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Jul 17, 2020, 10:03 AM By MOSERSQuestion about early access to retirement funds base on emergence COVIN-19 policy.
You cannot access your pension from MOSERS until you are eligible for retirement. However, if you have money in the MO Deferred Comp 457 retirement savings plan, in-service withdrawals from your account are permitted under the following circumstances; you experience a qualifying, unforeseeable emergency that causes extreme financial hardship, or if your account balance is $5,000 or less – you may elect a one-time, in-service distribution provided you have not made a contribution during the prior two-year period. Please visit https://www.modeferredcomp.org for more information or, if you have any questions, please call (800) 392-0925.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a new in-service distribution type from a plan or IRA called a “coronavirus-related distribution” (CRD). To be eligible for CRD treatment, the distribution must be made to an individual who is diagnosed with the disease, has a spouse or dependent who is diagnosed, or has experienced adverse financial consequences as a result of the disease. Employees may self-certify eligibility. More info on the CARES act, qualifications and provisions can be found here: https://www.modeferredcomp.org/news/2020-caresact.html
May 1, 2020, 1:07 PM By MOSERS
We have received many questions regarding this topic and have posted them below.
I am a state employee with nearly 21 years of service with approximately 7 years remaining, with this unprecedented damage to the economy and the likely subsequent budget shortfalls is there currently any consideration for incentives or might there be for current state employees to leave service early? I wasn’t sure whom to direct this question to but thought it might be within your sections purview.
Due to the COVID-19 pandemic, revenues have fallen and the State Legislature is looking for ways to trim the State budget. One such way is to reduce the number of State employees. Has there been suggestions to incentivize eligible state employees to retire by offering to pay health insurance at the active employee rate until they reach Medicare eligibility?
I have heard there is going to be another buyout/early retirement package offered like there was a number of years ago to help with the state's budget shortfall due to COVID-19. Any truth to that?
During the Governor's press conference he mentioned the possibility of offering an early retirement incentive as part of the effort to balance the budget. Is there any information available on this yet?
An early retirement incentive and/or another buyout would require legislative authorization. We are not aware of any legislative proposals that have been offered at this time to provide either for general state employees. You can follow any bills affecting MOSERS on our Legislation page. May 15, 2020 is the last day of the current legislative session.
Nov 20, 2018, 10:40 AM By MOSERS
Will there be another pension buyout?
There are no plans in place at this time to offer another buyout option. The Missouri Legislature authorized the MOSERS Board of Trustees to offer the recent Buyout Program under SB 62 but that authorization expired on May 31, 2018. This was a one-time program. If MOSERS were to offer another buyout program in the future, it would require legislative approval. If such legislation passed, we would notify all eligible members.
Feb 13, 2018, 7:56 AM By MOSERS
Will MOSERS be offering another buyout option in the future, like in 5-10 years? What's the projection for that, if so. I had not been vested long and I didn't feel comfortable considering that option given in 2017 but it did make me curious as to how often that option occurs. Please advise.
We are not aware of any efforts to offer another buyout option. The Missouri Legislature authorized the MOSERS Board of Trustees to offer the recent Buyout Program under SB 62 with that authorization expiring May 31, 2018. This was a one-time program. If MOSERS were to offer another buyout program in the future, it would require legislative approval.
For the members who did not elect the buyout option, we will contact you when you are within 120 days of early (reduced) retirement eligibility with information on the retirement application process. If you don’t elect early retirement, we will contact you again 120 days prior to when you are first eligible for normal (unreduced) retirement benefits from MOSERS.
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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.