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Accrued Annual LeaveSep 13, 2022, 1:50 PM By MOSERS
I have approximately 8 weeks of accrued Annual Leave. Could I potentially take 4-6 weeks of my leave prior to my retirement date and theoretically leave my position early?
Your specific question is outside the purview of MOSERS. Please discuss your questions about taking annual leave with your supervisor and/or HR representative. It is also important that you find out if there is a limit on how many hours of unused annual leave your employer will pay out when you retire. Again, it is your agency that determines the amount of vacation/annual leave that you can get paid for, not MOSERS. Limits on how much they will pay out may vary from one agency to another.
If your employer approves the use of annual leave prior to your retirement date, you would still be considered an active employee, would still be accruing service credit, and would still have your insurance coverage while taking annual leave. Your employer may require you to return to work prior to your retirement date.
As it relates to your MOSERS benefits, the amount of unused annual leave you have at retirement has no impact on your MOSERS retirement benefits. However, unused sick leave may increase the amount of your service credit and your monthly retirement benefit. See our Life Events page for more information on both unused annual leave and unused sick leave. Contact a MOSERS benefit counselor directly if you have any further questions about your pension benefits.
Updating Your NameSep 6, 2022, 8:01 AM By MOSERSHow do I update my marital status in my personal information?
The process for changing your name or marital status in our system is different, depending on if you are an active employee or if you are receiving a MOSERS benefit.
Retirees and Beneficiaries
If you are currently receiving a pension benefit of any kind, you must submit proof to MOSERS to change your name or marital status. For proof of name change, we accept an updated Missouri driver’s license showing your new name. For proof of name change and marital status change, we can accept a divorce decree or a marriage certificate.
We also require proof of name change for any inactive vested member or beneficiary applying for survivor or remaining guaranteed payments.
We accept documents of proof in the form of photo or electronic copy. You can mail, e-mail, fax, or upload documents through myMOSERS
If you are currently an active state employee, you do not have to provide documentation for a name change or marital status change. You can update your marital status by logging in to myMOSERS. Simply select Personal Information, then click Update Information and scroll down to change your marital status.
If you are unable to log in, contact a MOSERS benefit counselor for assistance.
Obtaining Life Insurance in RetirementSep 1, 2022, 4:20 PM By MOSERSFor some reason, I thought I had life insurance, but when checking my page, I see that I don't. Is it still possible to obtain life insurance from Mosers? Thank you
No, you cannot add or increase life insurance through MOSERS once you have retired. Below are the guidelines.
Basic Retiree Coverage After Retirement
- If you retire within 60 days of leaving state employment, the state will continue to provide you with $5,000 of coverage at no cost to you.
- If you wish to do so, you have 60 days from your retirement date to port or convert any remaining basic life insurance through The Standard Insurance Company.
Optional Life Insurance and Retaining Coverage After Retirement
If you retire within 60 days of leaving state employment, or retire directly from active employment, you may be eligible to retain some of your optional life insurance coverage.
- You may retain up to $60,000 in coverage if you are a member of MSEP. Your coverage cannot exceed the amount your carried while actively employed.
- 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.
Please feel free to contact a MOSERS benefit counselor if you have more questions or you can view our Life Insurance page.
Temporary Benefit and Social SecurityAug 26, 2022, 3:42 PM By MOSERSI've already met the 80 & out rule and will have completed my 4th year of backdrop when I retire next year at age 55. I'm looking at selecting the MSEP 2000 plan with the temporary social security benefit (until I reach age 62). By receiving these temporary SS funds for approx. 7 years, does it affect how much SS I will receive when I reach age 67 and want to apply for full social security? Thanks!
No, the Temporary Benefit does not affect your Social Security benefit. The Temporary Benefit is a MOSERS plan provision only that is designed to provide you with a supplemental income until age 62 if you elect normal retirement prior to age 62.
The funding for it does not come from Social Security and it doesn’t impact your Social Security benefit amount. As a reminder, the Temporary Benefit is available to MSEP 2000 members but not MSEP members, so you must retire under MSEP 2000 to receive it. The Temporary Benefit and any COLAs earned on that amount will stop at age 62 regardless of whether you take early Social Security or not, but your base benefit will continue for life. For more information, contact a MOSERS benefit counselor or review the General Employees’ Retirement Handbook (MSEP & MSEP 2000).
Understanding your High 36Aug 12, 2022, 3:51 PM By MOSERS
I understand that a State employee's retirement benefit is based on the highest 36 consecutive months of pay. My question is whether or not there is a time limit on this rule. For example, if an employee's first 36 months of pay averaged $1,000, then the employee downsized to a lesser wage for the remainder of their career, e.g. $500 for 20 years, would the retirement still refer back to the 36 months at $1,000 despite the vast majority of the employee's career averaging $500?
Yes, your final average pay, for the purpose of calculating your pension benefit, is your highest 36 consecutive months pay, regardless of when that occurs in your pay history. We will look at your entire pay history, as reported by your employer, and find the “high 36”. This can include overtime pay and holiday pay. All 36 months must be consecutive.
Your base benefit is calculated using a formula, as defined by law, that takes into account the following factors:
- Final Average Pay (FAP) – The average of your highest 36 consecutive months of pay
- Multiplier – The multiplier established by the legislature
- Credited Service – Your years and months of credited service earned, purchased, or transferred, and unused sick leave (if applicable)
(Base benefit is the amount before any reductions, taxes, or other deductions.)
Here is an example of how the base benefit formula works for a person whose gross pay is $50,000 per year (for at least 36 months) and who retires under MSEP 2011 with 25 years of service:
FAP ($4,167) x MSEP 2011 Multiplier (.017) x Credited Service (25) = $1,770.98 monthly base benefit in retirement
Long-Term Disability InsuranceJul 27, 2022, 3:36 PM By MOSERS
The long term disability insurance listed on the link from the rumor central e-newsletter, is this a disability insurance for retirement, or is it for active employees. I had asked previously if we had short or long term disability available thru the state and I was told that it is not. If for both retired and active employees, is mosers open enrollment the same time as the open enrollment for mshcp? Or how do you go about finding that information. How can I find this information?
Except for employees of regional universities, active state employees working in a MOSERS benefit-eligible position have long-term disability (LTD) insurance coverage. Employees are automatically enrolled and there is no cost to the employee. This coverage ends when the member is eligible for normal retirement. LTD insurance provides partial income replacement if you are unable to work for an extended period. This benefit also includes a program that may assist in making workplace changes so you can avoid going or staying on LTD. You can find more information in the LTD Handbook or on the Long-Term Disability page.
Purchasing Service CreditJul 21, 2022, 9:05 AM By MOSERSAre you able to purchase years of public service with another public organization to add to your MOSERS pension to qualify for the rule of 90? Thanks,
Service credit may be available for purchase or transfer, depending on your situation. Purchasing service may increase your retirement benefit, allow you to retire sooner, or both. Waiting to purchase service may cost you more money, due to interest, in addition to the purchase price. You can view the Purchasing and Transferring Service Guide for MSEP 2011 members on our website to see if you are eligible to purchase or transfer prior service. We strongly encourage you to contact a MOSERS benefit counselor to discuss your individual situation as there are many factors that will determine your eligibility.
MOSERS Investment PortfolioJul 5, 2022, 2:41 PM By MOSERS
How much of your investments are leveraged with borrowed funds to keep up the ability to meet retirement amount promises?
MOSERS has been providing retirement benefits for Missouri’s state employees for more than 60 years. Our mission is to advance the financial security of our members by providing them a secure retirement income. That is why the Board and staff work hard every day to ensure the long-term sustainability of the System.
MOSERS trust fund assets equal approximately $8.5 billion. In providing retirement benefits, the Board recognizes that the most important determinant of long-term return and risk is the asset allocation decision. The Strategic Target Allocation (below), as set by the Board, is designed to provide the highest probability of meeting or exceeding the Plan’s investment objectives at a controlled level of risk and with an acceptable level of liquidity.
As you can see, the portfolio is highly diversified across many different asset classes. For every $1.00 of assets that we have, MOSERS has $1.40 of market exposure. This extra exposure is primarily held in the Long US Treasuries and US TIPS portions of the portfolio. Implementing extra exposure in these asset classes works to increase the diversification of the portfolio.
Extraordinary PaymentJul 5, 2022, 2:13 PM By MOSERSWhat is the extraordinary payment approved by the legislature?
As part of the Fiscal Year 2023 state operating budget, which began July 1, 2022, the General Assembly and Governor Parson approved an extraordinary payment of $500 million to the Missouri State Employees’ Retirement System (MOSERS). This one-time payment will not be used to reduce future employer contributions to MOSERS but, rather, will be used to strengthen the System and increase the funded status of the System over time. This extraordinary payment is in addition to the $610 million annual employer contribution for Fiscal Year 2023 approved by the General Assembly and Governor Parson. The state of Missouri, as the largest MOSERS-covered employer, has consistently contributed 100% of the required annual employer contribution as recommended by the System’s actuarial professionals and certified by the MOSERS Board of Trustees.
Receiving a Refund of Employee ContributionsJul 5, 2022, 2:06 PM By MOSERSI recently had my last day of employment on June 30, 2022 and want to know what the next steps are to cash out my contributions.
Members of MSEP 2011 or the Judicial Plan 2011 who leave state employment may choose to either request a refund (if they don’t anticipate returning to state employment) or leave their contributions with MOSERS (if they do anticipate returning to state employment).
If you decide to request a refund of your employee contributions, please be aware that there is a 90-day waiting period from the date of termination before MOSERS can issue a refund. You must complete the Member Request for Refund of Employee Contributions form, get it notarized, and submit it to MOSERS.
Please note that, if you take a refund, you will forfeit all your credited service. Alternatively, you may leave your contributions with the System if you think you might return to work for the state at some point in the future and would like for those years of service to count toward an eventual retirement benefit. To learn more, please visit our Refund of Employee Contributions page.
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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.