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Dec 16, 2021, 10:16 AM By MOSERSI have a new supervisor and she is curious on how to give staff the correct information about how Moser's comes up with retirement amounts to be paid. Could you send me the information on how this is figured out like a step-by-step so she will be able to answer some of the questions she will be getting? Also, would you send me an e-mail of what & when I need to do as far as my retirement? I believe I can retire Nov. 1, 2023.
This is a great question. Below is a breakdown of the benefit formula.
If you are a general state employee (including college and university employees), when you apply for retirement, your monthly 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 compensation
- Multiplier – The multiplier established by the legislature (1.6% or 0.016 for MSEP; 1.7% or 0.017 for MSEP 2000 and MSEP 2011)
- 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.
Examples - Using the multiplier for MSEP 2000 or MSEP 2011 retirees:
$3,000 (FAP) x 0.017 (Multiplier) 15 years (Credited Service) = $765 monthly base benefit
$3,500 (FAP) x 0.017 (Multiplier) 17.5 years (Credited Service) = $1,041.25 monthly base benefit
$4,000 (FAP) x 0.017 (Multiplier) 30 years (Credited Service) = $2,040 monthly base benefit
$_____ (FAP) x ____ (Multiplier) x ____ years (Credited Service) = $_______ monthly base benefit
There is also the Temporary Benefit, which is available if you retire under the "Rule of 80" (MSEP 2000) or the "Rule of 90" (MSEP 2011), and it provides you with an additional benefit until age 62 along with your base benefit. The formula for the Temporary Benefit is: Final Average Pay (FAP) x .008 (Multiplier) x Credited Service. At age 62, it ends but your base benefit continues.
Since you are only two years from retirement, we encourage you to attend a Ready to Retire session to learn about the process. Registration is now open for 2022 sessions. Log in to myMOSERS to sign up. You can also contact a MOSERS benefit counselor to make a 1-on-1 appointment. Check out our Ready to Retire page and the Retirement Guide for more information.
Dec 9, 2021, 10:25 AM By MOSERSif mo.state workers get a 5.5% pay raise will retires also ger a raise ?
No. The Governor’s proposal for a 5.5% cost-of-living adjustment (COLA) and $15 per hour minimum base pay standard is for all active state employees. If it gains legislative approval, it would not affect benefits for anyone who is already retired.
Retirement benefits for general state employees (including university employees) are calculated using a three-part formula: FAP x Multiplier x Credited Service = Monthly pension benefit payment. Cost-of-living (COLA) adjustments are also based on state statute and depend on the individual’s retirement plan. Retirees do get a COLA each year. See our COLA page for more details. Any change to how pension benefits are calculated would require legislative action and we are not aware of any legislative proposals to change benefit amounts for state retirees.
Dec 8, 2021, 10:46 AM By MOSERS
Is there going to be a cost of living increase in January 2022?
MOSERS will be able to determine the 2022 COLA in mid-January 2022. For most retirees, the rate calculation is based on 80% of the percentage increase in the average Consumer Price Index from one year to the next, with a maximum increase of 5% (minimum 0%).
When will it be paid?
Each year, you will receive a COLA on the anniversary of your retirement date, unless one of these exceptions applies to you:
- Retirees who converted from MSEP to MSEP 2000 during the conversion window in 2000 have COLAs payable each year in July.
- Retirees who elected a BackDROP* will have COLAs payable each year on the anniversary of their BackDROP date rather than on the anniversary of their retirement date.
- MSEP 2011 members hired after January 1, 2011 who leave state employment prior to retirement eligibility, will receive their first COLA in retirement on the second anniversary of their retirement.
We will send you a notice, either in the mail or in your MOSERS Document Express online mailbox, when the COLA is applied to your monthly benefit payment.
Dec 3, 2021, 11:13 AM By MOSERS
When will retirement seminars for 2022 be open for registration?We are in the process of finalizing our 2022 Education Schedule and anticipate having registration for Ready to Retire sessions open by mid-December. Be sure to watch our Education page for the most recent information!
Dec 2, 2021, 3:28 PM By MOSERSI am retired. Can I increase my life insurance? Is this ever an option?
You may reduce your optional life coverage amount after retirement; however, you can NOT increase your coverage amount after retirement. Please visit our Life Insurance page in the Retiree section of our website for more details.
Dec 1, 2021, 2:52 PM By MOSERSI could not find a place to change my marital status from married to divorced. Please advise
The process for changing your name or marital status in your system is different, depending on if you are an active employee or if you are receiving a MOSERS benefit.
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.
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, or upload documents through myMOSERS, or fax them to us.
If you are unable to log in, contact a MOSERS benefit counselor for assistance.
Nov 17, 2021, 9:09 AM By MOSERSI am trying to find out how to change how much is with held out of my paycheck for retirement but cannot figure out how to do so.
There are two deductions from your paycheck for retirement purposes.
MOSERS members who are in MSEP 2011 or the Judicial Plan 2011 are required to contribute 4% of their pay, which is maintained in an account with interest credited annually. This is an automatic withdrawal and cannot be changed. These mandatory contributions help fund your defined benefit pension from MOSERS. While it cannot be changed, you will get your contributions back in some way; whether it be through a guaranteed lifetime monthly income in retirement or through a refund, if you leave state employment.
Or, you may be referring to MO Deferred Comp. The MO Deferred Comp Plan is a voluntary retirement savings plan designed to help
Nov 2, 2021, 3:06 PM By MOSERS
I would like to ask a question about how re-employment with the State of MO would effect my current retirement plan/pension. I have been away from employment since 2008. If I would be able to attain employment within the next 3-6 months, or so, basically, how does it effect my retirement if I would be employed again with the State of MO, and any other pertinent information for "re-hire" after 13 years?
Retirement benefits for general state employees (including university employees) are calculated using a three-part formula: FAP x Multiplier x Credited Service = Monthly pension benefit payment.
Nov 1, 2021, 11:52 AM By MOSERSMy personal information is up to date, but when I pull up a report of my pay, it has my old address on it.
You can change your mailing address by logging in to myMOSERS. Select Personal Information then click Update Personal Information. You can also make changes to your email address and phone number(s). Updates to email addresses become effective by the next working day. 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 a MOSERS benefit counselor, who would be happy to assist you.
Oct 25, 2021, 10:17 AM By MOSERSI'am retired on mosers and now working MOA at the University, how many hours can I work per year.
It is the responsibility of your employer, not MOSERS, to determine if the position you are working in is a MOSERS benefit-eligible position. Generally speaking, an employee must work in a position normally requiring at least 1,040 hours per year to qualify for MOSERS benefits. If your employer determines that the position is not benefit-eligible and you have followed the termination and reemployment rules outlined below, you may work in that position and still get your MOSERS pension benefits.
Termination and Reemployment Rules
Before receiving a benefit payment from MOSERS, IRS rules require a “bona fide termination” of your employment. For purposes of MOSERS Board Rules, a "bona fide termination" occurs when:
- You have completely severed employment;
- You have not entered into a prearranged agreement (written or oral), prior to retirement, with the State of Missouri or any MOSERS-covered employer for subsequent employment on any basis (full-time, part-time, or other); and
- You are not subsequently employed with the State of Missouri or any MOSERS-covered employer on any basis (full-time, part-time, or other) within 30 days after your employment with your prior employer has ended.
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.
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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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.