GREAT SCOTT! It’s the MO Deferred Comp Plan’s 50th anniversary! The deferred comp plan has been helping state employees save and invest for their future since 1974. A lot has changed since then, like, well….honestly, it would be easier to just show you. Come on. Our world looked a lot different in the seventies compared to what it looks like today. From the clothing we wear, to cars we drive, to the technology we use, things have changed drastically. Another BIG difference, there was no retirement savings option for state of Missouri employees to help supplement their defined benefit pension from either MOSERS or MPERS and social security in retirement. Luckily, in 1974, legislation was passed that created the Missouri Deferred Compensation Commission. The commission evolved into what we now know as the MO Deferred Comp Plan, and the rest is…well…history. Today more than 84% of state of Missouri employees save for retirement with the MO Deferred Comp Plan.1 The average state employee contributes around $200 a month to their deferred comp account.1 The average balance for employees with a 25-year career is $94,166.1 4,293 employees use the automatic increase tool.2 The plan hosts hundreds of webinar and seminars per year and thousands of individual meetings across the state.3 These are only a few positive changes we’ve seen over the last fifty years and we can’t wait to see where the future takes the MO Deferred Comp Plan and state employees. As Doc Brown said, “your future is whatever you make it so make it a good one.” Saving with the MO Deferred Comp Plan throughout your career is a great step to ensuring your future is financially stable and memorable. Visit modeferredcomp.org for more information about the MO Deferred Comp Plan. Happy 50th Anniversary MO Deferred Comp! Here’s to the next 50 years. 1 Data as of March 2024, 2 As of May 2024, 3 As of calendar year 2023
