Withdrawals From Your Account
There are four types of withdrawals available from the State of Missouri Deferred Compensation Plan while you are an active employee:
- Unforeseeable Emergency withdrawal
- In-service withdrawal of your 457 plan balance
- BackDROP rollover withdrawal and;
- Military Service Purchase withdrawal.
You may view withdrawal available amounts in the "My Account" section of the website and select “Withdrawals” or to initiate a withdrawal call the State of Missouri Deferred Compensation Plan Information Line. Documentation of the hardship must be provided and must conform to federal regulations.
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Unforeseeable Emergency Withdrawals* can be taken for any of the following reasons listed below. The amount withdrawn cannot exceed the amount needed to satisfy the emergency.
- Prevent eviction from or foreclosure on your primary residence or your beneficiary's primary residence;
- Pay for non-reimbursed medical expenses;
- Funeral expenses for immediate family member;
- Loss of property due to casualty not reimbursed by insurance, including the need to rebuild your primary residence;
- A similar extraordinary and unforeseeable circumstance arising from events beyond your control.
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In-Service Withdrawals* can be taken from your account if you have a balance of $5,000 or less in your 457 plan, and you have not made contributions for two years or longer. The distribution will be lump sum and the entire account balance can be withdrawn.
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Rollover Withdrawals* can be taken from your 401(a) rollover plan account. You can withdraw up to the entire 401(a) rollover plan account balance.
See the Forms section or call the State of Missouri Deferred Compensation Plan Information Line at 1-800-392-0925 for more information regarding withdrawals.
If you would like to speak with a Customer Service Representative concerning your Plan participation, call the State of Missouri Deferred Compensation Plan Information Line at 1-800-392-0925. Customer Service Representatives are available Monday through Friday, 7 a.m. to 7 p.m., except on most New York Stock Exchange holidays. Hearing impaired employees can contact the State of Missouri Deferred Compensation Plan Information Line through the special TDD toll-free number at 1-877-766-8891.
* Withdrawals from the Plan will be subject to 20% federal tax withholding. Withdrawals that are rolled over to an IRA or qualified plan are not taxable and not subject to withholding. Withdrawals from the State Match Account may be subject to a 10% premature distribution penalty if your age is less than 59½. State and local taxes and withholding may apply.