21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
Missouri Supplemental Retirement Plan
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US-CC-21-104
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FAQ
If you leave state employment with five or more years of credited service, you are vested and eligible for a future pension benefit from MOSERS. Once you reach retirement age and complete the retirement process, you will receive a monthly pension payment for your lifetime.
Just like a 401(k) or 403(b) retirement savings plan, a 457 plan allows you to invest a portion of your salary on a pretax basis. The money grows, tax-deferred, waiting for you to decide what to do with it when you retire. You're about to retire.
MO Deferred Comp is a 457(b) governmental savings plan. What makes 457 plans special is that you have penalty-free access to your savings before age 59 1/2 as long as you've separated from service (left your job or retired).
The employer buys the insurance policy, pays the premiums, and has access to its cash value. The employee receives supplemental retirement income paid for through the insurance policy. Once the employee receives income in retirement, that benefit is taxable. At that point, the employer receives a tax deduction.
About the benefit Employees may participate in both a 403(b) program and the State of Missouri Deferred Compensation Plan (457 Plan). These investment plans allow employees to save for retirement either on a tax-deferred basis or after-tax (Roth).
PEERS members participate in the federal Social Security program, but most PSRS members do not. PSRS members contribute at a higher rate to their retirement system than do PEERS members, and the benefit factors used in retirement benefit calculations are different.
Cons of 457(b) plans: Fewer investing options than 401(k)s (Not as common today) Only available to certain employees employed by state or local governments or qualifying nonprofits. Employer contributions count toward the annual limit. Non-governmental 457(b) plans are riskier.
The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.
