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How to Check Your Employee Contributions & Retirement Savings Account Balance
Oct 25, 2024, 11:25 AM By MOSERSHow do you check how much you have put into your retirement account?
As a state employee, you may be participating in both the MOSERS defined-benefit pension and the supplemental retirement savings program through MO Deferred Comp. Since we are not sure which one you are referring to, we’ve addressed both below.Defined Benefit Pension:If you are in MSEP 2011 or the Judicial Plan 2011, you contribute 4% of your pay towards your future pension benefit. You can log in to myMOSERS to find your total employee contributions plus any interest. Once logged in, click on the Personal Information tab. Then, click on Contribution Calculator. Scroll all the way to the bottom for your accumulated balance. If you leave state employment, you may request a refund of your employee contributions. However, if you become vested (work for at least five years) and leave your contributions in place, you will be entitled to a future lifetime monthly pension benefit based on your total service and final average pay.MO Deferred Comp:To see how much you have saved for retirement with the MO Deferred Comp Plan, please log in to your deferred comp account. You can do so by visiting the MO Deferred Comp website or through the ESS Portal. Once you’re within your account, you can see how much you have personally contributed and the earnings you may have received from your investments. If you have questions, please reach out to your local deferred comp financial education professional or call their call center at (800) 392-0925.To access your account statement, log in to MO Deferred Comp’s Account Access and choose View Transaction History in the left menu under the My Account tab. Typically, around the 12th day of each calendar quarter, you will receive an eDelivery email notifying you that your account statement is available online. Follow the links within the email to view your statement. You can print a copy of your retirement plan account statement anytime from within Account Access.
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Accessing Funds Before Retirement
Aug 8, 2024, 2:40 PM By MOSERSHow do I turn in my notarized form to get my retirement funds early?As a state employee, you may be participating in both the MOSERS defined-benefit pension and the supplemental retirement savings program through MO Deferred Comp. Since we are not sure which one you are referring to, we’ve addressed both below.
Defined Benefit Pension: You cannot access your MOSERS defined benefit pension until retirement. However, if you no longer work in a MOSERS benefit-eligible position and are a member of MSEP 2011, you may request a refund of your employee contributions. Please see our Employee Contributions brochure for more information. Use the Request for Refund of Employee Contributions - Member form, have it notarized and return it to MOSERS by mail, bring it into our office during normal business hours, or put it in our 24/7 drop box near the front of our building. Our address is on the top of the form.
Missouri law requires MOSERS to pay your refund within an administratively reasonable period but no sooner than 90 days from the date your state employment ended.
By taking a refund, you will lose all your credited service and future rights to receive pension and LTD benefits from MOSERS.
MO Deferred Comp: If you are still employed with the state, you cannot access your MO Deferred Comp 457 retirement savings except for qualified unforeseen emergency withdrawals. However, upon separation of service and notification from your employer – either voluntary, by retirement, or otherwise – you may be eligible to withdraw money from your MO Deferred Comp Plan account.
Visit the MO Deferred Comp website for more information, or if you have any questions, please call (800) 392-0925.
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Requesting a Refund of Employee Contributions
Jun 24, 2024, 10:11 AM By MOSERSI am currently an employee with the Department of Social Services but have recently resigned from my position. I was curious: what happens to the money that I have contributed to my MOSERS plan from my paycheck for the past three years, and what steps do I need to take?
As a member of MSEP 2011, you may request a refund of your employee contributions plus any credited interest after leaving state employment. You are not required to withdraw your employee contributions if you leave the state, but you may do so if you wish. By law, there is a 90-day waiting period before we can issue a refund. By taking a refund, you forfeit all your credited service.
You can log in to myMOSERS to find your total employee contributions plus any interest. Once logged in, click on the Personal Information tab. Then, click on Contribution Calculator. Scroll all the way to the bottom for your accumulated balance.
If you decide to request a refund, complete the Member Request for Refund of Employee Contributions form. You must get it notarized and submit it to MOSERS before a refund will be processed.
A reason to NOT take a refund of your employee contributions is if you think you may return to state employment at any time in the future.
See Leaving State Employment and our Employee Contributions brochure for more information.
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Can I take a loan out of my retirement savings account?
Feb 15, 2024, 4:00 PM By MOSERSI would like to know if there was a way to take a loan out of my retirement account.Your contributions to MOSERS defined benefit pension are not available for loans or partial withdrawals.
In addition, if you have an account with MO Deferred Comp, loans are not permitted. However, the MO Deferred Comp 457 retirement savings plan does permit in-service withdrawals from your account 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 www.modeferredcomp.org for more information, or if you have any questions, please call (800) 392-0925.
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Can You Continue MO Deferred Comp Contributions in Retirement?
Jan 5, 2024, 2:30 PM By MOSERSCan you continue to make payroll deducted contributions to a deferred comp account after retirement?No. Once you leave state employment – for retirement or any other reason – you can no longer make contributions to the MO Deferred Comp Plan. You can keep the money you saved throughout your career with the state in deferred comp after you separate from service. By doing so, you can continue to utilize all the unique features the plan has to offer, such as:
- Access to MO Deferred Comp’s custom, low-cost investment options.
- The ability to roll-in and consolidate retirement savings plans from previous employers.
- Withdraw your 457 contributory source funds, penalty-free, after you leave state employment.
- Enjoy easy and flexible withdrawals in retirement.
- Individualized help from the plan’s financial education professionals.
If you return to full-time or part-time state employment, you can once again contribute to the MO Deferred Comp Plan. In this case, your contributions will start again at what was previously on file with the plan.
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Leaving State Employment after Becoming Vested
Dec 14, 2022, 11:41 AM By MOSERSHello, I wanted to know ...Now that I am vested if I leave my employment and take my MOSERS money how much would that be? Also, currently, I contribute .4 percent, can I increase that amount? Thank you!Once you are vested (5 years of service for general state employees), you are eligible to receive a future pension benefit from MOSERS, even if you leave state employment. Once you reach retirement age and complete the retirement process, you will receive a monthly pension payment for your lifetime.
You cannot increase your 4% employee contributions that go into the MOSERS trust fund, but you can certainly increase the amount of supplemental savings that you put in MO Deferred Comp. For many state employees, income in retirement comes from three sources:
- Your MOSERS defined benefit pension (based on your years of service and final average pay)
- Social Security retirement benefits
- Supplemental personal savings, such as with MO Deferred Comp
Another thing to consider is that, even if you aren’t vested, you may leave your employee contributions with the System if you think you might return to work for the state at some point in the future and would like for those years of service to count toward an eventual retirement benefit.
However, if you leave state employment, you may request a refund of your employee contributions plus any credited interest. By law, there is a 90-day waiting period before we can issue a refund. By taking a refund, your forfeit all your credited service. You can log in to myMOSERS and find your total employee contributions plus any interest. Once logged in, click on the Personal Information tab. Then, click on Contribution Calculator. Scroll all the way to the bottom for your accumulated balance. If you are unable to log in, you may contact a MOSERS benefit counselor for your balance. See our Employee Contributions brochure for more information.
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Where do contributions go?
Dec 8, 2022, 10:27 AM By MOSERShello, I just have a general question when it comes to my state of Missouri paystub and MOSERS. On my paystub there is a line called "MOSERS RET 2011 PLAN FRNG PAY". When you hover over it, it says to see MOSERS for more information about the MOSERS 2011 plan. The amount that it says the state is contributing is 621 per paycheck and 12000 YTD. What I am trying to figure out is that the state calculates this as part of my Retirment package but I cannot find out where this money is going?We are unable to see members’ paystubs so we can’t speak definitively to that information. Please speak with your employer regarding your pay stub details.
However, it sounds like you are referring to your employer’s contributions to MOSERS. As a member of MSEP 2011, you are part of the contributory defined benefit pension plan. By law, you contribute 4% of your pay toward your future pension benefits. Your employer also contributes a percentage of your payroll toward your future retirement benefits. Employee and employer contributions go into the MOSERS trust fund. The third and largest source of System funding is investment income.
You can log in to myMOSERS and find your total employee contributions plus any interest. Once logged in, click on the Personal Information tab. Then, click on Contribution Calculator. Scroll all the way to the bottom for your accumulated balance. If you are unable to log in, you may contact a MOSERS benefit counselor for your balance.
As a member of MSEP 2011, if you leave state employment, you may request a refund of your employee contributions plus any interest. By taking a refund, you forfeit your service and eligibility for future retirement benefits. Alternatively, when eligible, you can retire and receive a monthly pension benefit for life. Your monthly benefit is based on your final average pay and years of service.
Please see our Employee Contributions brochure (MSEP 2011 & Judicial Plan 2011) and the MSEP 2011 web page for more information.
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Understanding Employee Contibutions
Nov 17, 2021, 9:09 AM By MOSERSI am trying to find out how to change how much is with held out of my paycheck for retirement but cannot figure out how to do so.There are two deductions from your paycheck for retirement purposes.
MOSERS members who are in MSEP 2011 or the Judicial Plan 2011 are required to contribute 4% of their pay, which is maintained in an account with interest credited annually. This is an automatic withdrawal and cannot be changed. These mandatory contributions help fund your defined benefit pension from MOSERS. While it cannot be changed, you will get your contributions back in some way; whether it be through a guaranteed lifetime monthly income in retirement or through a refund, if you leave state employment.
Or, you may be referring to MO Deferred Comp. The MO Deferred Comp Plan is a voluntary retirement savings plan designed to help
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Employer Contribution Rate
Oct 13, 2021, 1:16 PM By MOSERSCould you give an example of the impact this change has? .... Following an in-depth presentation from our independent external actuary, the MOSERS Board certified the MSEP employer contribution rate for FY23 at 26.33% of payroll beginning July 1, 2022. The employer contribution rate is the percent of pay that a MOSERS-covered employer contributes every pay period to properly fund the retirement plan. The funded ratio of the plan was calculated at 59%. You may ask, "Why is the funded ratio 59%"?Any change in the employer contribution rate does not impact retiree benefits. As compared to last year, the employer contribution rate certified this year by the MOSERS Board of Trustees represents a higher contribution for one year of service for active members and one year of payment on the plan’s unfunded actuarial accrued liability.
System funding comes from three sources:
- investment income,
- employer contributions, and
- employee contributions (from those first employed on or after January 1, 2011).
For more information on MOSERS’ Employer Contribution Rate, please see the Employer Contribution Rate infographic or feel free to contact us if you have further questions.
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Refund of Employee Contributions
Jul 21, 2021, 8:27 AM By MOSERSAn employee in our circuit is leaving employment without being vested. Will her contributions automatically be returned to her or does she need to submit the Member Request for Refund of Employee Contributions?Refunds of employee contributions are NOT automatic. A former state employee who wishes to request a refund, will need to complete the Member Request for Refund of Employee Contributions form. They must get it notarized and submit it to MOSERS.
Members of MSEP 2011 or the Judicial Plan 2011 who leave state employment may choose to either request a refund (if they don’t anticipate returning to state employment) or leave their contributions with MOSERS (if they do anticipate returning to state employment).
There is a 90-day waiting period from the date of termination or the request (whichever is later) before MOSERS can issue a refund. To learn more, please visit our Refund of Employee Contributions page.
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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.