Contributing to the Plan
Before you join, decide what dollar amount of your pay you want to contribute to the Plan. Contribution minimums for the State of Missouri Deferred Compensation Plan are: $12.50 for semi-monthly payrolls and $25.00 for monthly payrolls. Going forward there will be a minimum semi-monthly deferral amount of $12.50 in order to participate in the Missouri Deferred Compensation Plan and receive the state match (if applicable).
You may contribute from the minimum of $25.00 per month (or $12.50 semi-monthly) to 100% of your paycheck, not to exceed a yearly maximum as set by the IRS. You may defer up to the IRS limit annually from your pay as shown in the following table:
| Maximum Annual Deferral – under age 50 |
$16,500 |
| Age 50 and Over Catch-up Contribution* |
$5,500 |
| 3-year Catch-up Contribution** |
$16,500 |
*Age 50 and Over Catch-Up Provision
If you are age 50 and over, you may be able to make additional catch-up contributions of
$5,500 if you contribute the maximum $16,500, for a total of $22,000 to your Plan account.
**Three-Year Special Catch-Up Provision
If you are within three years prior to the year of your retirement, you may be able to double the normal contribution limit and contribute $33,000 to your Plan. You cannot contribute to the Three-Year Special Catch-Up and the Age 50 and Over Catch-Up Contribution during the same tax year.
Please note, you can not participate in the Age 50 and Over and Three-Year Catch-up Contributions at the same time.
Contributions will be automatically deducted from your paycheck before taxes are taken out. You must also decide how your contribution is to be allocated among your choice of investment options. You can obtain information on your investment options by going to the Fund Information section of this website.