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The State of Missouri Deferred Compensation Plan is a retirement savings plan for Missouri employees, designed to supplement pension and Social Security in retirement. It is a defined contribution plan where employees contribute nothing, choose their own investments, and manage their balance during their working years and into retirement. This plan, also known as a 457 plan, allows public employees to access their savings before age 59 ½ without penalty, making it a valuable employee benefit compared to a 401k.