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1099-R Forms Have Been Mailed!Jan 31, 2023, 4:04 PM By MOSERS
Have end of year 1099's been mailed?
Yes, 1099-R forms have been mailed! For immediate access to your 1099-R, or if you find you need a replacement copy of it, log in to myMOSERS. You will find your 1099-R under Personal Information and available for you to print.
Life Insurance in RetirementJan 26, 2023, 3:33 PM By MOSERS
How much money would $60,000 life insurance cost after you retire?
The cost of life insurance coverage through MOSERS depends on your age. Please use the Optional Life Insurance Calculator to determine what your monthly premium will be in retirement. Please keep in mind the following regarding life insurance in retirement:
- You may retain up to $60,000 in coverage if you are a member of MSEP.
- You may retain all of your optional coverage until age 62 if you are a general state employee who retired under the “Rule of 80” (MSEP 2000) or the “Rule of 90” (MSEP 2011). At age 62, your coverage will automatically reduce to a maximum of $60,000.
- To keep your optional coverage, you must submit the Retain/Change Optional Life Insurance form (available in myMOSERS). Use the same form to reduce or terminate your coverage at any time.
- Please note that you have 60 days from your retirement date to port or convert (continue) any remaining optional life insurance through The Standard.
- You cannot increase your coverage after retirement.
Medical Premiums in RetirementJan 26, 2023, 3:31 PM By MOSERSI retire 2/1/23. I have chosen to pre-pay health care premiums for the remainder of 2023 with my annual leave payout. 1-Are healthcare premiums taken out pre-tax in retirement? 2-As an employee, my premiums are taken out pre-tax to lower my taxable income. Does this happen with a retiree's pension payment? 3-If health care premiums are deducted prior to federal tax deductions (while in retirement) than the prepayment of healthcare premiums (at year-end) would be the same, is that correct?
Congratulations on your upcoming retirement! Let’s address your questions one by one:
- Are healthcare premiums taken out pre-tax in retirement? No. All deductions from your MOSERS pension benefit are POST tax.
- As an employee, my premiums are taken out pre-tax to lower my taxable income. Does this happen with a retiree's pension payment? No. All deductions from your MOSERS pension benefit are POST tax.
- If healthcare premiums are deducted prior to federal tax deductions (while in retirement) than the prepayment of healthcare premiums (at year-end) would be the same, is that correct? No. Healthcare premiums in retirement are NOT deducted prior to federal taxes. So, there may be tax advantage to you to pre-pay your retiree healthcare premiums for the remainder of the calendar year from pay you receive as an active employee. See the information below from the MCHCP website:
Employees whose premiums are collected pre-tax through the cafeteria plan have the opportunity to pre-pay premiums pre-tax as a retiree. Prepaid premiums may only be paid within the same calendar year*. To prepay retirees must submit their enrollment request at least 31 days prior to their retirement date. The first month’s premium for retiree coverage will be divided between the last two active paychecks. Additional prepaid premiums may be collected from the retiree’s last two active paychecks and/or lump sum vacation/compensatory time payroll. Verify this payroll amount with the HR/Payroll personnel to determine how many months of retiree premiums can be prepaid.
*Employees with a retirement date of Dec.1 cannot prepay premiums, since future premiums would be for a different plan year. Employees with a retirement date of Jan.1 can only prepay premiums using funds from their final active payroll (usually Jan.15) and/or their vacation and compensatory time payroll.
Working in RetirementJan 26, 2023, 3:23 PM By MOSERS
Can one still draw their MOSERS pension, if they take a position with a Missouri Community College that participates in the PSRS retirement system?
Yes, a MOSERS retiree may take a position and continue to receive their MOSERS pension benefit as long as the position is not a MOSERS or MoDOT and Patrol Employees’ Retirement System (MPERS) benefit-eligible position. Please view the full list of MOSERS covered employers.
If the position is with a MOSERS covered employer in a non-benefit eligible position, the retiree must first meet the termination and reemployment rules.
W-2 or 1099-R?Jan 25, 2023, 3:52 PM By MOSERSWhen will we get our W2 to file taxes
Your W-2 form shows income you have earned from your employer and comes from your employer, not from MOSERS. You will need to reach out to your employer for your W-2.
MOSERS provides retirees and benefit recipients with a 1099-R tax form. We will mail your 1099-R forms by the end of January. You can also access it online by logging into myMOSERS. You will find it under Personal Information and available for you to print. This form lists your 2022 retirement benefit income from MOSERS. You will need this form to file your income tax return. If you receive more than one benefit from MOSERS, you may receive more than one 1099-R from us. If you are unable to log in to myMOSERS, call us at (800) 827-1063 or (573) 632-6100 and we can assist you. For security reasons, we cannot email it to you.
Tax Withholding Authorization and IRS W-4PJan 23, 2023, 10:41 AM By MOSERSI wanted to change my federal withholding. Has the format changed?? the forms i was using do not appear
Yes, the new forms, Tax Withholding Authorization and IRS W-4P, are required as of January 1, 2023, in order to change your withholding amounts. It does look different than the form from previous years. Please keep in mind the following:
- If you wish to change the amount of taxes being withheld, please submit both the MOSERS form (Tax Withholding Authorization) and the IRS form (W-4P).
- If you are a retiree who is already having taxes withheld, your current withholding remains in effect, and you do not need to submit new forms unless you want to make changes.
- Please visit the Taxes page on our website for more information.
- MOSERS staff cannot advise you on how to fill out tax forms or your tax liability as it pertains to your MOSERS pension. We suggest you contact the IRS and/or a qualified tax advisor about your tax liability and to determine your withholding amounts.
Understanding Benefit Estimates and Your High 36Jan 20, 2023, 11:05 AM By MOSERS
Do the estimates for backdrop and monthly pension amounts project your current highest salary in the next 36 months regardless if you will be employed for the next 36 months? For example if my highest salary is achieved in January 2023 at $3,000/month but I plan to retire in January 2025 does it use that salary for the 36 months calculation for the estimates or can it pull it 24 months at $3000 and 12 months at $2500 (old salary) and average those? Numbers are for illustrative purposes.
Estimates are based on your final average pay (FAP), which is your highest consecutive 36 months of pay relative to the retirement date entered. When you run a benefit estimate of your own, it will project your current salary until the retirement date you entered. The system will look at your entire pay history to find your FAP/highest 36 consecutive months. That means part of your FAP may be in the future and part of it may be in the past – as long as it is 36 consecutive months. The closer you get to your retirement date, the more accurate your benefit estimate will be.
- Wait for a pay raise to be reflected in our system before running an estimate. (If you get a pay raise this month, it will be reported to MOSERS next month, so for a January pay raise, our system won’t have that information and it won’t be reflected in an estimate until mid-February.)
- If you run an estimate that includes BackDROP, any pay earned during the BackDROP period you elect is not considered in your FAP.
- It’s important to remember that a benefit estimate is just that, an estimate, not a guarantee. They are as accurate as the assumptions used to produce them. See Calculating Your Benefit Estimate for more information.
Based on your example and assumed date of retirement, your estimate would include a salary of $3,000 for 24 months and a salary of $2500 for 12 months for your FAP.
1099-R Forms Coming SoonJan 19, 2023, 11:12 AM By MOSERS
When will 1099Rs be available online?
1099-Rs will be available in your Document Express online mailbox by the end of January. You can access it by logging in to myMOSERS. From there you will find it under Personal Information. If you prefer a hard copy, you are welcome to print it from myMOSERS or wait for it via mail. We will mail all forms by the end of January as well.
This form lists your 2022 retirement benefit income from MOSERS. You will need this form to file your income tax return. If you receive more than one benefit from MOSERS, you may receive more than one 1099-R from us.
The MSEP 2011 and Purchasing Military ServiceJan 17, 2023, 9:51 AM By MOSERS
Hello, I served in the active duty military and I am now in the Army Reserves. I heard that I can buy retirement time. Is this true?
MSEP 2011, which is set by state statute, does not allow for a purchase of prior active-duty miliary service credit. However, members of MSEP 2011 may be eligible for automatic credit for military service if they were employed by the state immediately prior to entering active-duty military service and then return to state employment within the timeframe specified by the USERRA.
This is based on state law. Any changes must be passed by the Missouri General Assembly. We are not aware of any such proposals being filed so far this session, however, you can track proposed legislation on our Legislation page and view the 2023 MOSERS Legislative Tracking Sheet for more information.
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.
Returning to Work and Receiving a PensionJan 13, 2023, 9:50 AM By MOSERS
How much can I earn working part time in the university system while still drawing a small pension from MOSERS?
Upon 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. Please view the list of MOSERS covered employers. There is no limit on how much you earn.
However, 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.
*Benefit Eligible Position: It is the responsibility of the employer, not MOSERS, to determine if a position is eligible for MOSERS benefits. Generally speaking, an employee must work in a position normally requiring at least 1,040 hours per year to qualify for MOSERS benefits. The number of hours required by a position should be based on the number of hours expected during the normal course of business over a one-year period by position, regardless of whether the position is intended to be temporary or permanent in nature.
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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.