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Hearing Rumors? Not sure your co-worker has it right?

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  • Do I have to pick my plan a year before I retire?

    Oct 20, 2022, 10:51 AM By MOSERS
    I am eligible for retirement 2/1/2024, I have heard that if I don't pick my retirement plan by this February (2/1/2023) a plan will be picked for me? The seminars and webinars are full, from now to end of December. I am worried I may not get the retirement option I want now!

    All eligible state employees are members of a retirement plan based on when they are first employed in a MOSERS benefit-eligible position and their vested status.

     Our records indicate that you are a member of MSEP. State law allows members of MSEP to choose either MSEP or MSEP 2000 at the time of retirement. A plan will not be picked for you. Your plan is not dependent upon if you attend a Ready to Retire seminar or not. Additionally, you are not required to make that decision a year in advance.

     It is important for you to learn about the retirement process and your choices at retirement. Below are options:

    • We have a Ready to Retire webinar on December 1, 2022, which we have opened up to additional attendees. You may register via myMOSERS or contact us at MOSERSEducation@mosers.org.
    • At any time of year, you may call or make an in-person appointment to meet individually with a MOSERS benefit counselor to discuss your options.
    • In mid-December, we will post the education schedule for next year to our website. We encourage you to watch for that and, as soon as possible, register to attend an in-person seminar or webinar.
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  • Taxes and Living Out of State

    Oct 13, 2022, 8:52 AM By MOSERS

    In reading the "rumors" responses, it sounded as if I would not owe Missouri state taxes if I live outside of Missouri (I live in New York State since 2007), and get a pension from MOSERS for working in Missouri before we moved to New York. Is that true?

    If you are retired and not a Missouri resident, please contact the Missouri Department of Revenue and state tax agency in your state for additional information, to inquire if you will need to file a state tax return in either or both states, and to determine the taxability of your MOSERS benefit where you live. Our staff is not authorized to provide tax advice.

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  • Leaving State Employment Before Retirement Age

    Oct 13, 2022, 8:23 AM By MOSERS
    What happens to my MOSERS retirement benefit if I leave employment before retirement age?

    If you are a vested member of MSEP or MSEP 2000 and leave state employment prior to retirement, your pension stays secure with MOSERS and will be available to you when become eligible and complete the retirement process. See Leaving State Employment for more information.

    Keep in mind that any benefit estimates you may have received assume you worked until your normal retirement date. If you leave employment, you will stop accruing service credit. As a result, your first eligible normal retirement date may be later and your benefit amount will be less. You may contact a MOSERS benefit counselor to get a revised estimate of your future benefit.

    If you are a member of MSEP 2011, the same is true. Alternatively, you have the option to request a Refund of Employee Contributions. If you elect a refund, there is a 90-day waiting period and you will forfeit your future rights to receive a pension from MOSERS.

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  • Locating Your 1099-R

    Sep 22, 2022, 4:05 PM By MOSERS

    How do I get a copy of my 2021 1099? 

    You can find a replacement copy of your 1099-R form by logging into myMOSERS. Select Personal Information and from there you will find it available for you to download and print.

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  • Accrued Annual Leave

    Sep 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. 

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  • Updating Your Name

    Sep 6, 2022, 8:01 AM By MOSERS
    How 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

    Active Employees

    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. 

     

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  • Obtaining Life Insurance in Retirement

    Sep 1, 2022, 4:20 PM By MOSERS
    For 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.

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  • Temporary Benefit and Social Security

    Aug 26, 2022, 3:42 PM By MOSERS
    I'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).

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  • Understanding your High 36

    Aug 12, 2022, 3:51 PM By MOSERS

    Good morning,

    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

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  • Long-Term Disability Insurance

    Jul 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.

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Disclaimer

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.