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Leaving Employment Before Retirement Date
My retirement plan is MOSERS 2011. If I leave state employment AFTER I am vested but BEFORE my retirement age/date, how do I figure my monthly benefit amount?
If you are vested with MOSERS (you have at least 5 years of service) and then leave state employment, you will be eligible* for a lifetime monthly benefit, which will begin once you meet the age requirement (and all other legal requirements) and retire under a MOSERS defined benefit pension plan. In general, your benefits will be based on the laws in effect on the day you leave state employment.
For general state employees, we calculate retirement benefits using this three-part formula:
Final Average Pay (FAP) x Credited Service x Multiplier = Monthly Base Benefi
(The multiplier is determined by your plan; 1.6% for MSEP; 1.7% for MSEP 2000/MSEP 2011.)
FAP $3,000 (per month) x 7.5 years of Credited Service x 0.017 Multiplier for MSEP 2011 = $382.50 Monthly Base Benefit
Keep in mind that additional service will increase your benefit:
FAP $3,000 (per month) x 23 years of Credited Service x 0.017 Multiplier for MSEP 2011= $1,173 Monthly Base Benefit
As a member of MSEP 2011, you will become eligible for normal retirement when you have at least 5 years of service and reach age 67 OR under the “Rule of 90” which is when you are at least age 55 and your age plus service equals 90 prior to you leaving state employment.
As a member of MSEP 2011, you pay contributions to help fund the system. Upon termination of employment, you may request a refund of your contributions or you may leave your contributions with MOSERS. It you take a refund of your contributions, you will forfeit all your credited service and any future rights to receive benefits from the system, but you get a check equal to the amount of contributions you made plus any interest. See our Employee Contributions brochure (2011 Plan) for more information.
For more information, see the MSEP 2011 Retirement Plan video or the General Employees' Retirement Handbook (MSEP 2011). You can also contact a MOSERS benefit counselor to request a benefit estimate.
*An exception is if you were fired because you were convicted of a specified felony committed in connection with your job as a state employee on or after August 28, 2014. See Missouri Revised Statute §105.669.
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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.