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 what you need to know about 457(b) plans:
- The Section 457 State of Missouri Deferred Compensation Plan is administered by MOSERS. ICMA-RC acts as third party record keeper for the Plan.
- Per the IRS, in 2020 participants under age 50 can contribute up to $19,500 annually. Participants age 50 and over can contribute and additional $6,500 and those within three years of their normal retirement age may be able to contribute up to $39,000 annually.
- The rules for exceeding the deferral on the 457 plan differ from the 403(b) plan. ICMA-RC, the Plan’s third party record keeper, will be responsible for calculating and monitoring contributions that exceed the general limit.
- An employee who qualifies for a “Catch up” provision should direct his/her questions to the Plan office in Jefferson City, Missouri, at (800) 392-0925, option 2.
- Employees may participate in a 457 and a 403(b) plan.
How to get started
Employees interested in participating in a 457 plan should do the following:
- Visit the Missouri Deferred Compensation Plan website and click the Enrollment button or contact their office in Jefferson City, Missouri at (800) 392-0925 (Opt 2).
- Employees can also call (573) 644-1264 to speak with our service area’s Education Specialist, Ms. Ronda Peterson.
- Work with the education specialist to complete the appropriate forms and forward the forms to Jefferson City for processing.
- ICMA-RC will forward documentation to the university's payroll office indicating the amount and the date to start the salary deferral.Without the confirming documentation, the university will not initiate any salary deferrals.
- To change or stop your 457, log on to Account Access at the Missouri Deferred Compensation Plan website and adjust your contributions, or contact their office at 800-392-0925. ICMA-RC will forward documentation to the university's payroll office indicating the amount and the date to start the new salary deferment. Without the confirming documentation, the university will not change or stop any salary deferments.