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Understanding Employee Contibutions
There are two deductions from your paycheck for retirement purposes.
MOSERS members who are in MSEP 2011 or the Judicial Plan 2011 are required to contribute 4% of their pay, which is maintained in an account with interest credited annually. This is an automatic withdrawal and cannot be changed. These mandatory contributions help fund your defined benefit pension from MOSERS. While it cannot be changed, you will get your contributions back in some way; whether it be through a guaranteed lifetime monthly income in retirement or through a refund, if you leave state employment.
Or, you may be referring to MO Deferred Comp. The MO Deferred Comp Plan is a voluntary retirement savings plan designed to help you save additional income to supplement your defined benefit pension and Social Security benefits in retirement. New employees are automatically enrolled at 1% of pay. Unlike your defined benefit pension and Social Security benefits, YOU have control over how much you save in this plan throughout your career, how your dollars are invested, and how you will withdraw those savings in retirement. Visit Just Getting Started to learn more or contact MO Deferred Comp at (800) 392-0925 to make changes.
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Disclaimer
We strive to provide the most accurate information possible in our answers to Rumor Central questions. However, occasionally, laws, policies or provisions change and individual circumstances may vary. Please contact a MOSERS benefit counselor or see the handbooks in our website Library for more detailed information. If there is any difference between the information provided in this blog or on the MOSERS website and the law or policies that govern MOSERS, the law and policies will prevail. See our Privacy, Security & Legal Notices for more information.