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Life Insurance After Retirement
Oct 4, 2024, 11:55 AM By MOSERSCan you retain your state life insurance when you retire? If so, how?The answer to your question is yes.If you retire within 65 days of leaving state employment, the state will continue to provide $5,000 in basic life insurance coverage at no cost to you, provided you had basic coverage while actively employed. You may retain up to $60,000 in optional life insurance, provided you had at least that amount while actively employed. You may retain all your coverage until age 62 if you retire under the “Rule of 80” in the MSEP 2000 or under the “Rule of 90” in the MSEP 2011. At age 62, the coverage amount will automatically reduce to $60,000. You may reduce or terminate your optional life coverage amount after you retire, but you may not increase it.At retirement, your premium will be deducted from your monthly pension benefit and may be adjusted every January based on your age and the amount of life insurance coverage you elected. You may continue coverage for your lifetime, as long as you pay the premiums and meet the terms of the group policy.See The Standard – Benefits at a Glance for MOSERS Members brochure for more information about retaining life insurance at retirement.
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Which retirement plan do I fall under?
Sep 24, 2024, 8:53 AM By MOSERSI hired on in March of 2000. I cannot remember which retirement plan I fall under.
In general, if you were employed in a benefit-eligible position with the state of Missouri prior to July 1, 2000, and remained employed until vested in MSEP, then you are a member of MSEP. At retirement, you may elect to retire under MSEP or MSEP 2000.See the What’s My Plan? tool for information about plan membership, retirement eligibility requirements, and more!
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Leaving State Employment and Returning to Work Before Retirement Eligibility
Sep 12, 2024, 9:00 AM By MOSERSIf I leave my job and I am vested but not able to retire, less than 62 and I don't meet the other requirements, and I return to work before I am 62 would I be able to retire once I turn 62 or would I have to wait until I am 67?If you are a vested member of MSEP, MSEP 2000, or MSEP 2011 and leave state employment before you are eligible to retire, your pension stays secure with MOSERS and will be available to you when you meet the age requirement for your plan and complete the retirement process. Retirees receive a lifetime payment based on a.) a formula set by law and b.) the option they elect at retirement. See Leaving State Employment for more information.
If you return to work for the state at a later date, you will start earning service credit immediately and will be eligible to retire once you meet the following requirements based on your plan:
MSEP Normal Retirement Eligibility (Full/Unreduced Benefit)
- Age 65 with 5 years of service or
- Age 60 with 15 years of service or
- At least age 48 with the sum of your age and years of service equaling 80 or more (Rule of 80)
MSEP 2000 Normal Retirement Eligibility (Full/Unreduced Benefit)
- Age 62 with 5 years of service or
- At least age 48 with the sum of your age and years of service equaling 80 or more (Rule of 80)
MSEP 2011 Normal Retirement Eligibility (Full/Unreduced Benefit)
- Age 67 with 5 years of service or
- At least age 55 with the sum of your age and years of service equaling 90 or more (Rule of 90)
Please contact a MOSERS benefit counselor. They can review your individual circumstances and tell you specifically when you will be eligible to retire based on different scenarios.
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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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Cost-of-Living Adjustment (COLA) for Retirees
Aug 6, 2024, 3:05 PM By MOSERSDid retirees receive a raise this July?All retired general state employees will receive a 3.293% COLA in 2024. MOSERS provides annual cost-of-living adjustments (COLAs) to retired members and their surviving beneficiaries. A COLA increases your pay or pension benefits to help with inflation, allowing you to maintain your purchasing power as the cost of goods and services increases.
You will receive your COLA on the anniversary of your retirement date, with the following exceptions:
- If you converted from MSEP to MSEP 2000 during the conversion window in 2000, you would receive your COLA in July.
- If you elected BackDROP, you will receive your COLA on the anniversary of your BackDROP date.
- If you are a retired inactive-vested member of MSEP 2011, you will receive your first COLA on the second anniversary of your retirement (rather than the first anniversary).
- If you are a retired legislator who took office after July 1, 2000, your benefit will be adjusted according to the increase in pay for an active member of the general assembly. No other COLAs will be provided.
- If you are a retired statewide elected official who took office after July 1, 2000, your benefit will be adjusted according to the increase in pay for an active member in that office. No other COLAs will be provided.
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Reemployment after Retirement
Jul 29, 2024, 12:09 PM By MOSERSWhat is the process if someone retires from state government and then decides later they want to take another position and once again become a full-time employee?After meeting the termination and reemployment rules, you may return to work and continue receiving your monthly pension payment, as long as your position is not a MOSERS or MoDOT and Patrol Employees’ Retirement System (MPERS) benefit-eligible position.
If you return to work for the state of Missouri in a MOSERS or MPERS benefit-eligible position:
- Your monthly pension payment will stop.
- Depending on various factors (your plan, how long you work, etc.), you may or may not earn additional credited service during reemployment.
- When you retire again, your monthly pension payment will equal the amount you were receiving when you returned to work plus any additional benefit you may have earned during reemployment.
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MSEP 2011 & Purchasing Military Service
Jun 24, 2024, 10:49 AM By MOSERSI am interested in buying some of my military time and was wondering how that works?
Purchase of prior military service is not available to members of MSEP 2011 or the Judicial Plan 2011.
However, if you are called to or volunteer for active military duty while employed in a MOSERS-covered position, the Uniformed Services Employment and Reemployment Rights Act (USERRA) protects your employment and benefit rights, provided you meet the eligibility requirements. You may be eligible to receive credit for your active-duty service if you were employed by the state immediately before entering the armed forces, then return to state employment within the timeframe specified by USERRA and provide a copy of your honorable discharge and military DD214 (Member-4) and meet any other requirements under USERRA.
If you have additional questions, please refer to our Purchasing and Transferring Service Guide for MSEP 2011 Members or contact a MOSERS benefit counselor for more information.
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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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Reemployment and Unused Sick Leave
Jun 7, 2024, 10:58 AM By MOSERSI just read, "A team member who separates from state service, but returns within five years will have their sick leave balance restored." So If I retire with 600 hours of sick leave, I know that I'll get 3 months of credit for 504 hours of that 600. If I came back to work for the state, would I get back the 96 that I was not able to apply toward my service credit?No. Since the sick leave was used in the calculation of the retirement benefit for the period of service in which it was earned, any remaining unused sick leave is removed from your employer’s payroll system after you retire.
Therefore, if you are a retiree receiving a MOSERS benefit who is reemployed in a benefit-eligible position after observing the termination and reemployment rules, you cannot receive credit for pre-retirement unused sick leave, including any remaining hours that did not convert to whole months of service credit at retirement. Upon reemployment in a benefit-eligible position, a retiree is treated as a new employee.
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Unused Sick Leave at Retirement
May 22, 2024, 9:14 AM By MOSERSWhat’s the limit for unused sick leave at retirement? It’s never mentioned when there is a question.
State employees accrue sick leave at a rate of 10 hours per month. You will receive one month of credited service for every 168 hours of unused sick leave reported to MOSERS by your employer when you leave your position.
Your sick leave is used to calculate the amount of your retirement benefit but cannot be used to determine eligibility.
For example, if you have 336 hours of unused sick leave, you will receive credit for an additional two months of service (336/168 = 2) when your retirement benefit is calculated.
Unused sick leave does NOT count towards service for retirement eligibility. In other words, it does not allow you to retire sooner. You must meet both the age and service requirements for your plan to be eligible to retire.
For sick leave to count as credited service:
MSEP – You must be eligible to retire on the date of termination.
MSEP 2000 – You do not have to be eligible to retire on the date of termination.
Topics
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- Annual Leave (3)
- BackDrop (10)
- Board of Trustees (1)
- COLA (14)
- Credited Service (9)
- Death (1)
- Deferred Compensation (5)
- Divorce (1)
- Early Retirement (4)
- Education (7)
- Employee Contributions (13)
- Final Average Pay (8)
- Former State Employee (5)
- Funding (5)
- Leaving State Employment (19)
- Legislation (5)
- Life Insurance (12)
- Long-term Disability (1)
- Medical Insurance (6)
- Military Service (5)
- MSEP (6)
- MSEP 2000 (6)
- MSEP 2011 (12)
- Normal Retirement (22)
- Payday (4)
- Re-employment (16)
- Retirement Process (11)
- Rule of 80 (9)
- Sick Leave (6)
- Taxes (27)
- Temporary Benefit (4)
- Termination (4)
- Travel Assistance (2)
- Universities (3)
- Vesting (4)
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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.