Supplemental Retirement Savings Plan Options
Mississippi Deferred Compensation Plan & Trust
The Mississippi Deferred Compensation Plan & Trust is offered through the Mississippi Public Employees' Retirement System (PERS). This is a supplemental retirement savings plan authorized under Section 457 of the Internal Revenue Code and enacted by the Mississippi State Legislature. Contributing to the Mississippi Deferred Compensation (MDC) plan can be a smart way to help you achieve your retirement income goals. If you participate in MDC, you probably already know MDC offers benefits like competitive fees, automatic paycheck deductions, and a wide choice of quality investment options. But did you know that IRS regulations limit how much you can contribute to MDC each year? The IRS has announced the annual contribution limits for 2019 are $19,000 or 100 percent of your includible compensation (as defined by MDC and the Internal Revenue Code), whichever is less. The age 50+ catch-up contribution remains the same at $6,000 in 2019. This creates a possible maximum contribution of $25,000 if you are age 50 or older during the 2019 calendar year. The special catch-up contribution amount has increased in 2019, which means you can potentially contribute up to a maximum of $38,000 to MDC. Are you up for the challenge? If you would like to change the amount you contribute to your future retirement income, log in to your account at www.mdcplan.com. Click on My Account to view your 2019 contributions and make changes to your current contribution amount.
For more information, contact LaTaura Wilson, MS Deferred Compensation's Retirement Plan Counselor via email at firstname.lastname@example.org or at 769-610-5753.
Note: If you are eligible for both the age 50+ catch-up and special catch-up, you may not take advantage of both in the same calendar year.
VALIC, AIG Retirement 403(b)
Variable Annuity Life Insurance Company (VALIC) is a Tax Sheltered Annuity. Tax Sheltered Annuities (TSA) make it possible for an employee to defer a portion of their income for taxation after retirement. Click here for more information and to schedule an appointment with a representative.
Roth (After tax Annuity)
Roth After Tax Annuity offers a way a way to set aside after-tax money and, after five years, make tax-free withdrawals of principal, interest and earnings if certain conditions are met. Click www.valic.com to learn more. Click here for more information and to schedule an appointment with a representative.
Jane Mapp, Financial Advisor
113 W. Jackson St, Ste 2A
Ridgeland MS 39157