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PRESS RELEASE

For Immediate Release
Contact: Candy Smith
573-632-6130

MOSERS Notifying Former State Employees of Lump-Sum Option

[Posted on 09/05/2017 at 5:30 PM]

Jefferson City, MO - This month, the Missouri State Employees Retirement System (MOSERS) will send letters to 17,000 former Missouri state employees who are eligible for a future monthly retirement benefit. The letters will inform former state employees of their option to cash out their future retirement annuity as a lump-sum payment now rather than wait until they reach retirement eligibility. The program is completely voluntary. The MOSERS Board was authorized to offer the Buyout Program under Senate Bill 62 which was approved by the Missouri General Assembly and the Governor earlier this year.

The program is not available to current state employees or current retirees.

The lump-sum buyout amount will be 60% of the present value of the member’s future normal retirement annuity. The present value is the amount required, as of October 1, 2017, to fund their future benefit payments.

We are sending applications to eligible members and accepting completed applications now. Anyone who receives a Buyout Program Application and decides to take the lump-sum option must have their completed application notarized and returned to MOSERS no later than November 30, 2017. If someone submits an application but later changes their mind, they also have until November 30, 2017 to rescind their application. Payments cannot begin until the deadline to rescind has passed. We will begin issuing payments in December 2017 but applicants should allow up to 180 days for payment.

We want to provide members with tools and information to make the choice that is best for them. We have established a dedicated buyout phone line, (800) 239-5150 or (573) 644-1200, and an online Pension Buyout Program Resource Center at www.mosers.org/buyout. On this site, members can find the following:

  • Additional information about the Buyout Program including a short Buyout Program video.
  • Information about taxes and rollover options.
  • Self-Service Status Check – Once an eligible member has submitted a Buyout Program Application, they can check the status of their application online or through the dedicated buyout phone line.
  • Not Eligible – A list of reasons a vested former employee may not qualify for the buyout (ex. employed with the state after June 30, 2017, eligible for normal retirement before December 1, 2017, etc.)

We anticipate high call volume from September through December and urge members to utilize the self-service options to the greatest extent possible.

Below is information about the group of former state employees who are eligible for the Buyout Program:

  • Average years of service – 9
  • Average monthly retirement benefit – $450
  • Average age when left state employment – 39
  • Average age now – 48
  • Average age at normal retirement eligibility – 62
  • Average lump-sum one-time payment – $18,450

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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