Employer Incentive Update
Governor Jay Nixon recently announced a proposal to resume funding of the employer incentive (match) associated with the State of Missouri Deferred Compensation Plan. If the budget recommendation passes, the funding would be part of the Fiscal Year 2015 budget beginning on July 1, 2014 and running through June 30, 2015.
At this time, the State of Missouri Deferred Compensation Plan has no further details regarding Gov. Nixon’s recommendations. While the employer incentive would add value to an already important employee benefit, the State of Missouri Deferred Compensation Plan plays no role in state budget requests or decisions. Before budget recommendations are implemented, the Missouri Legislature must first pass the state budget in May of this year and the final budget must be signed by the Governor.
More news will be posted to the Plan’s website and social media channels as it becomes available. You can connect with the Plan on Facebook, Twitter and YouTube.
New ING Stable Income Fund Rate
The ING Stable Income Fund annualized credited rate effective first quarter 2014 (January 1 - March 31, 2014) is 2.00%.
December 2013 DC Update
Are you being a Scrooge with your own retirement savings this holiday season? The December 2013 DC Update explores how increasing contributions now can have a major impact on your savings at retirement. This edition also highlights onsite visits from education specialists and the 1099-R tax forms arriving next month.
View the December 2013 DC Update
Year-End Reminders: 1099-R Tax Forms and Required Minimum Distributions (RMDs)
This update highlights important tax and RMD information for participants receiving distributions from the plan.
November 2013 DC Update
A special thanks to our many participants for the continued support of the deferred compensation plan benefit. In October, more than 32,000 Missourians contributed a combined $4 million in savings to the Plan. The November 2013 DC Update shares how significant this savings accomplishment is, while also reviewing 2014 contribution limits, the new and improved Account Access, and online seminar enrollment.
View the November 2013 DC Update
The New and Improved Account Access
Account Access — the secure online account portal maintained by our record keeper, ICMA-RC —was recently redesigned with a fresh new look and improved navigation. Log on now to experience the new site, or watch this short webinar highlighting the major improvements.
The New Look of Account Access
October 2013 DC Update
Saving pre-tax money with the deferred compensation plan will decrease your taxable income, but what does that mean for your paycheck? Take a stroll on the Plan's custom Paycheck Calculator to get the scoop. Also in this edition, four important Missouri Target Date Fund reminders, a note about online account access and cumulative auto enrollment statistics by department as of September 2013.
View the October 2013 DC Update
Start Small, Finish Big
For this year's National Save for Retirement Week celebration, we encourage you to consider small account changes that can have a big impact on your long-term savings goals.
Frozen Fund Informational Sessions
Please note: The following information applies to participants who are invested in Invesco Small Cap Growth, Dreyfus Third Century Z, Fidelity Asset Manager, or Prudential Jennison Blend. If you do not hold assets in these funds, please disregard this message.
September 2013 DC Update
In preparation for October's National Save for Retirement Week, the September DC Update explores small changes you can make now that will prepare your savings for long-term growth. Also included in this month's update are a few important retirement reminders and information about the Plan's financial planning services.
View the September 2013 DC Update
August 2013 DC Update
Pre-Tax or Roth contributions? The August DC Update explores the difference between these two savings options and what it could mean for you in retirement. Also in this edition, explore the new Education On-Demand page designed for small group orientations or individual learning on the go. Plus, education specialist Dan Wagner retires from the Plan after almost 40 years in the insurance and financial services industry.
View the August 2013 DC Update
July 2013 DC Update
The July 2013 DC Update takes a closer look at the RetiremenTrack calculator -- a custom online tool designed to help state of Missouri employees forecast their retirement savings situation. Also in this update, learn more about the Vantagepoint Public Employee Memorial Scholarship Fund sponsored by our record keeper, ICMA-RC, and the availability of the second quarter newsletter and statements.
View the July 2013 DC Update
June 2013 DC Update
The June 2013 edition of the DC Update highlights the Small Change, Big Savings calculator, an interactive tool that can help curb your spending habits. This month's update also includes important information on annuities and the many consumer services available to Missourians who are considering these products.
View the June 2013 DC Update
May 2013 DC Update
The May 2013 edition of the DC Update is now live. This month's update includes information on rolling other retirement accounts into the deferred compensation plan and how that can positively impact your retirement savings strategy. Also, learn more about the Plan's auto savings tools and financial planning services.
View the May 2013 DC Update
Auto Increase Now Available
The auto increase feature is now available within Account Access. This optional tool allows you to schedule annual contribution increases, so your deferrals keep pace with your career.
State of Missouri Deferred Compensation Plan Awarded “2013 Plan Sponsor of the Year”
JEFFERSON CITY, MO – The State of Missouri Deferred Compensation Plan was named the “Plan Sponsor of the Year” for 2013 by PLANSPONSOR magazine, the industry’s leading resource for retirement-benefits related news. Each year, the editors of the magazine recognize plan sponsors that demonstrate leadership in providing a more secure retirement for workers. The State of Missouri Deferred Compensation Plan, administered by the Missouri State Employees’ Retirement System (MOSERS), was chosen best in class in the public defined contribution category.
America Saves Week 2013
February 25-March 2, 2013, was America Saves Week, a national campaign that encourages individuals and families to save money and build personal wealth. One of the chief messages of this year's initiative was: "Set a goal. Make a plan. Save automatically." To that end, the State of Missouri Deferred Compensation Plan is an excellent solution to help you achieve retirement savings goals with automatic payroll deductions. Simply click the Enrollment button to the right to register and establish the savings amount you want deducted from each paycheck.
If you're not sure how much to save with the Plan to reach your retirement goals, be sure to try out our RetiremenTrack calculator for a comprehensive retirement analysis that takes into consideration your future pension and social security benefits along with contributions to the deferred compensation plan.
Join the America Saves movement by enrolling in the plan or logging on and adjusting your contributions today.
Fiscal Cliff Bill Includes In-Plan Roth Conversion Provision
The American Taxpayer Relief Act signed into law on January 2, 2013, includes a provision that will allow pre-tax savings in your deferred compensation plan account to be converted to Roth 457 savings at any time. Previously, the option to convert pre-tax savings to Roth savings within the deferred compensation plan was only available to participants who had separated from service. Please note that converted amounts are taxable as income, so an in-plan Roth conversion could result in a significant tax liability. Unless you have separated from service, you cannot use assets in your deferred compensation plan account to pay for the tax liability that will result from an in-plan Roth conversion.
Visit our Publications and FAQ pages for general information about the Roth 457 savings option. We recommend that you consult with a qualified tax adviser before making a decision to execute an in-plan Roth conversion.
Retirement and Savings Survey Results
In late October, in conjunction with our National Save for Retirement Week celebration, we conducted an online Retirement and Savings Survey. The survey polled active participants on a number of questions related to pension and social security calculations, income replacement in retirement, contribution decisions, and other savings habits. Over 5,000 participants completed the questionnaire. The feedback we received not only gives us a unique glimpse at participant behavior, but it will help us refine future education and communication initiatives. A special thanks to those who took the time to complete the survey.
View the Survey Results (PDF)
New ING Stable Income Fund Rate
The ING Stable Income Fund annualized credited rate effective first quarter 2013 (January 1 - March 31, 2013) is 2.25%.
Year-End Roundup: 1099-R Tax Forms and RMDs
If you are a participant receiving distributions from the Plan, the end of the year is a crucial time to review your retirement savings account. The following update outlines what you need to know about 1099-R tax forms and required minimum distributions (RMDs).
IRS Announces 2013 Contribution Limit Increase
The Internal Revenue Service has announced an increase in the maximum contribution amounts for retirement plans for tax year 2013. These changes impact the amount participants can contribute to the State of Missouri Deferred Compensation Plan.
The annual contribution limit for employees who participate in the Plan will increase from $17,000 to $17,500. In turn, the maximum contribution for the Pre-retirement catch-up provision will increase from $34,000 to $35,000 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 2013 pension plan limitations.
As a reminder, if you would like to make a deferral change that will go into effect in January of 2013, you must submit that election in December of 2012.
Financial Markets Reopen
The U.S. financial markets reopened on Wednesday, October 31, 2012. The markets were closed on Monday, October 29, and Tuesday, October 30, in response to Hurricane Sandy. In keeping with its corporate policy to mirror the schedule of the U.S. financial markets, our record keeper, ICMA-RC, was also closed during that time. Transactions that were submitted during the closure, including those submitted after 3 p.m. CT on Friday, October 26, will be processed with the trade date of October 31. If you have any questions, please contact a Participant Service Representative at (800) 392-0925.
Financial Markets Close Due to Hurricane Sandy
In response to Hurricane Sandy, U.S. financial markets will be closed on Monday, October 29 and Tuesday, October 30, 2012. In keeping with its corporate policy to mirror the schedule of the U.S. financial markets, our record keeper, ICMA-RC, will also be closed for business. Transactions will be accepted but they will not be processed until the markets reopen. The Plan’s local office in Jefferson City will remain open from 8:30 to 5:00 Central Time and can be reached by calling 573-893-1053.
National Save for Retirement Week
National Save for Retirement Week is a congressionally endorsed, national event that encourages employees to take advantage of their employer-sponsored retirement plans. For employees who aren't already participating in the State of Missouri Deferred Compensation Plan, this annual event is the perfect time to...
An Introduction to the MIP Investment Option
The MOSERS Investment Portfolio (MIP) fund option will become available to Plan participants on July 2, 2012. MIP will be a monthly valued investment option that offers Plan participants the ability to purchase units of the MOSERS investment portfolio. The following information details important MIP notes, dates and documents that you should carefully read before considering an investment in MIP.
Consultation and Seminar Registration
Get more out of your deferred compensation plan by attending an individual consultation or seminar in your area. Click the button below to find and register for events by zip code or keyword without logging on to Account Access. Simply click View Available Events, type in your zip code and mile radius and click Search to find the events coming to your area. You can also access the same event registration system by logging on to Account Access and navigating to the Event Registration page under the Planning & Tools tab.
register for an event now
2011 1099-R Tax Form Update
If you are expecting a 1099-R tax form as a result of a disbursement you received in 2011, all 1099-R tax forms were mailed as of Tuesday, January 24, 2012.
An Important Message About Fourth Quarter Statements
Fourth quarter statements are now available to all participants within Account Access under the Statements & Confirms tab. For those who do not have an email address on file, or who have opted out of receiving eDelivery notifications, you will receive your paper statement(s) in the mail soon.
Here are a few important notes about your 4th quarter statement:
New ING Stable Income Fund Rate
The ING Stable Income Fund annualized credited rate effective first quarter 2012 (January 1 - March 31, 2012) is 2.75%.
Record Keeper Transition Complete
Great news! The transition from ING Retirement Plans to ICMA-RC is complete! You may now access your online account and complete transactions as desired. To log on for the first time, you will need to click “Create Your Own Account” to establish a new User ID and password.
Plan Record Keeper Transition Details
In November, the State of Missouri Deferred Compensation Plan account records will transition from ING Retirement Plans (ING) to ICMA-RC. While no action is required from the participant for this transition to take place, this update provides valuable information surrounding the change. The details include a description of the transition process, some enhancements participants can expect with the new record keeper, key dates associated with the change and educational opportunities to help participants learn more about the Plan and transition.
IRS Announces Contribution Increases for 2012
The Internal Revenue Service has announced an increase in the maximum contribution amounts for retirement plans for Tax Year 2012. These changes directly affect how much you can contribute to your State of Missouri Deferred Compensation Plan account.
Designated as Missouri's official state insect, the honeybee is scientifically known as apis mellifera. At the State of Missouri Deferred Compensation Plan, we simply call him Buzz. As the Plan's mascot, Buzz represents the many hardworking and conscientious public employees who make up our State's workforce. Buzz is also a fitting reminder that even the busiest worker bee needs to take a moment to consider retirement savings, and that when it comes to your future you should always "Bee prepared."
Look for Buzz hanging around the Plan website and in upcoming publications.
National Save for Retirement Week
October 17-21, 2011, was National Save for Retirement Week. In celebration of this event, the Plan explored some common explanations employees have for not saving and how they are actually really good reasons to start sooner than later.
New ING Stable Income Fund Rate
The ING Stable Income Fund annualized credited rate effective fourth quarter 2011 (September 30 - December 31, 2011) is 3.0%.
Updates on the Nationwide Lawsuit
Latest News and Past Updates
New ING Stable Income Fund Rate
The ING Stable Income Fund annualized credited rate is 3.0% through September 30, 2011.
Plan Record-Keeper Changing in November
MOSERS has completed the search for recordkeeping services for the State of Missouri Deferred Compensation Plan. The current contract with ING expires this year, and it is common practice to conduct a review of the current provider and perform a bid process. Following an extensive review of responses to our request for proposal, the decision has been made to transition Plan recordkeeping services to ICMA-RC (Retirement Corporation)
Favorable Court of Appeals Decision for the State of Missouri Deferred Compensation Plan
On March 8, 2011, MOSERS received notification from the Office of the Attorney General that a three judge panel from the Western District Court of Appeals overturned the ruling of the Cole County Circuit Court regarding the Deferred Compensation Plan Nationwide lawsuit and ruled as follows: