deferred, but will be taxed at distribution as income and the minimum age for distribution is 59 1/2. Contact the representatives to learn more about each company and their investments.

Plans are identified by and defined in numbered sections of the Internal Revenue Code. Withdrawals are permitted upon retirement, termination, minimum age restriction, disability, death, or approved hardship. Withdrawals before retirement may be subject to 20 percent mandatory withholding and 10 percent penalty tax in addition to ordinary income tax. Loans are permitted if allowed by the company you choose for your plan.

These plans can be started year round. To start a voluntary retirement plan, you will need to complete a contract/enrollment form with the company you choose and begin your contributions online. You can also contact Retirement Manager's Participant Call Center at 1-866-294-7950. Biweekly paid Care Team Member contribution changes will be effective the next available pay period after the change is received.