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Jul 8, 2020, 1:36 PM By MOSERSWhat impact does the July 1, 2020 budget expenditure restriction in the amount of $754,952 have?
The budget restriction has no impact on MOSERS or on member benefits. We were able to reduce employer premiums for the long-term disability program administered by MOSERS, which resulted in a savings of $754,952 for the state.
The Missouri legislature has historically appropriated the full amount needed from MOSERS-covered employers for pension benefits. Each year, the MOSERS Board certifies this employer contribution rate. Our external actuary calculates the rate based on various economic and demographic assumptions. All the calculations go into our annual actuarial valuation. The actuary also conducts an experience study at least once every five years, which compares current assumptions with the most recent actual data. You can read our Employer Contribution Rate infographic for more information.
Jun 25, 2020, 10:05 AM By MOSERS
can you borrow money from your account prior to retirement and if so, how do you do this?
Thank you for your question. You are not able to access your MOSERS defined benefit pension until retirement. However, if you no longer work in a MOSERS benefit-eligible position, and you are a member of MSEP 2011, you may be eligible to request a refund of your employee contributions. By taking a refund, you will lose all your credited service and future rights to receive pension and LTD benefits from MOSERS.
The MO Deferred Comp 457 retirement savings plan permits 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.
Feb 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.
Feb 14, 2019, 1:09 PM By MOSERS
I’m considering accepting a job that participates in Moser. There is a substantial payroll contribution for the pension and that it takes five years to be vested. My question is if I do not work the full five years in order to be vested will my payroll contributions be available to me for withdrawal or transfer?
Anyone who is first employed in a MOSERS or MPERS benefit-eligible position on or after January 1, 2011 must contribute 4% of pay to the retirement system. Your 4% contribution is used to help pay the cost of your future defined benefit retirement plan and could potentially pay you back far more than you contribute. See a simplified example in The Value of Your Retirement Benefit. When you retire, you will receive a benefit payment every month for as long as you live. This means you can never outlive your MOSERS retirement benefit.
If you leave state employment prior to becoming eligible for normal retirement, you may request a refund of your employee contributions plus any credited interest. By taking a refund, your forfeit all your credited service. Or, you may leave your 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. See our Employee Contributions brochure for more information.
Aug 20, 2018, 3:46 PM By MOSERS
Is it possible to contribute more to your pension, to lower your retirement date and still receive a full pension?
No. The only potential way to move your retirement eligibility date closer is to purchase or transfer qualifying prior public service that you may have and combine it with your MOSERS pension. See our Purchasing and Transferring Service Credit brochure (MSEP 2011) for more information or contact a MOSERS benefit counselor to see if you qualify and if it would be beneficial for you to do so.
In order for any prior public service to qualify, it must have been full-time, nonfederal, public (government) employment that you performed in Missouri. Examples include prior employment with a public school, city, or county in Missouri, or employment covered by the MoDOT & Patrol Employees Retirement System (MPERS). This could potentially make you eligible for retirement sooner if the extra service resulted in you hitting the Rule of 90 prior to age 67. (The Rule of 90 is available only to those still actively employed by the state.)
You may also want to keep in mind that you are not required to keep working for the state until retirement age in order to get your pension. Once you are vested with MOSERS, even if you leave state employment, you will be eligible for a lifetime monthly benefit once you also meet the age and all other legal requirements and retire under a MOSERS defined benefit pension plan. Your benefit is calculated using the formula:
Final Average Pay x Credited Service x Multiplier = Monthly Base Benefit.
Remember, it is this formula, NOT employee contributions (made by those first employed on or after 1/1/2011), that determines your monthly retirement benefit. The longer you work, the more your benefit will be.
You certainly can contribute more to MO Deferred Comp to increase your supplemental savings for retirement but it won’t make you eligible for retirement any sooner.
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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.