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Normal Retirement Eligibility Requirements
Oct 20, 2021, 2:17 PM By MOSERSAn employee where I work is 61 and has worked for the state for 12 years. For whatever reason, they decided to take early retirement November 1. They are telling everyone they are eligible to retire November 1 with their "80 and out." How is this possible if their age and years of service only add up to 73? Wouldn't they be taking a big cut in their retirement benefits by retiring now?It is possible this employee may have prior state service or may have purchased or transferred service in order to meet the requirements for “80 and Out” or they may be misstating or misunderstanding the terminology. Also, it is important to remember that, in order to retire, members are not required to have age and service equal 80 (or 90 for MSEP 2011) if they meet another set of age and service requirements first. If you or your co-workers have any additional questions about retirement eligibility, see the requirements and click on the plan information below or contact a MOSERS benefit counselor.
NORMAL (UNREDUCED) RETIREMENT ELIGIBILITY REQUIREMENTS:
- Age 65 + 5 years of service or
- Age 60 + 15 years of service or
- “Rule of 80” – (at least age 48) when age + years of service = 80 or more
- Age 62 + 5 years of service or
- “Rule of 80” – (at least age 48) when age + years of service = 80 or more
- Age 67 + 5 years of service or
- “Rule of 90” – (at least age 55) when age + years of service = 90 or more at time of termination
EARLY (REDUCED) RETIREMENT ELIGIBILITY REQUIREMENTS:
If you elect early retirement, your base benefit will be reduced by one-half of one percent (0.005) for each month your age at early retirement is younger than your normal retirement age.
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
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Early vs. Normal Retirement
Jul 9, 2021, 11:20 AM By MOSERSI am a member of MSEP 20011. I am currently 60 years old with 9 years of service time. If I leave state employment this year at what age would I be able to start my pension payments? 62? 65? or 67?If you leave state employment this year at age 60 years, 9 months, you will be required to wait and draw your benefit at age 67. In order to be eligible for early retirement, you must reach age 62 prior to leaving state employment. Please note that taking early retirement will reduce your base benefit by ½ of 1% (.005) for each month your age is younger than normal retirement age. Your normal retirement age would be at 67. You can find more information in the MSEP 2011 Handbook.
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Early Retirement
May 27, 2021, 11:14 AM By MOSERSI am just curious if I wanted to retire early are you offering anyone an early out. Just wondering here that is all. I can retire in March of 2022, so it will be here before you know it if I elect to go that route, I may have to do a backdrop. Thanks for your assistance in this matter.
Early retirement is an existing option available to most MOSERS members (but not available to legislators or statewide elected officials). As a general state employee, 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.
We are not aware of any proposed early retirement incentives for state employees. Any such incentive would require legislative authorization. There were no early retirement incentives that passed during the recent regular legislative session that ended on May 14, 2021. Anytime the Missouri General Assembly is in session, you can follow any bills affecting MOSERS on our Legislation page.
View Pension Plans on our website for more information including details on normal (unreduced) and early (reduced) retirement eligibility for MSEP, MSEP 2000, and MSEP 2011.
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Early Retirement Incentive Due to COVID-19
Oct 5, 2020, 3:11 PM By MOSERSIs he Governor considering an Early Retirement package/incentive for State Employees that might help with the state budget in the long run due to COVID19?We are not aware of any proposed early retirement incentives for state employees. Any such incentive would require legislative authorization. There were no early retirement incentives that passed during the recent regular legislative session, which ended May 15, nor during the special session this past summer. Anytime the Missouri General Assembly is in session, you can follow any bills affecting MOSERS on our Legislation page. The General Assembly will meet again for their next regular session beginning in January 2021.
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Reduced Benefit
Mar 17, 2020, 4:16 PM By MOSERSI am in MSEP11 and have vested. I may leave service at 65, but not retire until my normal retire age of 67. Will I still receive a reduced benefit?
No, your benefit will not be subject to reduction if you are vested, leave service, then retire at age 67. (The reduction you are referring to is for “early retirement” and is a reduction of ½ of 1% (.005) off your base benefit for each month your age is younger than normal retirement.)
However, if you continue working until you are 67, then your benefit would ultimately be higher because you would have more service. When you apply for retirement, your base benefit will be calculated using a formula that takes into account your final average pay and your credited service. For a more in-depth look at which option may be best for you, we encourage you to use our Comparison Calculator to compare various scenarios over time or contact one of our benefit counselors.
Benefit counselors are available:
Monday - Friday
8:00 am - 12:00 pm
1:00 pm - 4:30 pmContact Us:
(800) 827-1063 toll-free
(573) 632-6100 in Jefferson City
Topics
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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.