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For those who have retired.

So you’re turning 70 this year? Or maybe you’re long past that milestone. Either way congratulations and Happy Birthday! As a retired state of Missouri employee and deferred comp saver, the IRS has a little “gift” for you they call a Required Minimum Distribution or RMD and well it’s not exactly a gift.
A required minimum distribution is a government mandated annual withdrawal from a retirement account, such as your MO Deferred Comp account. Generally, you must take your RMDs no later than December 31st of each calendar year to avoid a 50% tax penalty. However, a special rule applies to your first RMD. You have the option of delaying your first distribution until April 1st following the year in which you reach age 70½ or retire, whichever is later. Confused? Don’t worry, MO Deferred Comp will automatically send your first RMD and will review your account each year to ensure that you are withdrawing the minimum amount required by law. It’s just another perk of being a plan participant.
You can withdraw your annual RMD in one lump-sum, monthly payments, or as needed throughout the year, but the total annual amount must be withdrawn by the deadline. To calculate your RMD total, you can use the Required Minimum Distribution Calculator found on modeferredcomp.org or call 800-392-0925 to speak with one of the plan’s friendly Participant Service Representatives.
RMDs can be a little confusing, but all you really need to know is they are required and deferred comp won’t let you miss taking them. Now cut into that cake and let’s celebrate your 70th birthday, your retirement, or simply celebrate being a participant in the MO Deferred Comp Plan.