457(B) Deferred compensation plan
When you retire, you may need income for 20, 30, or more years. While the 403(b) Base Retirement Program and Social Security may help cover basic living expenses, participating in a deferred compensation plan may help add to your retirement savings.
MSU offers a voluntary, tax-deferred 457(b) Deferred Compensation Plan (DCP), which is available to regular benefits eligible MSU employees working at least half-time (50% or more) for at least nine continuous months. This plan is funded entirely by employee contributions on a pretax basis. Your contributions are deducted from your salary before taxes are taken out. You also pay no taxes on the earnings in your 457(b) Deferred Compensation Plan until you withdraw funds from the account.
You may enroll in this plan and change or cancel the amount of your contribution at any time.