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Apr 7, 2020, 9:13 AM By MOSERSWill the serious losses in the stock market & all the job losses (lay-offs) due to the Coronavirus CVID – 19 pandemic cause eventual cuts in pension benefits? MOSERS is well diversified, but EVERY company’s stock has lost big money so diversification would not matter. High unemployment means the state is $millions short in tax revenue to pay their bills. If the state is forced to make a smaller annual contribution to MOSERS + MOSERS stock market losses = cuts in retiree monthly benefits? Thank U
No, as a retiree or survivor, your MOSERS retirement benefit will not be cut due to financial market losses or decreased state revenue. Your benefit does not go up or down based on economic factors. For general state employees, it is calculated using this formula:
Final Average Pay x Multiplier x Credited Service = Monthly Base Benefit.
These are difficult times and we can certainly understand your concerns. Ultimately, your benefits are an obligation of the state and they are secure. We encourage you to see the question about MOSERS’ Investments on March 17 on Rumor Central for more information on MOSERS’ funding. We will also be sending out a special edition of A Moment With MOSERS with executive director Ronda Stegmann also addressing some of your questions. You can view this video update on our COVID-19 update page
Apr 7, 2020, 9:03 AM By MOSERSHave the 2020 Annual Benefit Statements been mailed out yet? How do I look the 2020 statement up online? Thank you.
It is not currently in your Document Express online mailbox because at this time we have sent Annual Benefit Statements to our college & university members and to Department of Conservation employees only. Due to the COVID-19 state office building closures, including the MOSERS building, we have postponed sending statements to employees of other state agencies. We will resume sending the remainder of Annual Benefit Statements after normal operations resume. Please do not hesitate to contact us with any other questions or concerns.
Mar 31, 2020, 12:01 PM By MOSERSI am retiring effective 04-01-20. How do I change my Mosers contact information to my home email?
You can change your email address by logging into myMOSERS. Select Personal Information then click Update your Personal Information. Please note that updates to email addresses become effective by the next working day. You are also able to make changes to your mailing address and phone number(s). If you wish, you may choose a future date (up to 3 months ) for other changes to become effective. If you are unable to do so online, please contact one of our benefit counselors who would be happy to assist you.
Mar 30, 2020, 4:10 PM By MOSERSI am needing a copy of form for my taxes to give to my accountant. What do I do? It came in the mail but I can not find it at this time. Is there a place I can get a copy?You can find a replacement copy of your 1099-R form by logging into myMOSERS. You will find it under Personal Information and available for you to print.
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
Mar 17, 2020, 4:09 PM By MOSERSWill appropriate staff be meeting to determine to do an all state office building close due to Corona Virus?
MOSERS follows guidance from Governor Parson’s office regarding state office closures. We encourage you to reach out to your HR representative with any questions surrounding closures and office procedures for COVID-19 at this time. For updates on how MOSERS is responding to the current situation please follow our website.
Mar 17, 2020, 10:06 AM By MOSERS
Hi, In light of the of the fact that funding for our pension plan ( retired faculty 2005) is 58% tied to investments, I am confident that many of us are deeply concerned about the free-fall of the stock market. Do you folks have any action plans to address this and do you folks plan to put out any statement addressing this crisis?
The MOSERS Board, our leaders, and our professional investments staff are committed to managing MOSERS’ assets in a prudent manner to ensure the security of your benefits and the sustainability of the system.
MOSERS’ investments have been negatively impacted during the first quarter of CY 2020. However, unlike individual retirees, MOSERS invests over a very long-term time horizon. Our portfolio is well-diversified and designed to weather the volatility of the financial markets. Our assumed rate of return is 7.1%. Over the long term (since 1981- first available data) our return average is 9.5%, which includes other major downturns in the market such as in 1987, 2000-2002, and 2008. Each year, an independent actuary evaluates what our funding needs are and our Board certifies an employer contribution rate. The state of Missouri has consistently contributed the full amount that the actuary has determined is needed, which is key to MOSERS’ long-term sustainability.
Ultimately, your benefits are an obligation of the state and they are secure. We encourage you to visit our Funding page to learn more.
Mar 12, 2020, 8:17 AM By MOSERSIs there a way to update information online for beneficiaries w/o having to go through the whole data entry process for all of them?
To update your beneficiary designations, you must first log in to myMOSERS. Complete and submit the Designation/Change of Beneficiaries form (“Life Ins Beneficiaries” from the Forms drop-down menu) for basic and optional life insurance. If you are a member of the MSEP 2011 or the Judicial Plan 2011, you should also complete and submit the Contribution Beneficiaries form for your employee contributions.
We are working on a new system that will allow you to make a simple update without re-entering all information for your beneficiaries, but right now, with our current system, you must start over and re-enter all information about your beneficiaries if you want to update one of them.Visit our Life Events page for more information.
Feb 20, 2020, 11:32 AM By MOSERS
What percent is the pension plan currently funded at for new employees. Is there a concern to be had that it's not fully funded?
MOSERS is 62.9% funded, as of June 30, 2019, with regard to pension plan benefits for members of MSEP, MSEP 2000, and MSEP 2011. That means MOSERS currently has 62.9% of the assets needed to pay all current and future pension benefits for members in these plans.
The state of Missouri, as the employer, has demonstrated its commitment to providing pension benefits by consistently paying the full amount of employer contributions as determined by the independent actuary and certified by the MOSERS Board. This commitment to funding is key to the long-term sustainability of the System. See our funding pages and Key Facts flyer for more information.
Feb 20, 2020, 10:53 AM By MOSERSI will reach my 80 and out at age 52. Is there any penalties for retirement before age 55 once i meet the 80 and out requirements. I will have 27 years of service at 52.
No, there are no IRS tax penalties for taking your MOSERS monthly pension benefit prior to age 55.
If you are eligible for and elect BackDROP, you have three options for your BackDROP lump-sum payment. Before you make any decisions, we strongly recommend that you read the Special Tax Notice to ensure you understand the tax implications of your choice. We also encourage you to consult a tax professional. If you’d like to learn more about the tax advantages of rolling the lump sum over to a qualified employer plan, like MO Deferred Comp, read Thinking About the BackDROP?
- Cash Option: This is either one lump-sum payment at retirement or three annual installments. From any amounts paid in cash, we will deduct 20% for federal income tax (as required by the IRS) and any Missouri state income tax withholding you choose. You will be responsible for any IRS early withdrawal penalties that may apply. If you terminate service before the year you reach age 55, there will be a 10% early withdrawal penalty on any payments not rolled over, unless you meet another exception to the penalty. See the Special Tax Notice brochure for more information.
- Rollover Option: We will send your tax-deferred distribution directly to a qualified employer plan.
- Combination Cash & Rollover Option: You can take a portion of the lump sum in cash (less 20% for federal income tax, as required by the IRS, and any Missouri state income tax you choose to have withheld) and roll the rest over to a qualified employer plan. You will be responsible for any IRS early withdrawal penalties that may apply.
On another note, unless you have plans for medical coverage elsewhere, you may want to consider the cost of medical insurance in the timing of your retirement. The cost of medical insurance is significantly higher for retirees than it is for active state employees. Contact your medical insurance provider for coverage and premium options. For most state employees, that is Missouri Consolidated Health Care Plan (MCHCP). If you are employed at a college, university, or the Department of Conservation, contact your human resources/employee benefits office.
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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.