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HR Update April 16, 2019

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HR UPDATE

HR Update April 16, 2019

Volume 6, No. 5

[Posted on 04/16/2019 at 9:15 AM]

MOSERS' New Website Coming Soon

We are excited to announce that we are building a brand new public website for MOSERS, which we will roll out this summer.

Advantages of the fresh new public website: 

  • Design will be responsive for easier use on mobile devices
  • Content is data-driven based on analytics of what users search for and spend the most time on so the most important things will be easier to find
  • Based on user input from active members, retirees, staff, and employers
  • Organized by benefit type and career stage
  • More clear and concise content

The functionality of the logged-in side will not change, whether you are logging in as a member or as an employer.

Stay tuned for more information!


Benefits Tip: Member Contributions

Word on the Street: Refund of Member Contributions

True or False: When MSEP 2011/Judicial Plan 2011 members leave state employment, they must take a refund of their member contributions?  
FALSE! Below is a summary of options available to members. 

Please share the following with any employees who make member contributions. 

Member Contributions to MOSERS
If you were first employed in a MOSERS benefit-eligible position on or after January 1, 2011, you contribute 4% of your pay toward your future pension benefit. If you decide to leave state employment, carefully consider what to do with your member contributions. 

Refund Options
• Option 1 – Leave your contributions with MOSERS.
If vested, MOSERS will continue to pay interest until you reach normal retirement eligibility. If you return to a position covered by MOSERS or the MoDOT & Patrol Employees’ Retirement System and you left your contributions intact, your new service will be combined with your prior service.

• Option 2 – Roll over the total amount of your contributions plus any interest into the MO Deferred Comp Plan, an IRA, or other qualified retirement plan. 

• Option 3 – Elect a combination rollover and cash payment (less applicable mandatory withholdings). Any refund not directly rolled over will be reported as taxable income in the year of payment and will be subject to tax withholdings and potential IRS penalties.

• Option 4 – Request a cash distribution (less applicable mandatory withholdings). If you withdraw your money, IRS rules require MOSERS to withhold 20% for federal taxes unless the amount is less than $200. Since you may also owe state taxes on this distribution, you may request that MOSERS withhold for state taxes as well. If you are younger than age 59½, the IRS may levy an additional 10% early withdrawal penalty on the amount of the withdrawal. 

You should also know: 
• By receiving a refund (Options 2, 3, or 4 above), you will forfeit all your service credit and future rights to receive benefits from MOSERS including eligibility for retirement and long-term disability benefits.

• Member contributions are not available for loans or partial withdrawals. 
• The law prohibits MOSERS from paying refunds until 90 days after the date of termination of employment or the request, whichever is later.

See the Member Contributions brochure or contact MOSERS for more information. 


Keeping Up with Legislation

The current legislative session ends on May 17. It's easy to track pension-related bills, either by going to MOSERS' legislative page and clicking on 2019 Legislative Tracking, or the Joint Committee on Public Employee Retirement also has a weekly tracking sheet

As always, we will monitor any legislation affecting MOSERS and inform our members of any changes that become law. If you hear any rumors, we encourage you to follow our Rumor Central blog to see if we have addressed your question. If not, submit a question through our website related to retirement, life insurance or long-term disability insurance and we may post it anonymously to the blog.

Benefit Eligibility

MOSERS gets many questions about benefit eligibility, especially related to reemployment of retirees. We have a list of frequently asked questions on our website about benefit eligibility you may want to review as a refresher. There is also a link to a printable PDF. 

Remember, the decision about whether or not a position is benefit-eligible should be based on an analysis of the position and not based on who will fill the position.

Publication Reminder

Please be sure you and your employees are using the latest version of all MOSERS forms and publications, which are available on our website. If you have out-of-date publications, please get rid of them. You may order copies of publications through the employer order form on our website.

MSEP/MSEP 2000 PreRetirement Seminars: Please let us know if you can't make it!

Our PreRetirement seminars for MSEP & MSEP 2000 members have been filling quickly. We’ve added more sessions and increased enrollment in certain venues, but we need your help as well! In 2019, there have been 67 no-shows in the first quarter, which resulted in many open seats and unused resources!

Once a member enrolls, we reserve a seat for them (and any registered guests) in the seminar and include them in the meal count for that day. If one of your employees (and/or their registered guest) is unable to attend, remind them to contact MOSERS at (800) 827-1063, option 1, as soon as possible to cancel their registration and/or reschedule. 

This will allow MOSERS to reduce waste (food and materials) by providing a more accurate headcount to the caterer, venue, etc., AND to contact any members who may be on the wait list. 

Review Your Annual Benefit Statement

As of last week, Annual Benefit Statements have been sent to MOSERS members. If we have a valid email address on file, the statement will be posted in the member's Document Express, which can be viewed by logging in to our website. If we don't have an email address or the member requested paper communications, the statement will be mailed to the member's home address. 

We encourage all members to read over the information to learn more about the total compensation package from the state, as well as to review all personal information and beneficiary designations. 

Read more about Annual Benefit Statements on our website. 

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MOSERS
Missouri State Employees' Retirement System
Address: 907 Wildwood Dr., Jefferson City, MO 65102
https://www.mosers.org/images/mosers-logo-bg-375-280.jpg Phone: 800.827.1063 URL: Email: mosers@mosers.org Founded On: September 1, 1957