Are you thinking about retirement and wondering what to do with all of that annual leave you've been saving throughout your career? Should you book a beach vacation, finally tackle those house projects, take a road trip you've been postponing for years? Before you decide, here's something you should know. You can contribute all or a portion of your annual leave payout directly to your MO Deferred Comp account as long as it doesn't exceed annual IRS contribution limits. Now, I know that may not sound as exciting as a trip to the beach, but there are some really good reasons to consider it. For starters, you won't accidentally spend it. No impulse purchases. No over-the-top retirement splurges. The money keeps its purpose, providing income for your retirement. You also have flexibility. You can contribute your annual leave payout pre-tax or Roth. And once it's in your deferred comp account, the money can be invested and grow over time. Every dollar you add helps your retirement savings compound faster. With deferred comp, your money keeps working even when you don't. If that sounds like a move you'd like to make, download and complete the Accrued Vacation and Other Leave Deferral Change Form at www.modeferredcomp.org. Then submit it to your payroll department. Now, timing is critical. The form must be signed on file with your payroll office before the first of the month in which you separate from service. If you have questions, call a customer service representative at 1 8003920925 or reach out to your local financial education professional.
