Counselor Connection For Retirees
Our benefit counselors are a vital resource to our members. We are fortunate to have them on our team, providing valuable information to individuals regarding their MOSERS benefits. It is our pleasure to have the opportunity to work with them every day!
Meet Jamie McGlade. Jamie is a senior benefit counselor and has been with MOSERS for almost 5 years. Through her experience working with retired members, she knows what information they need.
Jamie’s thoughts for retired members
In my time as a senior benefit counselor here at MOSERS, I’ve compiled some general information to aid our members after they’ve retired.
The most important thing you can do is keep your contact information up to date with MOSERS. Moving outside the state of Missouri can affect your state tax withholding, or you might miss important information if your address is not current. In some cases, not keeping your contact information up to date could cause a delay in your monthly benefit.
In addition to keeping MOSERS aware of these demographic changes, it is also imperative to inform us if you close the account where your monthly benefits are deposited. In order for MOSERS to redirect payment, you must complete a Direct Deposit Authorization form. This form is available for you to complete by logging in to myMOSERS from the MOSERS website.
It is important to periodically review how much life insurance coverage you have and the amount you need to cover your final expenses. Having too much insurance can be an unnecessary expense, but having too little can leave your survivors with a difficult situation upon your passing.
If you retired within 60 days of leaving state employment, you automatically get $5,000 in basic coverage at no cost to you. At retirement, you may have elected to keep some optional life insurance for which you pay the premiums. You can decrease the amount of this coverage at any time, but you cannot increase it once retired.
As part of reviewing your life insurance, you should also keep your beneficiaries up to date to ensure your wishes are met in the event of your death. If you have basic member coverage through The Standard Insurance Company, you and your family are automatically eligible for Travel Assistance. This service, provided by Assist America, includes help with trip planning, replacing lost travel documents, locating lost luggage, and identifying emergency medical or legal resources while you are away from home.
In Case Someone Else Needs to Help
For all retirees, I highly suggest completing two forms; the Designation of Agent form and the Authorization to Release Information form. Designating a trusted individual to help manage your MOSERS affairs in advance will make things
easier if the need arises.
Benefit Amount Changes
MOSERS will notify you anytime the amount of your net benefit payment changes (usually due to insurance premiums, taxes, COLAs, etc.). Please keep in mind that MOSERS will never contact you asking for personal information such as banking information or online login credentials.
If you receive the temporary benefit, be aware that this benefit ends at age 62, regardless of when you apply for Social Security benefits. Plan ahead for this change in income, so that you can arrange for other sources of income to meet your expenses.
If you return to work after retirement in a benefit-eligible position covered by MOSERS or the MoDOT and Patrol Employees’ Retirement System (MPERS), your monthly MOSERS pension payments will stop. Your benefit may increase if you work a full year in such a position.
When You Pass
The final tip I have is to create a folder for those who will take care of your affairs when you pass. This folder should contain important phone numbers and policy/account information for any institution or organization that you are associated with such as MOSERS, MCHCP, MO Deferred Comp, your bank, etc.