Meet the MO Deferred Comp Plan, your state of Missouri retirement savings account. This account allows state employees to save for their future retirement with both pre-tax and/or after tax contributions. The money you save is designed to provide you with income in retirement and replace any pay that your defined benefit pension and social security may not cover. You are eligible to start participating in deferred comp the moment you join the state's workforce and most employees do. The plan's flexibility allows you to start, stop and change your contributions at any point in your career as long as you stay within IRS limits which are much higher than most individual retail savings accounts. To sweeten the savings deal, the state of Missouri is currently matching qualified contributions to the MO Deferred Comp Plan. Those free, extra dollars from the state can really add up over your career. As a deferred comp saver you can choose to invest your money in target date funds, a fixed income option or a brokerage account where you'll have access to most individual stocks and bonds and more than 13,000 mutual funds. If you need help deciding how much to save, deferred comp's Grow Your Retirement Savings calculator is the tool for you. It can help you estimate the savings balance you'll need at retirement and the contributions you need to make throughout your career to reach that balance. The plan also has staff located around Missouri who can meet with you individually, host group presentations or just give you reassurance that you are on the right track. When it comes time to leave state employment, you can withdraw your deferred comp savings penalty-free, roll your money into another plan or leave the funds invested with deferred comp. To learn more about the MO Deferred Comp Plan visit modeferredcomp.org. The plan website is loaded with educational resources including videos and podcasts, investment information, calculators and direct contact information for your local deferred comp Financial Education Professional.
