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Oct 21, 2020, 1:57 PM By MOSERSWhat is the difference between taking a 5 year vs. a 4 year backdrop? Do you wait one year after you retire for the 4 year backdrop?
When we calculate your monthly benefit we use your final average pay (FAP) and credited service as of your BackDROP date. This is where the difference between 4 and 5 years would come into play. The 5-year milestone significance is that it is the longest BackDROP period allowed by the state statutes. It is likely that your monthly payments will be lower if you take BackDROP than they would be without BackDROP. You may be able to increase your monthly payment by not electing BackDROP or by electing a BackDROP period of 4 years rather than 5. On the other hand, if you elect a 4-year (or shorter) BackDROP period, you should expect that your lump-sum amount will go down. A MOSERS benefit counselor can provide you with estimates for all your options.
If you elect BackDROP, we will issue your lump-sum payment on the same day as your first monthly benefit payment.
Oct 7, 2020, 4:19 PM By MOSERSIs there a way to purchase 48 months of military time, where Mosers deducts the purchase amount from the Back Drop total. ???
No. You must complete any purchase of military service prior to applying for retirement. BackDROP funds are distributed after retirement. However, if you have money in your MO Deferred Comp account, as a member of MSEP, you can use those funds to purchase prior military service (exception: Roth 457 assets cannot be used to purchase service credit). You can view our Purchasing and Transferring Service Credit brochure (MSEP & MSEP 2000) for more information. If you have additional questions, feel free to contact a MOSERS benefit counselor or contact MO Deferred Comp.
Oct 6, 2020, 8:46 AM By MOSERSHi, If I choose not to receive drop back may I in the future draw money from drop back? Thank you.
No. If you retire and do not elect BackDROP, you will get your ongoing monthly benefit but there is no option for a BackDROP lump-sum payment in the future once you have retired.
You may continue working longer than 5 years beyond your normal retirement date if you wish, and still have the option of electing BackDROP at retirement.
Once eligible (members of MSEP and MSEP 2000 who work at least two years past their normal retirement eligibility date may elect BackDROP), you will make your decision about whether or not to elect BackDROP during the retirement process on your Election Form.
Oct 5, 2020, 3:11 PM By MOSERSIs he Governor considering an Early Retirement package/incentive for State Employees that might help with the state budget in the long run due to COVID19?
We are not aware of any proposed early retirement incentives for state employees. Any such incentive would require legislative authorization. There were no early retirement incentives that passed during the recent regular legislative session, which ended May 15, nor during the special session this past summer. Anytime the Missouri General Assembly is in session, you can follow any bills affecting MOSERS on our Legislation page. The General Assembly will meet again for their next regular session beginning in January 2021.
Sep 24, 2020, 4:16 PM By MOSERS
How do I go about getting life insurance on my son? thanksYou may purchase $10,000 in optional life insurance coverage on each of your eligible children. You can do this by logging in to myMOSERS and completing the Enrollment/Change-Optional Life Insurance form to add coverage for your child(ren). Please see the Life Insurance page on our website for more information.
Sep 14, 2020, 4:34 PM By MOSERSWe're we able to use the 1099r form for 2018 taxes as well for 2019? What. If I never received a 1099R at allNo, you are not able to use a 1099-R from 2018 for 2019. A new 1099-R is issued each year and mailed before January 31st. If you did not receive yours in the mail then you can access an electronic copy of your 1099-R by simply logging in to myMOSERS to your MOSERS Member Homepage and you will find it listed under Personal Information. You can also call our office to have a duplicate copy mailed to you.
Aug 24, 2020, 11:58 AM By MOSERSA long time ago I signed up to receive an email notification when Rumor Central was updated and it worked great. After you all redesigned Moser's website, I very rarely receive an email. Once in a while I will get an email telling me Rumor Central has been updated, but not for every update. Is this a programing error or do you no longer send out an email every time Rumor Central is updated? I liked the notification email so I didn't have to check for updates every time I was on the computer.
Thank you so much for your interest in Rumor Central and in notifications, in particular! Usually, the busiest time for Rumor Central is January through May during the legislative session. Summer months tend to be somewhat slow for Rumor Central questions. This year, perhaps due to the pandemic and people working from home, it seems to be even slower. However, I expect that we will start getting more questions once the session begins again.
You are correct. We used to send updates once each week or every other week. However, in August, since we had just two questions, we did not send an update to subscribers. Going forward, our intention is to send an email update, at minimum, once a month on the third Friday of each month. We will send them more often if we get several questions.
Aug 10, 2020, 5:48 PM By MOSERS
Next year I'll be five years into my backdrop. I'm hearing that if you work past that you'll actually lose money. True? What's the particular significance of the five-year milestone? Thank you!
The amount of a BackDROP lump sum could decrease if you were eligible to retire before age 62 but worked beyond age 62 and retired under MSEP 2000. This is due to a provision in MSEP 2000 called the Temporary Benefit. The Temporary Benefit is an amount paid to you in addition to your Base Benefit but the Temporary Benefit ends at age 62. The 5-year milestone significance is that it is the longest BackDROP period allowed by the state statutes.
Since your BackDROP lump-sum amount is 90% of what you would have received if you had been retired during the BackDROP period, it can max out at age 62 under the MSEP 2000 and begin decreasing if you work beyond age 62 (and retire under MSEP 2000).
The Temporary Benefit is not available to those who retire under MSEP, so your MSEP BackDROP lump-sum amount will not decrease if your work beyond age 62 and retire under MSEP.
You are not required to take BackDROP, regardless of how long you work beyond normal retirement eligibility, and you don’t have to notify MOSERS of any decisions about BackDROP until you retire.
The BackDROP is simply a benefit payment option that is available to eligible members. Members who are or may become eligible for BackDROP are encouraged to attend a Ready to Retire/PreRetirement Planning Seminar and/or contact a MOSERS benefit counselor to make an appointment for further explanation.
*BackDROP is available only to general state employees who are members of MSEP & MSEP 2000 and who work at least two years beyond normal retirement eligibility
I would encourage you to utilize our Comparison Calculator to look at different scenarios. Additionally, our benefit counselors would be happy to provide you with a more in-depth explanation of BackDROP, your options, and various benefit estimates under different scenarios. Contact us to schedule an appointment or virtual counseling session.
Aug 7, 2020, 3:35 PM By MOSERSMy friend found it very beneficial to meet with a MOSERS representative before she retired. I trying to decide when to retire and which plan to use. Are you still making in-person appointments? Can an appointment be done in zoom?Yes, we offer online counseling sessions. Check out our article on how to schedule a Virtual Benefit Counseling session!
Jul 28, 2020, 9:23 AM By MOSERSI plan on retiring first of the year. If the legislature meets in January and approves an incentive to get state employees to take early retirement, would I just miss out or would any offers customarily be retroactive to the start of the legislative session - January?
As you are aware, a retirement incentive would require legislative authorization. The specific provisions of any such proposed legislation would determine timeframes and who would be eligible. We are not aware of any such proposals. You can follow any bills affecting MOSERS on our Legislation page.
- 1099-R (7)
- Annual Leave (4)
- BackDrop (24)
- Board of Trustees (1)
- Buyout (4)
- COLA (9)
- Credited Service (2)
- Death (6)
- Deferred Compensation (3)
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- Early Retirement (8)
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- Funding (11)
- Leaving State Employment (3)
- Legislation (8)
- Life Insurance (5)
- Long-term Disability (1)
- Medical Insurance (4)
- Military Service (3)
- MSEP (1)
- MSEP 2000 (2)
- MSEP 2011 (8)
- Normal Retirement (11)
- Payday (2)
- Re-employment (4)
- Retirement Process (4)
- Rule of 80 (3)
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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.