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  • Early Retirement

    Jul 8, 2020, 3:51 PM By MOSERS

    As I review my state working credit history, I will earn my 5 year vesting at age 52. I am interested in possibly leaving the state workforce once I have reach that mark. Is there any way to receive a monthly payment at this age or do I have to wait until age 67 to begin collection of my benefits?

    Under the MSEP 2000, you would not be eligible for early retirement and to receive benefits until at least the age of 57.

    Minimum Requirements for Early Retirement by Plan:

    MSEP:

    Age 55 with 10 years of service

    MSEP 2000:

    Age 57 with 5 years of service

    MSEP 2011:

    Age 62 with 5 years of service

    If you elect early retirement, your base benefit will be reduced by one-half of one percent (.005) for each month your age at retirement is younger than your normal retirement age. The formula for calculating the early retirement reduction factor is:  1 – (Months Retiring Early x .005) = Early Retirement Factor.

    View Pension Plans on our website for more information including details on normal (unreduced) retirement eligibility for MSEP, MSEP 2000, and MSEP 2011

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  • Budget Restriction Information

    Jul 8, 2020, 1:36 PM By MOSERS
    What impact does the July 1, 2020 budget expenditure restriction in the amount of $754,952 have?

    The budget restriction has no impact on MOSERS or on member benefits. We were able to reduce employer premiums for the long-term disability program administered by MOSERS, which resulted in a savings of $754,952 for the state.

    The Missouri legislature has historically appropriated the full amount needed from MOSERS-covered employers for pension benefits. Each year, the MOSERS Board certifies this employer contribution rate. Our external actuary calculates the rate based on various economic and demographic assumptions. All the calculations go into our annual actuarial valuation. The actuary also conducts an experience study at least once every five years, which compares current assumptions with the most recent actual data. You can read our Employer Contribution Rate infographic for more information.

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  • Finding Your 1099-R

    Jul 8, 2020, 10:57 AM By MOSERS
    I am in need to a replacement 1099 for the year 2016. How do I go about getting this document?
    You can find a replacement copy of your 1099-R form by logging into myMOSERS. You will find it under Personal Information and available for you to print.
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  • Annual Leave

    Jul 1, 2020, 10:08 AM By MOSERS
    I was told when I retire, I will only be paid for 6 weeks vacation and anything over 6 weeks will be lost. Is this true? 

    The amount of vacation/annual leave that you can get paid for is determined by your agency, not by MOSERS. Limits on how much they will pay out may vary from one agency to another. The amount of your unused annual leave has no impact on your MOSERS retirement benefits.

    Your monthly retirement benefit from MOSERS will be based on your final average pay and your credited service (this can include unused sick leave). MOSERS converts each block of 168 hours of unused sick leave into one month of service credit to be used in your retirement benefit calculation. So, any usage of sick leave near your retirement date may affect previous benefit estimates you have received.

    We encourage you to check with your agency’s human resources office about your specific agency’s guidelines for annual and sick leave accrual and usage before retirement.

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  • Accessing Benefits Prior to Retirement

    Jun 25, 2020, 10:05 AM By MOSERS

    can you borrow money from your account prior to retirement and if so, how do you do this?

    Thank you for your question. You are not able to access your MOSERS defined benefit pension until retirement. However, if you no longer work in a MOSERS benefit-eligible position, and you are a member of MSEP 2011, you may be eligible to request a refund of your employee contributions. By taking a refund, you will lose all your credited service and future rights to receive pension and LTD benefits from MOSERS.

    The MO Deferred Comp 457 retirement savings plan permits in-service withdrawals from your account under the following circumstances; you experience a qualifying, unforeseeable emergency that causes extreme financial hardship, or if your account balance is $5,000 or less – you may elect a one-time, in-service distribution provided you have not made a contribution during the prior two-year period. Please visit www.modeferredcomp.org for more information or if you have any questions please call 800-392-0925. 

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  • The Impact of Reduced Salary on Benefits

    Jun 9, 2020, 10:17 AM By MOSERS
    Assuming someone is nearing retirement and their salary is at its highest point to date, would there be any difference between a salary reduction or a furlough in terms of how it impacts FAP or MOSERS benefits? And would it make a difference if furloughed employees were allowed to use FMLA or other accrued leave to cover furloughed days?

    The impact of a salary reduction or furlough/layoff without pay on retirement benefits depends on the employee’s individual pay history and their service credit relative to retirement eligibility. FAP refers to final average pay and it is one part of the 3-part formula used in calculating retirement benefits:

    FAP x Multiplier x Credited Service = Monthly pension benefit payment

    FAP is calculated from the employee’s highest 36-consecutive months of pay, not necessarily their last 36 months of pay. See some FAP calculation examples that illustrate the impact of a salary reduction or a furlough/layoff without pay on FAP and monthly pension benefits. A furlough/layoff without pay may also delay eligibility for retirement since the employee would not be earning service credit.

    You should discuss using annual leave or FMLA leave with your Human Resources staff. If you go on paid leave at your current salary or unpaid FMLA leave due to your own illness, it would have no impact on your pension benefits. Payment for unused annual leave, unused sick leave or any other one-time payouts are not considered pay for retirement purposes and are not included in an employee’s highest 36-consecutive months of pay.

    If you are close to retirement, we encourage you to contact a MOSERS benefit counselor to discuss your individual situation and options.

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  • Deductions From Monthly Benefit Payments

    May 19, 2020, 3:45 PM By MOSERS
    I would like particular deductions currently coming out of my paycheck to keep being deducted from my retirement benefit. Is this allowed? If yes, who do I contact to keep this continuing?

    If applicable, the following deductions may be withheld from your monthly benefit payment:

    • Missouri income tax as specified on your W-4P (tax withholding form)
    • Federal income tax as specified on your W-4P (Without this form, we are required to withhold federal taxes as if you are married claiming three allowances.)
    • MOSERS optional life insurance premium
    • Aflac insurance premium
    • Missouri Consolidated Health Care Plan (MCHCP) premium
    • Department of Conservation’s health and life insurance premium(s)
    • Miscellaneous deductions such as vision and dental insurance and Missouri State Employees Charitable Campaign (MSECC) contributions

    With Aflac and MSECC, you must contact those organizations directly, then they will send us a notice to withhold the appropriate deductions. Otherwise, whether you retire online, or on paper, we will provide you with the required forms for these deductions. Be sure to review our Retirement Guide, which explains why and how to complete various forms at retirement.

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  • MOSERS Covered Employers

    May 19, 2020, 9:50 AM By MOSERS
    Is there a list of employers that use Mosers? I am concerned my position my be eliminated and if it does I would like to find an employer that has Mosers. Thank you
    Thank you for your question, please review the full list of MOSERS covered employers.
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  • Unemployment Eligibility

    May 7, 2020, 4:46 PM By MOSERS
    I receive a small monthly early retirement but am still working. I may soon lose my job for a while due to covid 19. Will I be eligible for unemployment as I am receiving a small benefit. I couldn't find an answer to this question anywhere.

    We are sorry, but we can’t advise you on unemployment information or eligibility. We suggest that you reach out to your current employer or HR department for information and that you contact the Missouri Department of Labor and Industrial Relations with questions and to file for unemployment.

    We can provide you with benefit verification information if you need it for your unemployment claim. You can get it by contacting a MOSERS benefit counselor or by logging in to myMOSERS. Once logged in, click on Personal Information, then go to Benefit Verification. Once you indicate you want the benefit verification letter, go to Online Documents in the main menu, then click on Document Express from the drop-down menu. From there, you can print it or save it as a PDF.

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  • Annual Benefit Statements Delayed

    May 4, 2020, 9:24 AM By MOSERS
    When will the 2020 Annual Benefit Statement be available or did I miss it?
    In early March, we were able to get Annual Benefit Statements sent out to our members who work for the Department of Conservation or for a state university. Unfortunately, due to the pandemic, we had to postpone sending them to other members. However, we plan to start producing statements again late next week. All active members should receive their 2020 Annual Benefit Statements by mid-May. Please watch for an email from us letting you know you have something in your Document Express online mailbox.
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Disclaimer

We strive to provide the most accurate information possible in our answers to Rumor Central questions. However, occasionally, laws, policies or provisions change and individual circumstances may vary. Please contact a MOSERS benefit counselor or see the handbooks in our website Library for more detailed information. If there is any difference between the information provided in this blog or on the MOSERS website and the law or policies that govern MOSERS, the law and policies will prevail. See our Privacy, Security & Legal Notices for more information.