Retirement, death and disability benefits are based on the cash value of the member's account. A number of options are available for employees to supplement their retirement income by participating in a pre-tax savings program. The amount contributed to these plans and the interest earned is not taxed until the money is withdrawn, which is normally at retirement when the individual normally has a lower tax liability. These plans offer a variety of investment options which have varying rates of return. Additional information is available in the Payroll Office, the Benefits Office or the campus Human Resources Office.
Participation is required of all employees.
This statutory deduction is met with a matching contribution by the University. F. Unemployment Compensation Unemployment Compensation is a program mandated by the Social Security Act of 1936, designed to provide financial assistance for individuals who are out of work through no fault of their own, but who are otherwise available for full-time employment. The program is governed by Federal and State guidelines, and is funded entirely by employer contributions. For additional information, contact the South Carolina Employment Security Commission, Unemployment Compensation Division. G. Savings Bonds United States Savings Bonds are available through Payroll Deduction.