MSEP

In general, if you were employed in a benefit-eligible position prior to July 1, 2000 and remained employed until vested in MSEP, then you are a member of MSEP. At retirement, you may elect to retire under MSEP or MSEP 2000.
Vesting
5 years of service in a benefit-eligible position
Employee Contributions
None
Early Retirement Eligibility
Reduced Benefit
Age 55 with 10 years of service - base benefit reduced 1/2 of 1% (.005) for each month your age is younger than normal retirement
Normal Retirement Eligibility
Full/Unreduced Benefit
Age 65 with 5 years of service or
Age 60 with 15 years of service or
At least age 48 with the sum of your age and years of service equaling 80 or more (Rule of 80)
Base Benefit Formula
Final Average Pay x Multiplier (.016)  x Credited Service = Monthly Base Benefit
Temporary Benefit
Not available
BackDROP
You must work at least 2 years beyond normal retirement eligibility to be eligible. At retirement, you will make BackDROP elections.
Cost-of-Living Adjustment (COLA)

If you were employed before August 28, 1997, you will receive 4-5% each year until you reach the 65% COLA cap. After reaching the cap, your COLA will be based on 80% of the percentage increase in the average CPI (0-5%).
If you were employed on or after August 28, 1997, your COLA will be based on 80% of the percentage increase in the average CPI (0-5%).

Vesting
3 full biennial assemblies (6 years of service)
Employee Contributions
None
Early Retirement Eligibility
Reduced Benefit
Not available
Normal Retirement Eligibility
Full/Unreduced Benefit
Age 55 with 3 full biennial assemblies or
At least age 48 with the sum of your age and years of service equaling 80 or more (Rule of 80)
Base Benefit Formula
Biennial Assemblies x $150 = Monthly Base Benefit
Temporary Benefit
Not available
BackDROP
Not available
Cost-of-Living Adjustment (COLA)
If you were sworn in before August 28, 1997, you will receive 4-5% each year until you reach the 65% COLA cap. After reaching the cap, your COLA will be based on 80% of the percentage increase in the average CPI (0-5%).
If you were sworn in on or after August 28, 1997, your COLA will be based on 80% of the percentage increase in the average CPI (0-5%).
Vesting
1 term (4 years of service)
Employee Contributions
None
Early Retirement Eligibility
Reduced Benefit
Age 55 with 10 years of service - base benefit reduced 1/2 of 1% (.005) for each month your age is younger than normal retirement
Normal Retirement Eligibility
Full/Unreduced Benefit

Age 60 with 15 years of service or
Age 65 with at least one four-year term or

At least age 50 with the sum of your age and years of service equaling 80 or more (Rule of 80)

Base Benefit Formula
If you have less than 12 years of service: Final Average Pay x Multiplier (.016) x Credited Service = Monthly Base Benefit
If you have 12 or more years of service: Monthly Statutory Comp x .50 = Monthly Base Benefit
Temporary Benefit
Not available
BackDROP
Not available
Cost-of-Living Adjustment (COLA)
If you were sworn in before August 28, 1997, you will receive 4-5% each year until you reach the 65% COLA cap. After reaching the cap, your COLA will be based on 80% of the percentage increase in the average CPI (0-5%).
If you were sworn in on or after August 28, 1997, your COLA will be based on 80% of the percentage increase in the average CPI (0-5%).