Is the Health Care Incentive Bill or a variation of it likely to be reintroduced and if it is, when? While I am eligible to retire now,

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Is the Health Care Incentive Bill or a variation of it likely to be reintroduced and if it is, when? While I am eligible to retire now, I would like to have that incentive before I do because many of our former retirees say that the cost of health care takes too much of their already meager checks.
The 2007 session does not begin until January of next year, and legislation can be pre-filed in December. At that time, new bills may be introduced in either the House or Senate, possibly including a healthcare or retirement incentive. However, MOSERS has received no indication that such a bill will be introduced next year. While we understand members’ interest in legislation that may be introduced next year, there is no way for MOSERS or anyone else to know at this time what bills may be filed. Print Friendly and PDF

Is retirement income based upon the 3 highest salary years or the final 3 years, assuming 80 and out, as to amount of monthly draw? Thank you.

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Is retirement income based upon the 3 highest salary years or the final 3 years, assuming 80 and out, as to amount of monthly draw? Thank you.
MOSERS members’ retirement benefit is based on the average of the highest consecutive 36 months of salary, wherever it may fall during your MOSERS covered service. If a member is eligible for and elects the BackDROP option, it will be based on the average of the highest consecutive 36 months of salary prior to the BackDROP date. Print Friendly and PDF

If a person is looking at early retirement, under the old plan (hired prior to 1997), I understand that the person would take a loss

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If a person is looking at early retirement, under the old plan (hired prior to 1997), I understand that the person would take a loss in original benefit of .5% for each month prior to normal retirement date. However, would that person get the 4% raises each year beginning a year after retirement, the same as the normal retirement folks do under the old plan?
Also, could you explain the 65% cap - how that dollar amount is figured for an individual retiree? Is that 65% of your average compensation while you were working?
You are correct in your assumption that a member who is eligible for early retirement (reduced benefits) will have their base benefit reduced by 0.5% (0.005) for each month their age at retirement is younger than their normal retirement age. All MSEP retirees who were hired prior to 8/27/97 are guaranteed a minimum 4% COLA regardless of whether they retired with a normal or early retirement benefit. The guaranteed minimum COLA will continue until the accrued COLAs reach 65% of their initial benefit. For example, if a member's original benefit was $1,000, they could continue receiving annual COLAs of 4% until the COLAs equaled $650.00 (65% of $1000 = $650.00) for a total of $1,650. Assuming a 4% COLA rate, this will happen in approximately 13 years. Once the COLA "cap" is reached, the annual COLA will be based on 80% of the increase the Consumer Price Index (CPI). In any case, the maximum COLA is 5%. See page 26 of the retirement handbook for further details on the COLA.
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What date is used for determining early retirement reductions to MSEP? Early reductions do not seem to be related

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What date is used for determining early retirement reductions to MSEP? Early reductions do not seem to be related to the date one is first eligible for full retirement benefits or "normal retirement" under MSEP. Which retirement date, MSEP or MSEP2000 or other retirement date, is used for termination of long term disability?
Early retirement reductions are based on the date first eligible for normal retirement based on the member's service at termination. For example, if an MSEP member terminated with 15 years of service, they would be eligible for normal retirement at age 60 under the MSEP. If they choose to begin receiving their benefit before age 60, it would be reduced by 0.5% for each month between their actual date of retirement and age 60. For example, if this person elected to begin receiving benefits at age 59 there would be a 6% reduction in the benefit. (12 months at 0.5% per month = 6%.) Please see the
Retirement Handbook for more detail.
If a member is currently a member of the MSEP, their first normal retirement date in the MSEP will be used to determine the termination of LTD coverage. If they are a member of the MSEP 2000, then their first normal retirement date in the MSEP 2000 will be used. Print Friendly and PDF

Hello, I have 29 months of BackDROP and I am just wondering, should the BackDROP ever be discontinued while I am still employed,

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Hello, I have 29 months of BackDROP and I am just wondering, should the BackDROP ever be discontinued while I am still employed, will I still receive the money or will the time be converted into or added to service time? Thanks.
We have no way to predict whether the BackDROP provisions will remain in law or be changed by future legislation. However, we are not aware of any proposals to change or eliminate the BackDROP as a retirement option for MOSERS members.
If any such legislation were to be introduced in a future session of the General Assembly, MOSERS would notify those members who would be affected. Any such legislation would need to stipulate whether or not the proposal was for the BackDROP to be eliminated prospectively only or completely. In the absence of legislative language, we can’t offer any guidance as to how you might be affected.
Rumors about the potential for the BackDROP provision being eliminated have resurfaced every year since it became law. Gary Findlay, MOSERS’ executive director, addressed the BackDROP elimination rumor and one other rumor in a letter to members in February 2004. The information in that letter is still relevant today. You can review the original letter here. Print Friendly and PDF

How long do you receive a state retirement pension once you retire?

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How long do you receive a state retirement pension once you retire?
Once a MOSERS member begins receiving benefits, he or she will receive a monthly benefit for the remainder of his or her life. (The only exception would be in a case were the retiree returns to work in a MOSERS covered position. In that case, the benefit would be suspended until the person was no longer actively employed in a MOSERS covered position, at which point payment of the original benefit would resume and an incremental benefit would be paid for the amount accrued during reemployment.) Print Friendly and PDF

After I retire, do I still have $5,000 life insurance at no cost?

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After I retire, do I still have $5,000 life insurance at no cost?
While actively employed you have life insurance coverage equal to one times your annual pay (which is tripled in the case of a duty related death.) Current MOSERS members who retire within 60 days of leaving state employment will have $5,000 of basic life insurance coverage while retired with the premium for that coverage paid by the state. If you have optional coverage on yourself while actively employed, you will also want to become familiar with the provisions applicable to continuing optional coverage once you retire. Print Friendly and PDF