2020 Year-End Reminders
1099-R Tax Forms
The 1099-R tax form(s), for participants who withdrew money from the deferred compensation plan in 2020, will be available online by the fourth week of January 2021. The forms will also be mailed no later than January 31, 2021. This form will indicate how much money you withdrew from your account during the 2020 tax year, what portion of that amount is taxable, and any federal or state taxes already withheld from those distributions. For additional updates on the status of the 1099-R tax forms, log on to Account Access.
Season's greetings from MO Deferred Comp!
To help you focus on the more important things in life, we’ve developed the Automatic Increase Tool. This tool automatically increases your retirement savings contributions each year by an amount of your choice. It allows you to build a better retirement savings balance without the hassle and stress of constantly reevaluating your savings strategy. This holiday season, give yourself something beyond material goods; give yourself the gift of retirement savings.
Learn MoreMissouri Stable Income Fund Rate
The Missouri Stable Income Fund annualized credited rate effective first quarter 2021 (January 1 – March 31, 2021) will be 2.07%.
Local Office Closed to Visitors
Due to the COVID-19 public health emergency, beginning December 2, 2020, the MO Deferred Comp Plan local office will be closed to visitors. This means staff will not be available for face-to-face meetings, however the deferred comp team will still be available to help you through a variety of other methods.
Learn MoreHoliday Update
HOLIDAY UPDATE: The New York Stock Exchange and MO Deferred Comp call center will be closed on Thursday, November 26, 2020 and will close early at 12:00 p.m. Central Time (CT) on Friday, November 27, 2020, in observance of Thanksgiving. Due to the holiday, transactions received via Account Access after 3:00 p.m. CT on Wednesday, November 25, 2020, will be processed as of the close of business on Friday, November 27, 2020. Transactions will not be processed on Thursday, November 26, 2020. Transactions received via Account Access after 12:00 p.m. CT on Friday, November 27, 2020, will be processed as of the close of business on Monday, November 30, 2020.
Have a great holiday.
Contribution Limits Remain Unchanged for 2021; Saver’s Credit Limits Increase
On October 26, 2020, the Internal Revenue Service announced that the annual maximum contribution limits for retirement plans in tax year 2021 would NOT change and the income limits for the Saver’s Credit would increase. Read the full article for more information.
Read More2020 National Retirement Security Month
National Retirement Security Month has officially begun! During each week in the month of October, the MO Deferred Comp Plan will be focusing on areas such as understanding investment principles, budgeting, calculating your retirement savings needs, and more.
Read MoreAnnual Survey Results
The survey results are in! Thank you everyone who participated in the 2020 Retirement and Savings Surveys. The feedback received will help MO Deferred Comp better understand participants' needs and ultimately improve education efforts.
VIEW SURVEY WINNERS & RESULTSState of Missouri Deferred Compensation Plan Wins the 2020 Leadership Award
The National Association of Government Defined Contribution Administrators, Inc. (NAGDCA) awarded the State of Missouri Deferred Compensation Plan the 2020 Leadership Recognition Award for enhancing participant outreach by implementing Web 1-on-1s and webinars. The Leadership Awards recognize defined contribution plans for their outstanding achievements in Technology and Social Media.
Read MoreMissouri Stable Income Fund Rate
The Missouri Stable Income Fund annualized credited rate effective fourth quarter 2020 (October 1 – December 31, 2020) will be 2.25%.
2020 Retirement and Savings Survey
Have a spare 5 minutes? The MO Deferred Comp Plan needs to your feedback to helps us better serve you. Take our annual Retirement & Savings Survey and be entered into a random prize drawing for the chance to win one of two Amazon.com gift cards or one of ten MO Deferred Comp prizes, such as a backpack, cutting board, t-shirt, cooler, and more!
Take the Retirement & Savings SurveyDC Updates - Summer 2020
The summer DC Updates cover topics such as the Missouri Stable Income Fund and how it's a generally lower risk fixed income investment option. Plus, different contribution reduction and withdrawal scenarios, and the negative impact those decisions can have on your future retirement savings. Watch the 2020 summer DC Updates to learn about these topics, plus more!
View the 2020 Summer DC UpdatesUpdate to Plan Costs
The MO Deferred Comp Plan is competitive when it comes to being low-cost, that’s why our plan fees have dropped even lower! As of July 1, 2020, each participant pays only $12 a year ($3.00 per quarter), previously $15 a year, in addition to 0.09% of assets (part of the investment option expense ratio) for plan administration.
The cost of the plan includes plan administration fees and investment management fees. The administration fee covers the cost of deferred comp staff, local customer service, call center, education, mailings, printed materials, technology and tools, recordkeeping and the general administration of the plan.
In addition, each investment option charges an investment management fee for the operation of the fund that is included in the expense ratio. The annualized investment management fees are deducted daily from the funds.
Please see the Investments section of this website for each investment option’s fees or you may call the State of Missouri Deferred Compensation Plan Information Line at 1-800-392-0925.
Holiday Update
HOLIDAY UPDATE: The New York Stock Exchange and MO Deferred Comp call center will be closed on Friday, July 3, 2020 in observance of Independence Day.
Due to the holiday, transactions received via Account Access after 3:00 p.m. Central Time (CT) on Thursday, July 2, will be processed as of the close of business on Monday, July 6. Transactions will not be processed on Friday, July 3.
Have a great holiday.
Missouri Stable Income Fund Rate
The Missouri Stable Income Fund annualized credited rate effective third quarter 2020 (July 1 – September 30, 2020) will be 2.43%.
Enhancements to Fraud Prevention Measures
With ongoing fraud activity against businesses worldwide, the MO Deferred Comp Plan continues to be vigilant about protecting accounts by periodically adding security measures to its account management systems. We've recently added a new log-in process for Account Access. This process entails a one-time passcode that will be sent to your mobile phone number or email address on file to enable you to log in to your account every time you log in.
This enhancement will complement procedures we currently have in place, adding another layer of protection that will strengthen our existing authentication processes for identifying and preventing fraud. We will continue to evaluate our fraud prevention processes to ensure your assets are appropriately safeguarded.
Holiday Update
HOLIDAY UPDATE: The New York Stock Exchange and MO Deferred Comp call center will be closed on Monday, May 25, 2020 in observance of Memorial Day.
Due to the holiday, transactions received via Account Access after 3:00 p.m. Central Time (CT) on Friday, May 22 will be processed as of the close of business on Tuesday, May 26. Transactions will not be processed on Monday, May 25.
Have a great holiday.
Possible Delays in Mailed Quarterly Statements
Due to the Coronavirus (COVID-19), mailed quarterly participant statements may be delayed. To access your statement sooner, log in to Account Access, select Statements & Confirms, then your quarterly statement.
New & Improved – MO Deferred Comp Mobile App
The MO Deferred Comp mobile app is the same great app, but with new and enhanced features to improve your mobile app experience and make managing your account on the go even easier!
Read MoreIMPORTANT: Coronavirus Aid, Relief, and Economic Security (CARES) Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, was signed into law on March 27, 2020. Learn what this could mean for you.
Read More
The State of Missouri Deferred Compensation Plan wins a prestigious 2020 Eddy Award from Pensions & Investments Magazine.
The State of Missouri Deferred Compensation Plan (MO Deferred Comp) takes home a prestigious Eddy Award in the special projects category at the 2020 Pensions & Investments East Coast Defined Contribution Conference. The P&I Eddy Awards recognize outstanding efforts by plan sponsors and their service providers to educate employees about how to invest their defined contribution plan assets wisely for retirement.
Read MoreSpecial Notice
The New York Stock Exchange is moving to operate through fully electronic trading and temporarily closing its trading floors, to prevent the spread of coronavirus. This change does not affect normal market trading or your ability to conduct fund-related transactions as usual within your retirement account.
We are here to help, even in the midst of COVID-19.
Just like you, we are concerned about the Coronavirus (COVID-19) outbreak across our great state and throughout the United States. Your safety, as well as the safety of our staff is at the forefront of our minds and we are doing all that we can to help contain the virus by limiting our in-person interactions. While our local office is closed to visitors (effective March 23, 2020) and the education specialists are not able to physically meet with you, you can still count on us during times like this to assist you with transactions or answer any questions you may have regarding your retirement savings. We want you to know you can access your account from anywhere and you have access to numerous virtual resources.
Read MoreImportant Update: The Coronavirus (COVID-19)
Currently, the financial market is being significantly affected by the coronavirus and the growing concern associated with it. The virus is causing fear and uncertainty in all of us, but the MO Deferred Comp Plan encourages you to stay calm and think long-term when it comes to your investment strategy.
Read MoreMissouri Stable Income Fund Rate
The Missouri Stable Income Fund annualized credited rate effective second quarter 2020 (April 1 – June 30, 2020) will be 2.57%.
America Saves Week 2020
Wouldn't it be great if you could learn something in 30 seconds? Well, you can, or at least close to 30 seconds! This year, the MO Deferred Comp Plan has created five quick and lightly humorous videos centered on important, good-to-know plan and investment topics.
Read MoreHoliday Update
HOLIDAY UPDATE: The New York Stock Exchange and MO Deferred Comp call center will be closed on Monday, February 17, 2020 in observance of Washington's Birthday.
Due to the holiday, transactions received via Account Access after 3:00 p.m. Central Time (CT) on Friday, February 14, 2020, will be processed as of the close of business on Tuesday, February 18, 2020. Transactions will not be processed on Monday, February 17, 2020.
Have a great holiday.
Holiday Update
HOLIDAY UPDATE: The New York Stock Exchange and MO Deferred Comp call center will be closed on Monday, January 20, 2020 in observance of Martin Luther King, Jr. Day.
Due to the holiday, transactions received via Account Access after 4:00 p.m. Central Time (CT) on Friday, January 17, 2020, will be processed as of the close of business on Tuesday, January 21, 2020. Transactions will not be processed on Monday, January 20, 2020.
Have a great holiday.
2019 Year-End Reminders
1099-R Tax Forms & Required Minimum Distributions (RMDs)
1099-R Tax Forms
The 1099-R tax form(s), for participants who withdrew money from the deferred compensation plan in 2019, will be available online by the fourth week of January 2020. The forms will also be mailed no later than January 31, 2020. This form will indicate how much money you withdrew from your account during the 2019 tax year, what portion of that amount is taxable, and any federal or state taxes already withheld from those distributions. For additional updates on the status of the 1099-R tax forms, log on to Account Access.
Required Minimum Distributions (RMDs) & the Secure Act
Tax law requires annual withdrawals, known as Required Minimum Distributions (RMDs), from retirement accounts in the year a participant reaches age 70½, or when he or she retires, whichever is later. The MO Deferred Comp Plan reviews participant accounts each year to ensure that they are withdrawing the minimum amount required by law. If a participant had not withdrawn enough to satisfy the RMD, the difference would have to be distributed by December 31, 2019. If that was the first year a participant was required to receive a distribution, he or she will be sent an RMD in March of this year (2020).
The Secure Act has already raised many questions amongst state retirees. The Secure Act was was signed into law by the President on December 20, 2019 and raises the required minimum distribution (RMD) age from 70 ½ to 72. The Act ONLY applies to distributions required to be made after December 31, 2019, with respect to individuals who attain age 70 ½ after such date. For example, if you turned 70 ½ in 2019, your first RMD will have to be taken by April 1, 2020. However, if you turn 70 ½ on or after January 1, 2020, you will not be required to take your first RMD until the year you attain age 72.
For those receiving periodic payments, that payment schedule will continue unchanged. However, if the requested payments equal the RMD amount, deferred comp will adjust the payment amount(s) so that the RMD is satisfied. This adjustment will take place each January or at the time a participant establishes an RMD-only schedule.
Participants can establish periodic payments at any time, though they are not required to do so. Each participant's account will be reviewed annually to ensure compliance with the regulations and any remaining RMD will be distributed automatically.