Benefit Formula Breakdown
If you are a general state employee (including college and university employees), when you apply for retirement, your monthly base benefit* is calculated using a formula, as defined by law, that takes into account the following factors:
- Final Average Pay (FAP) – The average of your highest 36 consecutive months of compensation
- Multiplier – The multiplier established by the legislature (1.6% or 0.016 for MSEP; 1.7% or 0.017 for MSEP 2000 and MSEP 2011)
- Credited Service – Your years and months of credited service earned, purchased, or transferred, and unused sick leave (if applicable)
* Base benefit is the amount before any reductions, taxes, or other deductions.
Examples - Using the multiplier for MSEP 2000 or MSEP 2011 retirees:
$3,000 (FAP) x 0.017 (Multiplier) x 15 years (Credited Service) = $765 monthly base benefit
$3,500 (FAP) x 0.017 (Multiplier) x 17.5 years (Credited Service) = $1,041.25 monthly base benefit
$4,000 (FAP) x 0.017 (Multiplier) x 30 years (Credited Service) = $2,040 monthly base benefit
$_____ (FAP) x ____ (Multiplier) x ____ years (Credited Service) = $_______ monthly base benefit
You can log in to myMOSERS to generate a benefit estimate or contact a MOSERS benefit counselor.
Income in Retirement
Most experts say retirees will need 70 -100% of their pre-retirement income depending on their individual goals and circumstances. In retirement, your income may come from several sources. Use the table below to add up what you will have coming in each month. How does it compare to what you expect to be earning right before you retire?
|Social Security Retirement Benefits||$|
|MOSERS Pension Benefits||+$|
|MO Deferred Comp Distributions||+$|
|Other Savings, Investment Income, Other Sources||+$|
|Potential Income from other Employment||+$|