Comparison of Retirement Plan Benefits for Active Members Chart

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To read more about the benefit provisions listed below, please download the MSEP | MSEP 2000 General Employees' Retirement Handbook.

Benefit Provisions MSEP MSEP 2000
Base Benefit Formula
This formula determines the dollar amount of your retirement benefit payment.
  • Payable each month in retirement for your lifetime.
  • Final Average Pay x Service x .016
    In the past, formula increases have been passed along to MSEP retirees.
  • Payable each month in retirement for your lifetime.
  • Final Average Pay x Service x .017
    Future formula increases, if any, will not be passed along to MSEP 2000 retirees.
Temporary Benefit Formula
This formula determines the dollar amount of your temporary benefit payment, if applicable.
  • Not available in the MSEP
  • Payable each month in retirement until age 62. (Stops at age 62.)
  • Available to those who retire under the “Rule of 80” and are younger than age 62.
  • Final Average Pay x Service x .008
Benefit Payment Options
Your election determines whether or not a benefit will be paid to anyone after your death.
  • Life Income Annuity
  • Unreduced Joint & 50% Survivor
  • Joint & 100% Survivor
  • Life Income With 60 Guaranteed Payments
  • Life Income With 120 Guaranteed Payments
  • Life Income Annuity
  • Joint & 50% Survivor
  • Joint & 100% Survivor
  • Life Income With 120 Guaranteed Payments
  • Life Income With 180 Guaranteed Payments
Cost-of-Living Adjustments (COLA)
COLAs are payable each year for your lifetime. The annual COLA rate is based on 80% of the percentage increase in the average Consumer Price Index (CPI). The annual COLA rate will be between 0 and 5%.
  • If hired before August 28, 1997: You will receive at least 4% each year until you reach 65% cap. After COLA cap, the rate is based on 80% of the percentage increase in the average CPI.
  • If hired on or after August 28, 1997: Based on 80% of the percentage increase in the average CPI. (0-5%)
  • Based on 80% of the percentage increase in the average CPI. (0-5%)
Normal Retirement Eligibility
The age and service required to receive an unreduced retirement benefit
  • Age 65 and active with 4 years of service.
  • Age 65 with 5 years of service.
  • Age 60 with 15 years of service.
  • “Rule of 80” - at least age 48 with age and service equaling 80 or more
    Age 50 if first became eligible prior to August 28, 2003.
  • Age 62 with 5 years of service.
  • “Rule of 80” - at least age 48 with age and service equaling 80 or more
    Age 50 if first became eligible prior to August 28, 2003.
Early Retirement Eligibility
The age and service required to receive a reduced retirement benefit
  • Age 55 with 10 years of service.
  • Base benefit will be reduced 1/2 of 1% (.005) for each month your age is younger than normal retirement.
  • Age 57 with 5 years of service.
  • Base benefit will be reduced 1/2 of 1% (.005) for each month your age is younger than normal retirement.
In-service COLA
For service beyond age 65
  • Applicable COLA rate (0-5%).
  • Not available in the MSEP 2000
Optional Life Insurance
Coverage at Retirement
  • Maximum of $60,000.
  • Cannot exceed coverage amount while actively employed.
  • Cannot exceed coverage amount while actively employed.
  • Maximum of $60,000.
    If you retire under the “Rule of 80,” you may retain coverage beyond $60,000 until age 62. At age 62, your coverage will reduce to $60,000.
Reemployment After Retirement
If you return to work in a MOSERS or MPERS* benefit-eligible position, your MOSERS retirement benefit will be stopped.
  • MOSERS members reemployed in a MOSERS benefit-eligible position will receive additional service credit and retirement benefits from MOSERS for periods of reemployment greater than 12 months; MOSERS members reemployed in an MPERS benefits-eligible position will receive service credit and retirement benefits from MPERS for periods of reemployment greater than 5 years.
  • Members reemployed in a MOSERS or MPERS benefit-eligible position will receive service credit and retirement benefits from the system that covers that position for periods of reemployment greater than 12 months.
BackDROP
Partial lump sum payment option in exchange for a reduced ongoing monthly benefit
  • You must work at least two years beyond normal retirement eligibility to be eligible for BackDROP.
  • If applicable, elect BackDROP at retirement.
  • You must work at least two years beyond normal retirement eligibility to be eligible for BackDROP.
  • If applicable, elect BackDROP at retirement.
Service Transfer or Purchase
  • Other full-time, non-federal government service may be transferred or purchased (at subsidized rates).
  • May increase your retirement benefit and/or make you eligible for retirement sooner.
  • Other full-time, non-federal government service may be transferred or purchased (at subsidized rates).
  • May increase your retirement benefit and/or make you eligible for retirement sooner.

* MoDOT and Patrol Employees’ Retirement System