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  • Reduced Benefit

    Mar 17, 2020, 4:16 PM By MOSERS

    I am in MSEP11 and have vested.  I may leave service at 65, but not retire until my normal retire age of 67.  Will I still receive a reduced benefit?

    No, your benefit will not be subject to reduction if you are vested, leave service, then retire at age 67. (The reduction you are referring to is for “early retirement” and is a reduction of ½ of 1% (.005) off your base benefit for each month your age is younger than normal retirement.)

    However, if you continue working until you are 67, then your benefit would ultimately be higher because you would have more service. When you apply for retirement, your base benefit will be calculated using a formula that takes into account your final average pay and your credited service. For a more in-depth look at which option may be best for you, we encourage you to use our Comparison Calculator to compare various scenarios over time or contact one of our benefit counselors.

    Benefit counselors are available:

    Monday - Friday
    8:00 am - 12:00 pm
    1:00 pm - 4:30 pm

    Contact Us:

    (800) 827-1063 toll-free
    (573) 632-6100 in Jefferson City

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  • Termination & Retirement Benefits

    Feb 6, 2020, 1:54 PM By MOSERS

    If you get fired for Urine test THC and your vested with 11 years and 7 months do you get your pension or can you get a pay out. Please let me know

    If you are vested and leave state employment, you are eligible for a future pension benefit from MOSERS. Once you reach retirement age and complete the retirement process, you will receive a monthly pension payment for your lifetime. However, if you have been convicted of a felony in connection with your duties as a state employee, you would forfeit your retirement benefits. You can find more information about the disqualification of retirement benefits on page 7 of the General Employees' Retirement Handbook (MSEP & MSEP 2000).

    There is no payout available for members of MSEP or MSEP 2000 since they don’t contribute 4% of pay to MOSERS. However, if you are a member of the MSEP 2011 or Judicial Plan 2011 and get fired, you may request a refund of your member contributions, including interest credited to your account. By taking a refund, you would forfeit your rights to any future retirement benefits.

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  • Leaving Employment Before Retirement Date

    Nov 20, 2018, 8:03 AM By MOSERS

    My retirement plan is MOSERS 2011. If I leave state employment AFTER I am vested but BEFORE my retirement age/date, how do I figure my monthly benefit amount?

    If you are vested with MOSERS (you have at least 5 years of service) and then leave state employment, you will be eligible* for a lifetime monthly benefit, which will begin once you meet the age requirement (and all other legal requirements) and retire under a MOSERS defined benefit pension plan. In general, your benefits will be based on the laws in effect on the day you leave state employment.

    For general state employees, we calculate retirement benefits using this three-part formula:

    Final Average Pay (FAP) x Credited Service x Multiplier = Monthly Base Benefi

    (The multiplier is determined by your plan; 1.6% for MSEP; 1.7% for MSEP 2000/MSEP 2011.)

    Example

    FAP $3,000 (per month) x 7.5 years of Credited Service x 0.017 Multiplier for MSEP 2011 = $382.50 Monthly Base Benefit

    Keep in mind that additional service will increase your benefit:

    FAP $3,000 (per month) x 23 years of Credited Service x 0.017 Multiplier for MSEP 2011= $1,173 Monthly Base Benefit

    As a member of MSEP 2011, you will become eligible for normal retirement when you have at least 5 years of service and reach age 67 OR under the “Rule of 90” which is when you are at least age 55 and your age plus service equals 90 prior to you leaving state employment.

    As a member of MSEP 2011, you pay contributions to help fund the system. Upon termination of employment, you may request a refund of your contributions or you may leave your contributions with MOSERS. It you take a refund of your contributions, you will forfeit all your credited service and any future rights to receive benefits from the system, but you get a check equal to the amount of contributions you made plus any interest. See our Employee Contributions brochure (2011 Plan) for more information.

    For more information, see the MSEP 2011 Retirement Plan video or the General Employees' Retirement Handbook (MSEP 2011). You can also contact a MOSERS benefit counselor to request a benefit estimate.

    *An exception is if you were fired because you were convicted of a specified felony committed in connection with your job as a state employee on or after August 28, 2014. See Missouri Revised Statute §105.669.

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  • MSEP 2011 Vesting

    Aug 23, 2018, 10:11 AM By MOSERS

    I was hired on June 30th 2014 and I was told I was vested at 10 years of service. Due to this change am I now vested at 5 years instead of 10?

    Yes, if you continue working until you have five years of service, you will be vested. At the time you were hired in 2014, vesting for members of the MSEP 2011 (those first employed in a MOSERS benefit-eligible position on or after January 1, 2011) was ten years. Last year, the Governor signed legislation which changed the vesting requirement to five years, effective January 1, 2018. MSEP 2011 members must be actively employed on or after 1/1/2018 to be covered by this change. The changes were summarized on our Legislation page. Keep in mind, the longer you work, the more credited service you will have and the higher your pension benefit will be.

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  • Becoming Vested

    May 24, 2018, 2:19 PM By MOSERS

    When do you become vested? Is the 5 years calculated by your date of hire (to the exact date?) or the end of month in which you were hired?  

    Vesting occurs 5 full years from your date of hire in a benefit-eligible position. Therefore, barring any non-creditable leave periods, a member who began employment on February 21, 2018 would become vested on February 21, 2023. Once you are vested with MOSERS, even if you leave state employment, you will be eligible for lifetime monthly benefit payments once you also meet the age requirement (and any other legal requirements) and retire under a MOSERS defined benefit pension plan.

    The 5-year vesting for MSEP 2011 members went into effect on 1/1/2018 and MSEP 2011 members must be actively employed on or after 1/1/2018 to be covered by this change.

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  • MSEP 2011 Retirement Eligibility

    Mar 14, 2018, 8:31 AM By MOSERS

    Vesting is changed to 5 years, so why is the monthly benefit not payable until 10 years? If I were to retire after 8 years, would I receive a lump sum payout of my contributions plus any amount vested by the plan, or would the benefit be deferred until after 10 years?

    Vesting is one part of retirement eligibility. The other part is age. Both vesting and age requirements must be met in order to retire under a MOSERS defined benefit plan. As a member of MSEP 2011, you will become eligible for normal retirement when you have at least 5 years of service and reach age 67 OR under the “Rule of 90” which is when you are at least age 55 and your age plus service equals 90 prior to you leaving state employment.

    Once you are vested with MOSERS, even if you leave state employment, you will be eligible for lifetime monthly benefit payments once you also meet the age requirement (and any other legal requirements) and retire under a MOSERS defined benefit pension plan. The 5-year vesting for MSEP 2011 members went into effect on 1/1/2018 and MSEP 2011 members must be actively employed on or after 1/1/2018 to be covered by this change.

    Your contributions go toward helping pay for your future lifetime monthly benefit payments. You will receive a lump-sum payment only if you request a refund of your employee contributions. By taking a refund, your forfeit all your credited service. If you are vested and take a refund, you give up your future lifetime monthly benefit payments.

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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.