The Missouri Supplemental Retirement Plan (MSRP) is a retirement savings program offered to employees of the state of Missouri, including universities and government agencies. This plan is designed to provide an additional source of income in retirement and is administered by the Missouri State Employees' Retirement System (MOSES). The MSRP offers various tax-advantaged investment options, allowing participants to contribute a portion of their salary towards building a retirement nest egg. These contributions are generally deducted from the employee's pre-tax earnings, providing them with immediate tax savings. The plan also offers the flexibility for participants to make additional voluntary contributions on an after-tax basis. One notable feature of the MSRP is the employer match. Under specific circumstances, the state of Missouri matches a portion of the employee's contributions to the plan, effectively boosting their retirement savings. The matching percentage may vary depending on the type of retirement plan chosen. There are several types of Missouri Supplemental Retirement Plans available, catering to different employee groups. These include the MSRP Defined Benefit Plan, the MSRP Defined Contribution Plan, and the MSRP Hybrid Plan. 1. MSRP Defined Benefit Plan: This plan is designed for employees who prefer the security of a guaranteed retirement income. Eligible employees contribute a fixed percentage of their salary, which is then matched by the state. The benefit payout is determined by a specific formula that considers factors like years of service and average salary. 2. MSRP Defined Contribution Plan: This plan is suited for employees seeking more control over their retirement savings. Participants contribute a percentage of their salary, benefiting from the state match. Contributions are invested in individual accounts, allowing participants to decide how their funds are allocated among the various investment options available. The final retirement benefit depends on the performance of the investments. 3. MSRP Hybrid Plan: This plan combines features of both defined benefit and defined contribution plans. It is tailored to provide employees with the advantages of both plans, offering a fixed retirement income based on a formula and a separate individual account component for additional savings. Participants contribute a percentage of their salary, which is matched by the state and invested in their individual account. The final retirement benefit consists of a defined benefit portion and the accumulated amount in the individual account. The Missouri Supplemental Retirement Plan offers employees a valuable opportunity to save for their retirement alongside their primary retirement plan. It provides participants with flexibility, tax advantages, and the potential for employer matching contributions, ensuring a secure financial future during their retirement years.
Missouri Supplemental Retirement Plan
Category:
State:
Multi-State
Control #:
US-CC-21-104
Format:
Word;
Rich Text
Instant download
Description
21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
The Missouri Supplemental Retirement Plan (MSRP) is a retirement savings program offered to employees of the state of Missouri, including universities and government agencies. This plan is designed to provide an additional source of income in retirement and is administered by the Missouri State Employees' Retirement System (MOSES). The MSRP offers various tax-advantaged investment options, allowing participants to contribute a portion of their salary towards building a retirement nest egg. These contributions are generally deducted from the employee's pre-tax earnings, providing them with immediate tax savings. The plan also offers the flexibility for participants to make additional voluntary contributions on an after-tax basis. One notable feature of the MSRP is the employer match. Under specific circumstances, the state of Missouri matches a portion of the employee's contributions to the plan, effectively boosting their retirement savings. The matching percentage may vary depending on the type of retirement plan chosen. There are several types of Missouri Supplemental Retirement Plans available, catering to different employee groups. These include the MSRP Defined Benefit Plan, the MSRP Defined Contribution Plan, and the MSRP Hybrid Plan. 1. MSRP Defined Benefit Plan: This plan is designed for employees who prefer the security of a guaranteed retirement income. Eligible employees contribute a fixed percentage of their salary, which is then matched by the state. The benefit payout is determined by a specific formula that considers factors like years of service and average salary. 2. MSRP Defined Contribution Plan: This plan is suited for employees seeking more control over their retirement savings. Participants contribute a percentage of their salary, benefiting from the state match. Contributions are invested in individual accounts, allowing participants to decide how their funds are allocated among the various investment options available. The final retirement benefit depends on the performance of the investments. 3. MSRP Hybrid Plan: This plan combines features of both defined benefit and defined contribution plans. It is tailored to provide employees with the advantages of both plans, offering a fixed retirement income based on a formula and a separate individual account component for additional savings. Participants contribute a percentage of their salary, which is matched by the state and invested in their individual account. The final retirement benefit consists of a defined benefit portion and the accumulated amount in the individual account. The Missouri Supplemental Retirement Plan offers employees a valuable opportunity to save for their retirement alongside their primary retirement plan. It provides participants with flexibility, tax advantages, and the potential for employer matching contributions, ensuring a secure financial future during their retirement years.
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