-
If you would like to make contribution changes that will go into effect on your January 2012 paycheck(s), you can do so up until 3 p.m. on Friday, December 30.
As a reminder, any deferral election to the State of Missouri Deferred Compensation Plan (including starting, stopping, increasing or decreasing contributions) will become effective the month after the election is made. For example, if a participant chooses to increase their contribution to the plan by 3 p.m. on December 30, that election will go into effect on the January 15 paycheck (or at the end of January for monthly pay cycles). The same would be true if that deferral election was made on December 3. If a participant would make a change to their contribution on January 3, that change would become effective on the February 15 paycheck (or at the end of February for monthly pay cycles).
-
The Internal Revenue Service has announced an increase in the maximum contribution amounts for retirement plans for Tax Year 2012. These changes directly impact how much participants can contribute to their State of Missouri Deferred Compensation Plan account.
The annual contribution limit for employees who participate in the Plan will increase from $16,500 to $17,000. In turn, the maximum contribution for the preretirement catch-up provision, for employees who are within 3 years of their retirement date and have not previously contributed the maximum deferral amount each year, will increase from $33,000 to $34,000 annually. The additional catch-up contribution limit for those aged 50 and over will remain unchanged at $5,500.
Visit the IRS website for more information about pension plan limitations in 2012.
-
The ING Stable Income Fund annualized credited rate effective first quarter 2012 (January 1 - March 31, 2012) is 2.75%.
-
Do you have information about the State of Missouri Deferred Compensation Plan on your agency's intranet or public website, or within your employee benefits manual? If so, the new year is a great time to review that content to ensure it contains up-to-date policy and tax information. If you need clarification on a specific topic, the Plan Highlights and FAQ pages on the Plan website offer an informative rundown of Plan features and common questions, respectively.
-
Participants can now find the State of Missouri Deferred Compensation Plan on both Facebook and Twitter. Whichever you prefer, staying connected with the Plan is a great way to receive timely plan news, valuable savings tips and more.
-
Help us communicate important Plan updates. Please forward this message to all employees in your agency/department.
Sign up to receive the DC Update.