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State Contribution to Retirement?

Jul 30, 2018, 08:41 AM by MOSERS

Does the State of Missouri contribute any matching funds to the retirement program?
I am receiving conflicting information, that there are and are not matching funds. I've been told 0 and "up to 3%."

As a MOSERS benefit-eligible member, you have a defined benefit pension plan, which provides lifetime monthly benefit payments to you after you retire. It is based on the formula:

Final Average Pay x Credited Service x a Multiplier = Your Monthly Base Benefit

Remember, it is this formula, NOT contributions, that determines your monthly retirement benefit.

There are three sources of income that fund your MOSERS defined benefit pension plan:>/p>

  1. Contributions from members of the MSEP 2011 and the Judicial Plan 2011, which are 4% of pay,
  2. Your employer’s contributions, which are currently, 20.21% of covered payroll, and
  3. MOSERS’ investment income. 

You can read more about plan funding on our website. If you leave state employment prior to normal retirement eligibility, you may request a refund of your employee contributions plus interest. (Your employee contributions consist of #1 above; #2 and #3 remain in the MOSERS trust fund.) Interest on employee contributions is calculated using the 52-week Treasury bill rate.

You may also participate in the State of Missouri Deferred Compensation Plan (MO Deferred Comp), which is a supplemental retirement savings program. Currently, the State does not match any contributions to MO Deferred Comp, but there are many other reasons that MO Deferred Comp is an important part of your benefit package.

Watch our New Employee Orientation video or a quick overview of your MOSERS benefits.

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