The Mississippi Approval of Deferred Compensation Investment Account Plan is a retirement savings program offered by the state of Mississippi for eligible employees. This plan allows employees to contribute a portion of their salary on a pre-tax basis, which is then invested for their future retirement needs. The Mississippi Approval of Deferred Compensation Investment Account Plan offers various investment options to participants, allowing them to customize their portfolios based on their risk tolerance and investment goals. This plan is designed to provide participants with flexibility and control over their retirement savings, empowering them to make informed decisions to grow their investments over time. One of the key benefits of the Mississippi Approval of Deferred Compensation Investment Account Plan is that participants can defer a portion of their salary, reducing their taxable income in the current year. This tax advantage allows employees to potentially maximize their retirement savings by investing more of their earnings into the plan. Participants in the Mississippi Approval of Deferred Compensation Investment Account Plan have access to a wide range of investment options. These options may include actively managed funds, index funds, target-date funds, and various other investment vehicles. By diversifying their investments across different asset classes, participants can reduce risk and potentially increase their returns over the long term. Furthermore, participants have the option to adjust their contributions and investment allocations as needed. This flexibility enables them to adapt their retirement savings strategy based on changing financial circumstances or investment preferences. It's important to note that there may be different types of Mississippi Approval of Deferred Compensation Investment Account Plans available to employees, depending on their specific employment status or employer. These variations may include plans for state employees, municipal employees, or employees of specific agencies or organizations within the state. In conclusion, the Mississippi Approval of Deferred Compensation Investment Account Plan is a retirement savings program that offers employees in Mississippi the opportunity to save for their future while enjoying tax advantages. By empowering participants with investment options and control over their savings, this plan aims to help employees build a secure financial future.
Mississippi Approval of deferred compensation investment account plan
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FAQ
Mississippi Deferred Compensation (MDC) MDC is a voluntary supplemental tax-deferred retirement savings plan offered through PERS to all state employees, elected officials, employees of participating political subdivisions, and independent contractors of the state or participating political subdivisions.
The Mississippi Deferred Compensation Plan & Trust (MDCPT), offered through the Mississippi Public Employees' Retirement System (PERS), is a supplemental retirement savings plan authorized under Section 457 of the Internal Revenue Code and enacted by the Mississippi State Legislature.
A deferred compensation plan is another name for a 457(b) retirement plan, or ?457 plan? for short. Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations.
The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $22,500 in 2023 ($20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
Key Takeaways. Deferred compensation plans allow employees to withhold a certain amount of their salaries or wages for a specific purpose. Deferred compensation plans can be qualified or non-qualified. Qualified plans fall under the Employee Retirement Income Security Act and include 401(k)s and 403(b)s.
Investing your deferred compensation Your plan might offer you several options for the benchmark?often, major stock and bond indexes, the 10-year US Treasury note, the company's stock price, or the mutual fund choices in the company 401(k) plan.