Music. Very simply, the State of Missouri Deferred Compensation Plan is a retirement savings plan for State of Missouri employees. Its main role is to provide additional monthly income that will supplement pension and Social Security in retirement. More specifically, the Deferred Compensation Plan is a defined contribution plan. Employees contribute zero money and are able to choose their own investments and manage their own balance while working and throughout retirement. The first compensation plan is also known as a 457 plan, which is the public employees' equivalent of a 401k savings account found in the private sector. The major difference between a 401k and a 457 plan is that public employees can access their retirement savings prior to age 59 and a half without paying an early withdrawal penalty. This is one of the many reasons why 457 plans, like the Deferred Compensation Plan, are a valuable employee benefit. Music.
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Video instructions and help with filling out and completing Will Form 8854 Deferred
