Tips From an Educator

Jun 27, 2024, 16:02 PM
Tips from an educator

Our educators are an essential resource for our members, and we are fortunate to have them on our team. They offer valuable knowledge and guidance to members regarding their MOSERS benefits and are committed to educating our members through seminars and webinars statewide.

Meet Lisa Campbell, who started with MOSERS as a full-time benefit counselor and part-time educator before transitioning to a full-time educator role. Lisa currently holds the position of education outreach coordinator and has been educating members for more than seven years. Having worked with retired members, she knows what critical information they need to be aware of.

Lisa’s tips for retired members

“My experience as a benefit counselor and an educator has allowed me to work closely with our members over the years. I’ve put together some important things to keep in mind after retirement.”

Update Your Contact Information

It is important to keep your contact information up to date. If you move out of state, get married, change your name, or close or change bank accounts, what is the likelihood that you will receive your benefit payment in a timely manner? It is crucial to keep your contact information up to date if you want to continue receiving your monthly benefit.

Remember that you must complete a Direct Deposit Authorization form for MOSERS to redirect payment to a new bank account. This form is available by logging in to myMOSERS.

Prepare for the Unexpected

I highly recommend that you create a “When I Pass” folder for those taking care of your affairs in the event of your death. This folder should contain important documentation, including phone numbers and policy or account information for your benefit providers and financial institutions, such as MOSERS, MO Deferred Comp, MCHCP, bank accounts, or any life insurance policies you may own. You can find all this information in your Annual Benefit Statement from MOSERS in your Document Express online mailbox.

For all retirees, I suggest completing both the Designation of Agent and the Authorization to Release Information forms. The Designation of Agent form allows you to appoint an agent or successor agent to manage your MOSERS benefits if you become incapacitated. If no Designation of Agent form is on file, the law will dictate who can make decisions on your behalf. Designating a trusted individual to help manage your MOSERS affairs in advance will make things easier should the need arise.

We treat all member documents and personal information as confidential and will not share it without your approval (except as required by law). If you want us to share or discuss any of your benefit information with anyone else, you must complete and submit the Authorization to Release Information form. It can be set to automatically revoke after 90 days or remain in place for your lifetime.

Be Aware of Benefit Amount Changes

If you are a member of MSEP 2000 or MSEP 2011 and retired under the “Rule of 80/90,” you receive the temporary benefit until age 62. The temporary benefit ends at age 62. Plan ahead for this change in income. MOSERS will notify you anytime the amount of your benefit payment changes due to insurance premiums, taxes, COLAs, or when your temporary benefit ends.

Review & Update Your Beneficiaries

If you have carried life insurance from MOSERS into retirement, it is important to periodically review and update your life insurance beneficiaries to ensure that your wishes are carried out in the event of your death. If a life event occurs in retirement, such as a marriage, divorce, or loss of a family member, please notify MOSERS and update your beneficiary information accordingly.

Are you considering reemployment options?

Keep in mind that if you return to work for the state of Missouri in a MOSERS or MPERS benefit-eligible position, your monthly pension payment will stop. Depending on various factors (your plan, how long you work, etc.), you may or may not earn additional credited service during reemployment. When you return to retirement status, your monthly pension payment will equal the amount you were receiving when you returned to work (minus the temporary benefit if you have aged out), plus any additional benefit you may have earned during reemployment.

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