Deferred Compensation
A deferred compensation plan is a voluntary savings plan intended for long-term investing for retirement. Contributing pre-tax dollars to a Deferred Compensation 457 plan is a smart and easy way to supplement retirement income from your pension and social security benefits. Employees have two deferred compensation administrator options, MissionSquare and MNDCP (MN Deferred Compensation Program offered through Minnesota State Retirement System).
No matter which plan you use, the message is the same -
"Contribute something, anything...your future self will thank you!"
2024 Deferred Compensation Contribution Limit: $23,000
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"Age 50" catch-up limit: $7,500
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"Pre-retirement" catch-up limit: $23,000
2024 Roth IRA Contribution Limit: $7,000
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"Age 50" catch-up limit: $1,000
Click here to learn how to grow your savings by contributing to Deferred Compensation.
MissionSquare (previously ICMA)
Your Retirement Specialist: Christina Clemons: cclemons@missionsq.org or 202/759-7039