Save More by Starting Early
MO Deferred Comp offers state employees a smart, simple way to save for retirement. State of Missouri employees are immediately eligible to join the plan upon hire.
Contributions
- Pre-Tax: With pre-tax contributions, each dollar you contribute lowers your taxable income by a dollar. No taxes are due on investment earnings until you withdraw your money.
- ROTH: Roth contributions are made after-tax and allow you to benefit from tax-free withdrawals in retirement.
- Limits: Per the IRS, in 2020 participants under age 50 can contribute up to $19,500 annually. Participants over the age of can contribute an additional $6,500. Those within three years of their normal retirement age may be able to contribute up to $39,000 annually.
457 Plan Withdrawal Flexibility
- Unlike an IRA, 401(k) plan or a 403(b) plan, you can withdraw your money penalty-free at any age once you separate from service.
For more information visit modeferredcomp.org, or call 1-800-392-0925.
Feel free to call the Office of Human Resources at 417-836-5102 with any questions.