I would like to know when you turn 62 and are eligible to draw social security and are retired under

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I would like to know when you turn 62 and are eligible to draw social security and are retired under the provision of drawing the extra money over and above the retirement amount earned, does the extra money automatically drop the day you turn 62 or does it continue until you actually apply for social security and begin drawing it before the difference is changed in your benefits? I understand certain people have to wait at least three months after the age of 62 before they can start actually receiving a social security check and I want to prepare in the event the extra benefit difference changes or drops. Thank you very much.
Members retiring under the "Rule of 80" in the new plan (MSEP 2000) are eligible for a temporary benefit until they reach age 62. Therefore, the benefit check you receive during the month of your 62nd birthday will be the last one that includes the temporary benefit. Print Friendly and PDF

Congratulations on the 12.5% rate of return! Is there any way that Missouri State employees/retirees can use

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Congratulations on the 12.5% rate of return! Is there any way that Missouri State employees/retirees can use funds that they currently have in PEBSO to invest in a “MOSERS” option?
We are pleased that our investment returns have been exceptional this year. MOSERS exists to pay retirement benefits to current and future retirees of the state of Missouri and we know that our track record of generating consistently strong investment results is beneficial to both our members and the taxpayers of the state.
The Missouri State Public Employees Deferred Compensation Commission administers the state deferred compensation plan. The Office of Administration, Division of Accounting provides staff support to the commission and the commission selected PEBSCO through a competitive bid process to serve as third party administrator for the plan. We sent your question to the Office of Administration and their response is:
The Deferred Compensation Commission has discussed including the MOSERS portfolio as a plan option. At that time, the Deferred Compensation Commission determined the expense of the daily valuation (pricing) of the portfolio made this option impractical. Due to advances in software, MOSERS could now provide a daily valuation on much of their portfolio at minimal cost. However, we believe daily valuation is still not viable for their relatively illiquid investments (hedge funds, timber, private placements, etc.) Therefore, it is unlikely these investments would be included in a portfolio offered to deferred compensation plan participants.
The Commission plans to reevaluate the investments in the portfolio once the Third-Party Administrator (TPA), fixed annuity and stable value awards have been completed. The contracts should be awarded in December 2005 and the transition should be complete by June. With the assistance of the (possibly new) TPA, the Commission expects to reevaluate the portfolio either during or after the transition.
Thank you for your suggestion to the Deferred Compensation Commission, it will be noted at the next Commission meeting. Print Friendly and PDF

When is the next chance to replace the board members who favor continuing to invest MOSERS funds in the Arab Bank?

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When is the next chance to replace the board members who favor continuing to invest MOSERS funds in the Arab Bank?
The next board election will be in August of 2006. At that time, active members will elect two representatives to the board and retirees will elect one representative to the board. All other board members are either appointed or are on the board by reason of the office they hold (ex-officio).
The MOSERS Board of Trustees is currently reviewing its investment policy to see if changes are needed. As one of the first retirement systems in the country to adopt an anti-terrorism policy, this is an important issue to us. Our portfolio holdings are presently screened against a list maintained by the US Department of the Treasury’s Office of Foreign Asset Control and we will immediately divest of any investments if a match is discovered. Further, if any other agency of the federal government tells us not to invest in a specific company because of terrorist ties, we will, without question, comply.
Our earnings for the fiscal year ended June 30, 2005 were 12.5% and every dollar we earn from investments is a dollar that taxpayers save on contributions the state is required to make. Our performance consistently ranks in the top 10% to 25% of the returns of large public employee retirement systems. More information can be found on our home page under the Feature section and in the Latest News posting on Terrorism and Investments. Print Friendly and PDF

There is a rumor that the legislature has plans to eliminate the 80 and out option. Is there any truth to this?

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There is a rumor that the legislature has plans to eliminate the 80 and out option. Is there any truth to this?
This seems to be a persistent rumor, however, MOSERS hasn't received any questions or comments from the Governor's Office or from legislators concerning potential legislation to eliminate the "Rule of 80" provision. Print Friendly and PDF