Missouri State University offers employees (with the exception of certain student workers) the option to contribute to a 457(b) plan.
457(b) Deferred Compensation Plan
About the plan
Here’s a concise overview of 457(b) plans:
- Plan Administration: The Section 457 State of Missouri Deferred Compensation Plan is administered by MOSERS, with ICMA-RC serving as the third-party record keeper.
- Contribution Limits: In 2020, participants under age 50 can contribute up to $19,500 annually. Participants aged 50 and over can contribute an additional $6,500, and those within three years of their normal retirement age may contribute up to $39,000 annually.
- Excess Deferral Rules: Rules for exceeding deferrals differ from those of 403(b) plans. ICMA-RC monitors contributions that exceed the general limit.
- Catch-up Provision: Employees eligible for a catch-up provision should contact the Plan office in Jefferson City, Missouri, at (800) 392-0925, option 2.
- Dual Participation: Employees can participate in both a 457 and a 403(b) plan.
How to get started
Employees interested in participating in a 457 plan should follow these steps:
- Visit the Missouri Deferred Compensation Plan website and click the Enrollment button, or contact their office in Jefferson City at (800) 392-0925 (Opt 2).
- Contact Mr. Jesse Stewart, Education Specialist, at (573) 644-1265 for assistance with completing required forms.
- Submit completed forms to Jefferson City for processing.
- Use Account Access on the Missouri Deferred Compensation Plan website to adjust contributions, or contact their office at (800) 392-0925 for changes or stops.
ICMA-RC will send documentation to the university's payroll office to start or adjust salary deferrals; deferrals will not proceed without this confirmation.