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Optional Supplemental Retirement

Employees who wish to save for retirement other than through the state retirement system may choose to invest in a 401(k), 403(b) or 457 plan through Prudential.  The College does not match any of these contributions, but employees may have their contributions deducted through payroll deduction.

Employees may enroll in these plans at any time, and an assigned representative is available for questions or changes. For more information on each plan contact:

Clay Thompson, Prudential Account Representative

704-219-6104

clay.thompson@prudential.com 

Prudential Account Portal-login to view your account

Prudential Account Website

 

What is the difference between each plan?

401(k) Plan: 
The 401(k) Plan is available to both public and private sector employees. 401(k) contributions are taxed when the money is taken out (pre-tax). 401(k) Roth contributions are taxed before the money is put in. Withdrawals before reaching age 59 ½ may be subject to a 10 percent federal tax penalty. Withdrawals after reaching age 59 ½ are allowed without penalty.

Deferred Compensation (457) Plan: 
The 457 Plan was established by state and local governments and tax-exempt governments and tax-exempt employers. Any full-time or part-time employee is allowed to make salary deferral contributions. 457 contributions are taxed when the money is taken out (pre-tax). 457 Roth contributions are taxed before the money is put in (effective 4/1/11). Money may be withdrawn, without penalty and regardless of age, when the member retires or separates from service. Withdrawals while employed in the public sector are not allowed until age 70 ½.

403(b) Plan:
The 403(b) plan is available to certain employees of public schools, tax-exempt organizations, certain ministers, hospitals, charities, research institutes, and other non-profit organizations. Any full-time or part-time employee is allowed to make salary deferral contributions.  403(b) contributions are taxed when the money is taken out (pre-tax). 403(b) Roth contributions are taxed before the money is put in. Withdrawals before reaching age 59 ½ may be subject to a 10 percent federal tax penalty. Withdrawals after reaching age 59 ½ are allowed without penalty.

For more information click on the below links:

Forms:

 

Return to benefits

 



Wilmington Campus
411 North Front Street
Wilmington, NC 28401
(910) 362-7000

North Campus
4500 Blue Clay Road
Castle Hayne, NC 28429
(910) 362-7700

Burgaw Center
100 East Industrial Drive
Burgaw, NC 28425
(910) 362-7900

Hours of Operation
Monday-Friday: 8:00am to 5:00pm

Accessibility Services

Cape Fear Community College does not discriminate on the basis of race, color, national origin, sex, disability, religion, political affiliation or age.