Hearing Rumors? Not sure your co-worker has it right?
Rumor Central has the answers! Submit your question or just browse our blog to separate facts from fiction.
Subscribe to Rumor Central
Subscribe to receive a monthly email that includes answers to recent Rumor Central questions.
Log in to myMOSERS. Click on Personal Information, then on Email Options. Check the box next to Rumor Central.
Normal Retirement Eligibility RequirementsOct 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
Early vs. Normal RetirementJul 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.
Early RetirementMay 27, 2021, 11:14 AM By MOSERS
I 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.
Early Retirement Incentive Due to COVID-19Oct 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.
Early Retirement IncentivesJul 28, 2020, 9:23 AM By MOSERSI plan on retiring first of the year. If the legislature meets in January and approves an incentive to get state employees to take early retirement, would I just miss out or would any offers customarily be retroactive to the start of the legislative session - January?
As you are aware, a retirement incentive would require legislative authorization. The specific provisions of any such proposed legislation would determine timeframes and who would be eligible. We are not aware of any such proposals. You can follow any bills affecting MOSERS on our Legislation page.
Emergency Withdrawals Due to COVID-19Jul 17, 2020, 10:03 AM By MOSERSQuestion about early access to retirement funds base on emergence COVIN-19 policy.
You cannot access your pension from MOSERS until you are eligible for retirement. However, if you have money in the MO Deferred Comp 457 retirement savings plan, in-service withdrawals from your account are permitted 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 https://www.modeferredcomp.org for more information or, if you have any questions, please call (800) 392-0925.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a new in-service distribution type from a plan or IRA called a “coronavirus-related distribution” (CRD). To be eligible for CRD treatment, the distribution must be made to an individual who is diagnosed with the disease, has a spouse or dependent who is diagnosed, or has experienced adverse financial consequences as a result of the disease. Employees may self-certify eligibility. More info on the CARES act, qualifications and provisions can be found here: https://www.modeferredcomp.org/news/2020-caresact.html
Retirement IncentivesJul 15, 2020, 8:50 AM By MOSERSEarly retirement incentives with budget cutbacks......we have heard two rumors: possible paying of retirees insurance and possible 70 and out instead of 80 and out??
Any retirement incentive, such as paying retiree medical insurance or changing retirement eligibility rules, would require legislative authorization. There were no retirement incentives that passed during the recent legislative session, which ended May 15. Any time the Missouri General Assembly is in session, you can follow any bills affecting MOSERS on our Legislation page.
If the Governor were to call a special session of the General Assembly, we will post that information on our website. Otherwise, the General Assembly will meet again in January 2021.
Early RetirementJul 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:
Age 55 with 10 years of service
Age 57 with 5 years of service
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.
Reduced BenefitMar 17, 2020, 4:16 PM By MOSERS
I 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 pm
(800) 827-1063 toll-free
(573) 632-6100 in Jefferson City
- 1099-R (13)
- Annual Leave (3)
- BackDrop (14)
- Board of Trustees (1)
- Buyout (2)
- COLA (12)
- Credited Service (6)
- Death (2)
- Deferred Compensation (2)
- Divorce (2)
- Early Retirement (9)
- Education (4)
- Employee Contributions (14)
- Final Average Pay (7)
- Former State Employee (5)
- Funding (6)
- Leaving State Employment (17)
- Legislation (5)
- Life Insurance (12)
- Long-term Disability (2)
- Medical Insurance (5)
- Military Service (4)
- MSEP (6)
- MSEP 2000 (6)
- MSEP 2011 (10)
- Normal Retirement (26)
- Payday (5)
- Re-employment (11)
- Retirement Process (8)
- Rule of 80 (10)
- Sick Leave (6)
- Taxes (30)
- Temporary Benefit (2)
- Termination (6)
- Travel Assistance (1)
- Universities (1)
- Vesting (4)
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.