MSEP 2000

In general, if you were employed in a benefit-eligible position on or after July 1, 2000 but prior to January 1, 2011, you are a member of MSEP 2000.

Vesting
5 years of service in a benefit-eligible position
Employee Contributions
None
Early Retirement Eligibility
Reduced Benefit
Age 57 with 5 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 62 with 5 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 (0.17) x Credited Service = Monthly Base Benefit
Temporary Benefit
Final Average Pay x Multiplier (.008) x Credited Service = Monthly Temporary Benefit. The Temporary Benefit stops at age 62.
BackDROP
You must work at least 2 years beyond normal retirement eligibility to be eligible for BackDROP. At retirement, you will make BackDROP elections.
Cost-of-Living Adjustment (COLA)
You will get an annual COLA in retirement 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 50 with the sum of your age and years of service equaling 80 or more (Rule of 80)
Base Benefit Formula
(Active Pay ÷ 24) x Service = Monthly Base Benefit
Temporary Benefit
Not available
BackDROP
Not available
Cost-of-Living Adjustment (COLA)
MOSERS will adjust your benefit based on increases in pay for an active legislator. No other COLAs will be applied.
Vesting
1 full term (4 years of service)
Employee Contributions
None
Early Retirement Eligibility
Reduced Benefit
Not available
Normal Retirement Eligibility
Full/Unreduced Benefit
Age 55 with 4 years of service 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
(Active pay ÷ 24) x Service = Monthly Base Benefit
Temporary Benefit
Not available
BackDROP
Not available
Cost-of-Living Adjustment (COLA)
MOSERS will adjust your benefit based on increases in pay for an active member. No other COLAs will be applied.