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Tax-deferred savings plans, both of which are offered under the South Carolina Deferred Compensation Program . Both plans allow employees to set aside tax-deferred dollars from their pay and decide how to invest that money under the funds offered by the plans. The names "401(k)" and "457" come from the portion of the Internal Revenue Code from which these plans were created.
- Browse Related Terms: 401(k) Savings Plan and 457 Savings Plan, Average Final Compensation (AFC), Defined Contribution Plan, Direct Rollover, IRC Section 401(a), Lump-Sum Distribution, Qualified Domestic Relations Order (QDRO), Qualified Plan, Rollover, Roth 401(k) Savings Plan, Single-Sum Distribution, Tax-Deferred