We appreciate all the work that you do for your employees and know that your time is valuable! We want to remind you how important it is to submit termination forms on time. We are unable to properly calculate a member’s Final Average Pay (FAP), which is used in calculating retirement benefits, without an accurate termination date. Submitting the termination form late stalls the retirement process for your employees and can delay retirement benefits. Additionally, we need the accurate and timely submission of termination forms to relay time-sensitive information to members regarding their MOSERS benefits. Submitting these forms late also impacts members in the following ways:

• Terminated members have 60 days to purchase portable group life insurance or convert their life insurance coverage to an individual policy if they wish to retain it. The termination form prompts us to notify members of their option to do so. Submitting the termination form late could deny the member the opportunity to continue this coverage.
• Members with life insurance coverage through MOSERS’ group policy who are eligible to retire may retain coverage as a retiree if they retire within 60 days of termination. Delayed submission of the termination form may complicate a member’s ability to retain coverage as a retiree.
• MSEP 2011 members may request a refund of employee retirement contributions. These contributions can only be paid 90 days after the date of termination, or 90 days after the member’s request is received, whichever is later. MOSERS notifies members of their eligibility to request this refund after we receive the termination form. Submitting the termination form late delays this notice and can delay payment of refunds to members.

Thank you for your continued support in making these processes smooth and efficient for you and your employees.