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Pension Plan FundingFeb 20, 2020, 11:32 AM By MOSERS
What percent is the pension plan currently funded at for new employees. Is there a concern to be had that it's not fully funded?
MOSERS is 62.9% funded, as of June 30, 2019, with regard to pension plan benefits for members of MSEP, MSEP 2000, and MSEP 2011. That means MOSERS currently has 62.9% of the assets needed to pay all current and future pension benefits for members in these plans.
The state of Missouri, as the employer, has demonstrated its commitment to providing pension benefits by consistently paying the full amount of employer contributions as determined by the independent actuary and certified by the MOSERS Board. This commitment to funding is key to the long-term sustainability of the System. See our funding pages and Key Facts flyer for more information.
80 & OutFeb 20, 2020, 10:53 AM By MOSERSI will reach my 80 and out at age 52. Is there any penalties for retirement before age 55 once i meet the 80 and out requirements. I will have 27 years of service at 52.
No, there are no IRS tax penalties for taking your MOSERS monthly pension benefit prior to age 55.
If you are eligible for and elect BackDROP, you have three options for your BackDROP lump-sum payment. Before you make any decisions, we strongly recommend that you read the Special Tax Notice to ensure you understand the tax implications of your choice. We also encourage you to consult a tax professional. If you’d like to learn more about the tax advantages of rolling the lump sum over to a qualified employer plan, like MO Deferred Comp, read Thinking About the BackDROP?
- Cash Option: This is either one lump-sum payment at retirement or three annual installments. From any amounts paid in cash, we will deduct 20% for federal income tax (as required by the IRS) and any Missouri state income tax withholding you choose. You will be responsible for any IRS early withdrawal penalties that may apply. If you terminate service before the year you reach age 55, there will be a 10% early withdrawal penalty on any payments not rolled over, unless you meet another exception to the penalty. See the Special Tax Notice brochure for more information.
- Rollover Option: We will send your tax-deferred distribution directly to a qualified employer plan.
- Combination Cash & Rollover Option: You can take a portion of the lump sum in cash (less 20% for federal income tax, as required by the IRS, and any Missouri state income tax you choose to have withheld) and roll the rest over to a qualified employer plan. You will be responsible for any IRS early withdrawal penalties that may apply.
On another note, unless you have plans for medical coverage elsewhere, you may want to consider the cost of medical insurance in the timing of your retirement. The cost of medical insurance is significantly higher for retirees than it is for active state employees. Contact your medical insurance provider for coverage and premium options. For most state employees, that is Missouri Consolidated Health Care Plan (MCHCP). If you are employed at a college, university, or the Department of Conservation, contact your human resources/employee benefits office.
Employee ContributionsFeb 20, 2020, 8:59 AM By MOSERS
If I leave the state after 5 years of employment and take the refund option do I get the amount shown on my end of year paystub or do I get the amount yearly that is shown on my W2. Example: W2 for 2019 shows retire contribution of 1800.99 but pay stub shows retire 2011 plan at 9,421.30 for year to date. Which one is the refund amount?
We are unable to see members’ paystubs or W-2 information so we can’t speak definitively to that information. (And keep in mind that your W-2 for 2019 would include only those contributions you made in 2019.) However, you can log in to myMOSERS and find your total employee contributions plus any interest. Once logged in to your Member Homepage, click on the Personal Information tab. Then, click on Contribution Calculator. Scroll all the way to the bottom for your accumulated balance. This would be your refund amount. Please see our Employee Contributions brochure (2011 Plan) for more information. If you are unable to log in, you may contact a MOSERS benefit counselor for your balance.
PreRetirement EnrollmentFeb 19, 2020, 12:00 AM By MOSERSWhen will the enrollment for the April 2021 and May 2021 pre-retirement seminars become available?
Average Years of ServiceFeb 19, 2020, 12:00 AM By MOSERSThe Director of the Missouri Corrections Department has made a statement in meetings and made the statement nobody will retire from Department of Corrections with more than 20 years experience in the Department, it cost the state to much money. I am beginning to believe this statement is true. There has been high ranking, senior experience staff being terminated without cause. Is this fair? In fact a Division Director within the Department was just recently terminated. Is this legal?
We are not a part of employment decisions at individual departments; therefore, we cannot comment on those decisions. However, you may be interested to know that in FY19, the average amount of service for new retirees from the Department of Corrections was 21.87 years, which is similar to the average service of retirees from most other departments.
MOSERS-covered employers, including the State of Missouri, have demonstrated their commitment to providing pension benefits by consistently paying the full amount of employer contributions as determined by the independent actuary and certified by the MOSERS Board. This commitment to funding is key to the long-term sustainability of the System.
1099-R Forms Have Been MailedFeb 7, 2020, 8:26 AM By MOSERS
When will 2020 Tax Forms come out or I can get it online?
1099-R forms have been mailed! For immediate access to your 1099-R, or if you find you need a replacement copy of it, log in to myMOSERS. You will find your 1099-R under Personal Information and available for you to print.
Termination & Retirement BenefitsFeb 6, 2020, 1:54 PM By MOSERS
If you get fired for Urine test THC and your vested with 11 years and 7 months do you get your pension or can you get a pay out. Please let me know
If you are vested and leave state employment, you are eligible for a future pension benefit from MOSERS. Once you reach retirement age and complete the retirement process, you will receive a monthly pension payment for your lifetime. However, if you have been convicted of a felony in connection with your duties as a state employee, you would forfeit your retirement benefits. You can find more information about the disqualification of retirement benefits on page 7 of the General Employees' Retirement Handbook (MSEP & MSEP 2000).
There is no payout available for members of MSEP or MSEP 2000 since they don’t contribute 4% of pay to MOSERS. However, if you are a member of the MSEP 2011 or Judicial Plan 2011 and get fired, you may request a refund of your member contributions, including interest credited to your account. By taking a refund, you would forfeit your rights to any future retirement benefits.
2020 COLA DeterminedFeb 5, 2020, 3:15 PM By MOSERSWHEN WILL WE KNOW WHAT THE COLA FOR 2020 WILL BE (RETIREE)
The cost-of-living adjustment (COLA) for 2020 is 1.450%. This applies to:All retired members of MSEP 2000 and MSEP 2011MSEP retirees who have reached their 65% COLA cap
MSEP retirees first employed on or after August 28th, 1997Please see the COLA page on our website for additional information.
myMOSERS Secure Member PortalJan 29, 2020, 11:10 AM By MOSERSWhy don’t you put a logout option on every page of your website or a header that gives you that option? I have concerns that my info could be hacked within 15 minutes of me just quitting typing. Thank you.
Thank you for your feedback. It is important to differentiate between the MOSERS public website and myMOSERS. When you are on the public MOSERS site you are not logged in and none of your personal information can be accessed. However, when logging in to myMOSERS, the secure member portal, you will find that there is a logout button in the top right-hand corner of every page within that portal. There are links, that when clicked on, will open a new browser tab to the public MOSERS site, however, this does not compromise your secure myMOSERS login tab, as they are separate. You will still be able to access the open myMOSERS tab as long as it is within the 15 minute automatic logout period. We value our members’ security and always strive to provide a user-friendly, protected, online experience. Thank you again for your concern.
Medical Premiums for Retired MembersJan 28, 2020, 8:07 AM By MOSERS
Many employees are staying active employees due to the expense of insurance premiums. Is there any possibility that a vested active 61-year-old employee with 12 years of service could retire and keep their insurance and only pay the current active status rate until they reach 65? Could this be something that could be explored for those that are within 5 years of Social Security?
Thank you for your suggestion. Since your question relates to medical insurance, please contact your medical insurance provider. For most state employees, that is Missouri Consolidated Health Care Plan (MCHCP). If you are employed at a college, university, or the Department of Conservation, contact your human resources/employee benefits office. As a reminder, at MOSERS, we administer retirement, life insurance, and long-term disability benefits, but not medical insurance. We cannot respond to questions about benefits we don’t administer.
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We strive to provide the most accurate information possible in our answers to Rumor Central questions. However, occasionally, laws, policies or provisions change and individual circumstances may vary. Please contact a MOSERS benefit counselor or see the handbooks in our website Library for more detailed information. If there is any difference between the information provided in this blog or on the MOSERS website and the law or policies that govern MOSERS, the law and policies will prevail. See our Privacy, Security,& Legal Notices for more information.