Ready to Retire?

May 10, 2019, 11:02 AM

Here's what you need to know:

  • To receive your pension, you must be vested and meet the age requirement. The Summary of Pension Benefit Provisions has all the details. 
  • Your retirement benefit through MOSERS is a “defined benefit pension plan”. It is based on a formula and we will pay you every month in retirement for the rest of your life. The formula for general state employees is:

Final Average Pay (FAP) x Credited Service x Multiplier = Monthly Base Benefit

For example, we would calculate the monthly retirement benefits for an MSEP 2000 member who has a final average pay of $3,000 per month and has 25 years of service with the state like this:

$3,000 x 25 x .017 = $1,275

  • You can create a benefit estimate by logging in to your member homepage or you can contact us to make an appointment to meet with a MOSERS benefit counselor who can provide you with a benefit estimate.
  • Payments are not automatic. You must apply and complete the retirement process before we can begin making payments. The Ready to Retire page will guide your through the process.
  • Your retirement date will be the first day of the month in which your payments begin.
  • Pension paydays are on the last working day of the month.
  • Annual cost-of-living adjustments will be determined by your retirement plan.
  • Any long-term disability benefits end when you are eligible for normal retirement.
  • You may be able to keep some of your MOSERS life insurance in retirement.

More Information

Retire Online Video

Destination Retirement Checklist

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