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  • Resume Waived Benefits

    Jul 27, 2020, 3:46 PM By MOSERS
    I took early retirement a couple of years ago. Can I stop my retirement now and resume at full retirement age?

    A retired member may waive receipt of their benefits. Once the benefit is waived, it can be resumed at any time, however, the calculation of the benefit will not change. Any reductions (such as a reduction due to early retirement) will remain in force once the benefit resumes. If a member retires and returns to work in a benefit-eligible* position, their monthly retirement payment will stop as soon as we are notified that they are re-employed. Once they have worked for at least 12 continuous months in their new benefit-eligible position, they will begin accruing a separate retirement benefit. Once they re-retire, their previous benefit will restart and their new benefit (based on their new service and salary) will be calculated and their benefit payments (old benefit plus new benefit) will resume. 

    We encourage you to contact one of our benefit counselors to fully explore the circumstances applicable to stopping and restarting retirement benefits.

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    (800) 827-1063 toll-free
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    (573) 632-6103 fax

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  • Emergency Withdrawals Due to COVID-19

    Jul 17, 2020, 10:03 AM By MOSERS
    Question 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

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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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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.