HR Update is a way for MOSERS to communicate benefit news and updates with human resource and payroll representatives. Check back often and sign up to receive our emails. 

Retirement Eligible Pay

Nov 16, 2021, 08:28 AM by MOSERS

Pay is a key component to the calculation of an employee’s future pension benefit. Part of the pension benefit formula takes into account an employee’s “final average pay,” which is the average of an employee’s highest consecutive 36 months of pay.

We rely on you, the employer, to report the pay of your covered employees to MOSERS in order to calculate pension benefits accurately.

While pay includes all salary and wages for personal services performed for a department, it excludes nonrecurring single-sum payments as well as payments for unused annual leave or sick leave. 

Examples of payments that are excluded from reporting to MOSERS include allowances and reimbursements for items such as phones, meals, uniforms, mileage or commuting, education or tuition, and housing or moving expenses.

For the convenience of our SAM II employers, the following is a comprehensive list of pay events and their associated codes that are excluded from reporting to MOSERS: 


Topics


Archive