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  • Can I take a loan out of my retirement savings account?

    Feb 15, 2024, 4:00 PM By MOSERS
    I would like to know if there was a way to take a loan out of my retirement account.

    Your contributions to MOSERS defined benefit pension are not available for loans or partial withdrawals.  

    In addition, if you have an account with MO Deferred Comp, loans are not permitted. However, the MO Deferred Comp 457 retirement savings plan does permit in-service withdrawals from your account under the following circumstances:

    • You experience a qualifying, unforeseeable emergency that causes extreme financial hardship, or
    • If your account balance is $5,000 or less – you may elect a one-time, in-service distribution, provided you have not made a contribution during the prior two-year period.
     
    Please visit www.modeferredcomp.org for more information, or if you have any questions, please call (800) 392-0925.
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  • Can You Continue MO Deferred Comp Contributions in Retirement?

    Jan 5, 2024, 2:30 PM By MOSERS
    Can you continue to make payroll deducted contributions to a deferred comp account after retirement?

    No. Once you leave state employment – for retirement or any other reason – you can no longer make contributions to the MO Deferred Comp Plan. You can keep the money you saved throughout your career with the state in deferred comp after you separate from service. By doing so, you can continue to utilize all the unique features the plan has to offer, such as:

    • Access to MO Deferred Comp’s custom, low-cost investment options.
    • The ability to roll-in and consolidate retirement savings plans from previous employers.
    • Withdraw your 457 contributory source funds, penalty-free, after you leave state employment.
    • Enjoy easy and flexible withdrawals in retirement.
    • Individualized help from the plan’s financial education professionals.
     
    If you return to full-time or part-time state employment, you can once again contribute to the MO Deferred Comp Plan. In this case, your contributions will start again at what was previously on file with the plan.
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  • Accessing Funds Prior to Retirement

    May 11, 2021, 8:13 AM By MOSERS
    if needed could I pull funds out for down payment assistance?

    You are not able to access your MOSERS defined benefit pension until retirement. However, if you no longer work in a MOSERS benefit-eligible position, and you are a member of MSEP 2011, you may be eligible to request a refund of your employee contributions. By taking a refund, you will lose all your credited service and future rights to receive pension and LTD benefits from MOSERS. By law, there is a 90-day waiting period before we can issue a refund.

    The MO Deferred Comp 457 retirement savings plan permits in-service withdrawals from your account under the following circumstances; you experience a qualifying, unforeseeable emergency that causes extreme financial hardship, or if your account balance is $5,000 or less – you may elect a one-time, in-service distribution, provided you have not made a contribution during the prior two-year period. Please visit www.modeferredcomp.org for more information or if you have any questions please call (800) 392-0925. 

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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.