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Jul 9, 2021, 11:20 AM By MOSERSI am a member of MSEP 20011. I am currently 60 years old with 9 years of service time. If I leave state employment this year at what age would I be able to start my pension payments? 62? 65? or 67?
If you leave state employment this year at age 60 years, 9 months, you will be required to wait and draw your benefit at age 67. In order to be eligible for early retirement, you must reach age 62 prior to leaving state employment. Please note that taking early retirement will reduce your base benefit by ½ of 1% (.005) for each month your age is younger than normal retirement age. Your normal retirement age would be at 67. You can find more information in the MSEP 2011 Handbook.
Jul 7, 2021, 10:47 AM By MOSERS
Confidentially, please provide the outcome for these scenarios:
An employee started in 2002, MSEP 2000, left in 2021, returned in 2023. Would they be able to return to the MSEP 2000 plan or would they have to go to the MSEP 2011 plan? 80 and out or 90 and out? 0 or 4% withheld?
Previously, under MSEP 2000, 80 and out, retire at 52 with 28 years of service. But let's say they don't return to state work, they have 19 years of service, when is there new normal retirement date, born 1977, 62?
In the scenario you describe, the answer is yes, a vested member of MSEP 2000 who leaves state employment and returns to state employment will still be in MSEP 2000. Their prior service would immediately be reinstated upon reemployment. They would be eligible for normal retirement under the Rule of 80/”80 and Out” or age 62, whichever came first. As a member of MSEP 2000, they would not be required to make the 4% employee contributions.
In the scenario you describe, if the employee did not return to work, they would be considered an inactive vested member of MSEP 2000 and would become eligible for normal retirement at age 62.
Note: If an inactive vested member of MSEP or MSEP 2000 elected a buyout in 2017 or 2018 then returned to state employment, they would be a member of MSEP 2011, would be required to make the 4% employee contributions and would have to meet the retirement eligibility for MSEP 2011.
We encourage members to contact a MOSERS benefit counselor to discuss their individual situation and learn how various scenarios would impact their benefits.
Jun 21, 2021, 4:25 PM By MOSERSI would like to unsubscribe from the Rumor Central emails because I am no longer a state employee.
If you would like to unsubscribe from this list, log in to myMOSERS and change your email preferences. After logging in, select Personal Information then Email Options. From there you can opt out of receiving Rumor Central Updates.
Jun 21, 2021, 4:15 PM By MOSERSI have never understood what "back drop" means. I do not think it was ever explained to me at the time of retirement.
In order to be eligible for the BackDROP, a member must work at least 2 years past their first normal retirement date. The "DROP" in BackDROP stands for Deferred Retirement Option Provision. With BackDROP, eligible members can get a one-time lump-sum payment in addition to their monthly pension payments from MOSERS. Members can make the choice to take BackDROP on their Retirement Election form.
The BackDROP period is the period of time between a member’s BackDROP date (the day their BackDROP period begins) and their actual retirement date. The maximum BackDROP period is five years. The lump-sum payment is equal to 90% of the pension benefits (based on the Life Income Annuity option) that the member would have received during the BackDROP period had they been retired. Choosing BackDROP will, most likely, reduce the amount of their monthly benefit.
Jun 21, 2021, 8:24 AM By MOSERSMy wife and I each receive a copy of "Retiree NEWS". We would appreciate receiving only one copy at this address. Thank you.
This is something we are working on improving with our new pension administration system. Currently, in order to only receive one copy per household, one of you will need to opt in to receive all notices electronically. (Note: Doing so will result in that person receiving nearly all of their correspondence from MOSERS online – not just RetireeNews.) Start by logging in to myMOSERS, selecting Personal Information then Email Options. From there you can opt in to electronic notices.
Jun 17, 2021, 9:52 AM By MOSERSHello. How can I access a copy of my annual benefit statement? Thanks.
Annual Benefit Statements for active members are available online. You can access your statement by logging in to myMOSERS, clicking on Online Documents then on Document Express. You can then download and save it or print it. If you have opted to receive your correspondence from MOSERS through the mail, we mail your statement to your home address each year in March.
Jun 15, 2021, 2:29 PM By MOSERSAre we able to redeem any of our MOSERS investments and (somehow), pay it back into the system?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. Please see our Employee Contributions brochure for more information.If you are still employed with the state, you are not able to access your MO Deferred Comp 457 retirement savings except for emergency withdrawals. MO Deferred Comp 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. Once you leave state employment, you can withdraw your 457 savings penalty-free. Visit www.modeferredcomp.org or call (800) 392-0925 for more information.
Jun 9, 2021, 1:58 PM By MOSERSI have been told that as a state employee you are required to show up on your last day of employment prior to retirement. Example if my retirement date was July 1, I would have to come in on June 30th. You did not have to work an 8 hour day but had to be there for at least one hour. Is this correct?
MOSERS has no authority over the policies and procedures of an agency in determining onsite requirements when an employee is ending their service. Therefore, we encourage you to talk with your HR staff and/or your supervisor in advance of your retirement to find out about the policies and procedures at your agency.
Your last day of work as a MOSERS benefit-eligible employee, as reported by your employer, must be at least one day prior to your retirement date with MOSERS. Your retirement date with MOSERS must be on the first day of a month.
Jun 7, 2021, 9:44 AM By MOSERSI am receiving survivor benefits from my husband who died in 2009. I am considering remarrying. If I do, will I continue to receive the monthly benefit?
Yes, since your spouse elected a survivor benefit for you at retirement, you will continue to receive your survivor benefits each month for your life, even if you remarry.
Please update your personal information with us if your name, address or bank information changes. You can do so by contacting us and our benefit staff will assist you. Also, please be sure to review and update, if necessary, who you have designated to receive your final survivor benefit payment. Your final benefit payment is paid on the last working day of the month in which you die.
Jun 7, 2021, 8:00 AM By MOSERSSo 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.
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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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.