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The Missouri Deferred Compensation Plan is a retirement savings plan for state employees that aims to provide additional income in retirement. It operates as a defined contribution plan, allowing employees to make contributions, choose investments, and manage their balance. Similar to a 401(k), the plan allows employees to save for retirement without penalty before the age of 59 and a half. This benefit makes 457 plans, like the Deferred Compensation Plan, valuable for employees.
