Are you gearing up for retirement or thinking about making a career change? You might be wondering what happens to your deferred comp account once you leave state employment. The short answer is nothing happens. Your account is yours and your money can remain in the MO Deferred Comp Plan even after you leave state service. There is no requirement to immediately withdraw your money or move it to another account, no paperwork to fill out or notification to the plan. Our only request is that if you decide to leave your money in deferred comp, please keep your contact information, beneficiaries, and personal email address up to date so we can always reach you with important account information. More than 35,000 former state employees have kept their money in the plan. Many participants have chosen to keep their investments in MO Deferred Comp because of the plan's low fees, simple yet robust investment options, educational resources, and dedicated customer service. One unique advantage of the MO Deferred Comp Plan is that after you separate from service and 30 days have passed since your employer has reported your separation date to the plan, you will have penalty-free access to your 457 plan money, no matter your age. That's a benefit not available with many other types of retirement savings accounts. The bottom line, there's no rush and no requirement to move your money. Many participants simply leave it in MO Deferred Comp until they're ready to use it. If you have any questions, please reach out to your local financial education professional or call 800-392-0925.
