[Bell Ringing] [Intro Music] Welcome back to Sit. Stay. Save. We have a caller. What's your question? Ok. I'm new to the state, and um, I keep hearing about MO Deferred Comp. What exactly is it? Oh! Good question. I wish more people asked this one. MO Deferred Comp is a voluntary 4579 retirement savings plan for state of Missouri employees. Think of it kind of like a 401k but for government employees. There are some different rules, but we're not turning this into a tax podcast. Basically, you choose how much to save from each paycheck. You can make pre-tax contributions, Roth contributions or a combination of both. That money is then invested to help you build additional income for retirement. And you're in control. You can adjust your contributions as life changes. Whether you're brand new to the state or years into your career, MO Deferred Comp can help you build retirement savings to supplement your defined benefit pension from MOSERS or MPERS and social security in retirement. So basically, deferred comp is awesome and necessary so don't wait 20 years and then say "Wow! I really should have started 20 years ago." That's actually pretty good advice. I have my moments. [Bell Ringing]
