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 Missouri Deferred Compensation Plan is a Section 457(b) retirement savings plan available to eligible Missouri public employees. The plan is administered by the Missouri State Employees' Retirement System (MOSERS), with the plan's current recordkeeping and investment services provided through its contracted provider.
- Contribution Limits: The IRS establishes annual contribution limits for 457(b) plans. Limits may change from year to year and may vary based on age and eligibility for special catch-up provisions. For current limits, visit the Missouri Deferred Compensation Plan or the IRS.
- Excess Deferral Rules: 57(b) plans have specific rules governing contributions that exceed applicable limits. The plan monitors contributions and can provide guidance if an employee approaches or exceeds a contribution 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 may generally participate in both a 457(b) plan and a 403(b) plan, allowing them to save through both types of employer-sponsored retirement plans, subject to applicable IRS and plan rules.
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.