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  • Taxes on MOSERS Pension?

    Dec 19, 2018, 10:02 AM By MOSERS

    Your RetireeNews, Fall Winter 2017 states if a retiree lives in Missouri, then Missouri state income tax may be due on the pension. Does this imply that if a retiree is a resident of another state (even one without a state income tax) that the Missouri pension is not taxed by the State of Missouri?

    Each person’s situation may be different and we cannot advise you on your tax liability as it pertains to your MOSERS pension. We suggest you contact the Missouri Department of Revenue and/or a qualified tax advisor about your tax liability.

    MOSERS withholds state taxes only for Missouri residents. If you aren’t a Missouri resident in retirement, contact the appropriate state and local tax authorities to determine the taxability of your MOSERS benefit there. We will mail 1099-R tax forms to all retirees by January 31.

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  • Retiree Payment Schedule

    Dec 17, 2018, 8:33 AM By MOSERS

    After a person retires and receive their first retirement check, I am curious to know how will it will be paid out? Will it be monthly, or bi-weekly?

    Retirees are paid once a month, on the last working day of each month. If you enroll in direct deposit during the retirement process, your payment will be transferred electronically on that day. If you receive a paper check, it will be mailed on the last working day of the month. We encourage retirees to participate in direct deposit, since it is faster and more secure than a paper check.

    You can view the Pension Payments page on our website, which we will be updating for 2019 soon.

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  • COLA This Year?

    Dec 11, 2018, 8:09 AM By MOSERS

    Will there be any COLA this year?

    Every year, we calculate and announce the retiree COLAs in mid-January. We won’t have data for the 2019 COLA until mid-January of 2019 because the information necessary to make that calculation is based on a comparison of changes from 2017 to 2018. The rate calculation is based on 80% of the percentage increase in the average CPI from one year to the next with a maximum increase of 5% (minimum 0%).* We will send you a notice, either in the mail or in your MOSERS Document Express online mailbox, during the month when you get your COLA.

    Watch our website in January for more information. Learn more on the COLA pageand in the upcoming issue of RetireeNew coming in late December.

    * If you retired under the MSEP, and were hired before August 28, 1997, your COLA will be determined based on the annual COLA calculation except that you will receive a minimum 4% COLA (maximum 5%) until accumulated COLAs reach 65% of your initial (or original) benefit. This is called your COLA cap. After your benefit has increased to the COLA cap amount, your COLA will be between 0-5% each year.

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  • Part-Time Employment

    Dec 11, 2018, 8:03 AM By MOSERS

    My initial State employment was as a part time employee. Do any of those years count towards my years of service when calculating my retirement options?

    No, most likely not. The position must be “benefit-eligible”. Part-time positions are usually not benefit-eligible so that service likely does not count for retirement purposes. You will receive service credit only for periods that your employer reports you worked in a benefit-eligible position and for which they made employer contributions to MOSERS.

    A position is benefit-eligible if it normally requires the employee to work at least 1,040 hours per year.

    If the position meets both requirements, the position is eligible for MOSERS benefits. If not, the position is not eligible for MOSERS benefits. You may contact a MOSERS benefit counselor and they can tell you what service we have on record for you and provide you with benefit estimates.

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Disclaimer

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.