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  • Transferring Credited Service from MPERS to MOSERS

    Jun 7, 2021, 8:00 AM By MOSERS
    So my husband currently work at MoDot but is thinking about applying for MDOC. Would his retirement, time of service, and 80 and out still apply if he came to work for DOC. He is currently on MPERS. Thank you.

    Yes, he can transfer his credited service with MPERS to MOSERS. If he is a vested member of MSEP or MSEP 2000, the Rule of 80 (“80 and Out”) will still apply for normal retirement eligibility.

    To apply for the transfer of service, if he is a vested member of MSEP, MSEP 2000 or MSEP 2011, once he is hired by the Department of Corrections, he must simply notify MOSERS in writing. He should include his name, Social Security number, and his dates of service under MPERS. We will verify his previous service with MPERS. MPERS will send MOSERS the equivalent amount of employer (state) contributions made for this service. We will send him a notice confirming the transfer when the process is complete. This is a free transfer of service; there is no cost to the member.

    If he is not vested, he can transfer his service after one complete year of service under MOSERS. Also, for members of MSEP 2011, the retirement eligibility requirements are different.

    If he is looking at other options, you can review the complete list of MOSERS covered Employers on our website. See our Purchasing and Transferring Service Guide for MSEP (Closed Plan) Members or Purchasing and Transferring Service Guide for MSEP 2000 Member for additional service transfer and purchase options.

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  • Refund of Employee Contributions

    May 14, 2021, 8:22 AM By MOSERS
    I have worked part time for a few years and will be soon leaving. Do I get the money I’ve put into mosers back?

    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 law, there is a 90-day waiting period before we can issue a refund. 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.

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  • Emergency Withdrawals Due to COVID-19

    Jul 17, 2020, 10:03 AM By MOSERS
    Question 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

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  • Accessing Benefits Prior to Retirement

    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. 

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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.