Missouri State University offers employees (with the exception of certain student workers) the option to contribute to a 403(b).
403(b) Deferred Compensation Plan
About the plan
Here’s what you need to know about 403(b) plans:
- A 403(b) plan is a tax-deferred retirement plan available to employees of public educational institutions and certain tax-exempt organizations.
- The plan allows employees to make pretax contributions by convenient payroll deduction and save that money for retirement.
- 403(b) plans encourage long-term savings, so distributions generally are available only when reaching age 59½, leaving a job or upon death or disability.
- Distributions may also be available in the event of financial hardship (but may be subject to restrictions and a tax penalty).
- Short-term needs can sometimes be met by nontaxable loans.
- Defaulted loan amounts will be taxed as ordinary income and might be subject to a tax penalty if individuals are 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 may be made once during each calendar year quarter, i.e., change participation election, the amount of elective deferral, investment direction, and designated beneficiary. A change in the investment direction will take effect as of the date provided by the administrator on a uniform basis for all Employees. A change in the Beneficiary designation will take effect when the election is accepted by the Vendor.
Companies approved for 403(b) programs
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Company name |
Contact information |
|---|---|
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800-842-2776 |
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Phone: 417-890-6744 or 800-892-5558 extension 88205 (Butch Purvis) Fax: 417-890-0181 Email: Butch.Purvis@Valic.com |
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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 |
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Met Life |
417-848-8993 (Thelma Ruff) |