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  • How to Check Your Employee Contributions & Retirement Savings Account Balance

    Oct 25, 2024, 11:25 AM By MOSERS

    How do you check how much you have put into your retirement account?

    As a state employee, you may be participating in both the MOSERS defined-benefit pension and the supplemental retirement savings program through MO Deferred Comp. Since we are not sure which one you are referring to, we’ve addressed both below.

    Defined Benefit Pension:
    If you are in MSEP 2011 or the Judicial Plan 2011, you contribute 4% of your pay towards your future pension benefit. You can log in to myMOSERS to find your total employee contributions plus any interest. Once logged in, click on the Personal Information tab. Then, click on Contribution Calculator. Scroll all the way to the bottom for your accumulated balance. If you leave state employment, you may request a refund of your employee contributions. However, if you become vested (work for at least five years) and leave your contributions in place, you will be entitled to a future lifetime monthly pension benefit based on your total service and final average pay.

    MO Deferred Comp:
    To see how much you have saved for retirement with the MO Deferred Comp Plan, please log in to your deferred comp account. You can do so by visiting the MO Deferred Comp website or through the ESS Portal. Once you’re within your account, you can see how much you have personally contributed and the earnings you may have received from your investments. If you have questions, please reach out to your local deferred comp financial education professional or call their call center at (800) 392-0925.

    To access your account statement, log in to MO Deferred Comp’s Account Access and choose View Transaction History in the left menu under the My Account tab. Typically, around the 12th day of each calendar quarter, you will receive an eDelivery email notifying you that your account statement is available online. Follow the links within the email to view your statement. You can print a copy of your retirement plan account statement anytime from within Account Access.
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  • Accessing Funds Before Retirement

    Aug 8, 2024, 2:40 PM By MOSERS
    How do I turn in my notarized form to get my retirement funds early?

    As a state employee, you may be participating in both the MOSERS defined-benefit pension and the supplemental retirement savings program through MO Deferred Comp. Since we are not sure which one you are referring to, we’ve addressed both below.

    Defined Benefit Pension: You cannot access your MOSERS defined benefit pension until retirement. However, if you no longer work in a MOSERS benefit-eligible position and are a member of MSEP 2011, you may request a refund of your employee contributions. Please see our Employee Contributions brochure for more information. Use the Request for Refund of Employee Contributions - Member form, have it notarized and return it to MOSERS by mail, bring it into our office during normal business hours, or put it in our 24/7 drop box near the front of our building. Our address is on the top of the form.

    Missouri law requires MOSERS to pay your refund within an administratively reasonable period but no sooner than 90 days from the date your state employment ended.

    By taking a refund, you will lose all your credited service and future rights to receive pension and LTD benefits from MOSERS.

    MO Deferred Comp: If you are still employed with the state, you cannot access your MO Deferred Comp 457 retirement savings except for qualified unforeseen emergency withdrawals. However, upon separation of service and notification from your employer – either voluntary, by retirement, or otherwise – you may be eligible to withdraw money from your MO Deferred Comp Plan account.

    Visit the MO Deferred Comp website for more information, or if you have any questions, please call (800) 392-0925.

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  • New Employee Benefit Enrollment

    Mar 25, 2024, 2:35 PM By MOSERS
    I am a new employee and I have set up my retirement. I have received one paycheck so far and my question is, is it too late to make changes? Do I need to wait for open enrollment?

    As a new employee with the state of Missouri, you should have received instructions to enroll in SEBES, the Statewide Employee Benefit Enrollment System. Visit www.sebes.mo.gov and log in with your SEBES password before the deadline, which is 31 days from your hire date. After the deadline, you must contact the appropriate benefit provider(s) directly to determine eligibility.

    Once you are enrolled, you have access to a defined benefit pension, life insurance, and long-term disability benefits through MOSERS. We also have webinars available for new state employees who would like to learn more about their pension, life insurance, and long-term disability benefits. You can register via GoTo Webinar for a daytime webinar or evening webinar.

    In addition to these benefits, you are automatically enrolled in the MO Deferred Comp plan at the minimum of 1% contribution per pay period. Your contribution can be adjusted at any time and is made through automatic payroll deductions. If you choose to opt out of the deferred compensation plan's auto-enrollment, you must do so by adjusting your contribution to zero within 30 days of your hire date. Employees who opt out within this time frame will receive a refund of any contributions they made to their MO Deferred Comp account. Please visit www.modeferredcomp.org for more information, or if you have any questions, please call (800) 392-0925.
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  • Can I take a loan out of my retirement savings account?

    Feb 15, 2024, 4:00 PM By MOSERS
    I would like to know if there was a way to take a loan out of my retirement account.

    Your contributions to MOSERS defined benefit pension are not available for loans or partial withdrawals.  

    In addition, if you have an account with MO Deferred Comp, loans are not permitted. However, the MO Deferred Comp 457 retirement savings plan does permit 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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  • Can You Continue MO Deferred Comp Contributions in Retirement?

    Jan 5, 2024, 2:30 PM By MOSERS
    Can you continue to make payroll deducted contributions to a deferred comp account after retirement?

    No. Once you leave state employment – for retirement or any other reason – you can no longer make contributions to the MO Deferred Comp Plan. You can keep the money you saved throughout your career with the state in deferred comp after you separate from service. By doing so, you can continue to utilize all the unique features the plan has to offer, such as:

    • Access to MO Deferred Comp’s custom, low-cost investment options.
    • The ability to roll-in and consolidate retirement savings plans from previous employers.
    • Withdraw your 457 contributory source funds, penalty-free, after you leave state employment.
    • Enjoy easy and flexible withdrawals in retirement.
    • Individualized help from the plan’s financial education professionals.
     
    If you return to full-time or part-time state employment, you can once again contribute to the MO Deferred Comp Plan. In this case, your contributions will start again at what was previously on file with the plan.
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  • Accessing Funds Prior to Retirement

    May 11, 2021, 8:13 AM By MOSERS
    if needed could I pull funds out for down payment assistance?

    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. By law, there is a 90-day waiting period before we can issue a refund.

    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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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.