Missouri State University offers employees (with the exception of student workers) the option to contribute to a 403(b).
403(b) Deferred Compensation Plan
About the plan
Here’s a concise overview of 403(b) plans:
- Tax-deferred Retirement Option: Available to employees of public educational institutions and certain tax-exempt organizations.
- Pre-tax Contributions: Contributions made through payroll deduction, reducing taxable income.
- Distribution Conditions: Typically accessible at age 59½, job separation, or due to death or disability; exceptions for financial hardship may apply (subject to restrictions and penalties).
- Loan Option: Nontaxable loans available for short-term needs.
- Tax Implications: Defaulted loans may result in taxes and penalties, particularly for those under age 59½.
How to get started
Employees interested in participating in 403(b) should do the following:
- Contact an agent from one of the approved companies below to obtain additional information.
- Enroll in Retirement Manager. The "Employee Unique ID" referred in the instructions is the M#. Here you can make changes to your account, learn about your plan, stop your contributions and more.
- Make contributions to your 403(b). Contributions can begin at any time subject to an agreement with a selected vendor.
Changes, such as participation elections, elective deferral amounts, investment directions, and beneficiary designations, can be made once per calendar quarter. Investment direction changes take effect uniformly for all employees on a specified date by the administrator, while beneficiary changes take effect upon acceptance by the vendor.
Companies approved for 403(b) programs
|
Company name |
Contact information |
|---|---|
|
800-842-2776 |
|
|
Eric Gibson: 417-855-0873 Eric.Gibson@Corebridgefinancial.com Client Care Center: 800-448-2542 |
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|
Lincoln Financial |
417-881-7595 or 888-881-7595 (Rodney K. Pennington) Customer service: 800-254-6265 or 1-800-348-1212 |
|
Met Life |
Thelma Ruff: cell 417-848-8993 office 417-380-546 |