Is there a % penalty for individuals retiring after age 59½?

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Is there a % penalty for individuals retiring after age 59½?
There is no tax penalty that applies to members who begin receiving monthly retirement annuity payments from MOSERS at any age. However, if you receive a lump sum cash payment such as the BackDROP payment before you reach age 59 ½ and you do not roll it over to a traditional IRA or another eligible employer plan, you may have to pay a penalty equal to 10% of the taxable portion of the payment in addition to the regular income tax. Print Friendly and PDF

I guess I missed something. What does the "Select a Date" issue concern?

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I guess I missed something. What does the "Select a Date" issue concern? I am a recent retiree, and I understood that COLA's would be received by retirees also. What about the 4% raise?
Not to worry. The 4% raise mentioned in our previous “Select a Date Estimate” question (posted on 8/21/06) affected active state employees only, and addressed the salary increase active employees received in July 2006. The annual COLA paid to retirees is totally separate from and unaffected by the pay raises received by active employees.
Our “Select a Date Estimate” featured on the secure portion of our website allows active members to select a future date at which they may wish to retire, and then view personal benefit estimates based on that selected date. Print Friendly and PDF

How will the new pension law passed by Congress and signed by the President affect retirees?

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How will the new pension law passed by Congress and signed by the President affect retirees? One provision that I have read says that the new law will allow retirees from public service to pay for their healthcare premiums with pre-tax dollars from their pension checks up to $3,000 so long as the money is paid directly to the insurer. Will MOSERS retirees be able to take advantage of this provision? Thank you.
 The pension law will allow eligible members of MOSERS who are retired public safety officers to elect to exclude from gross income certain distributions made from an eligible retirement plan to pay qualified health insurance premiums. The exclusion is limited to the aggregate amount of actual annual premiums paid, up to $3,000. To be eligible, the premiums must be paid directly by the retirement plan to the insurance provider. Premiums paid directly to the retiree would not be eligible.
We are presently reviewing the new federal law to determine which positions may be included in the definition of public safety and how the system will implement this new provision. This may involve seeking clarification from the IRS.
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Are juvenile officers and deputy juvenile officers eligble for BackDROP?

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Are juvenile officers and deputy juvenile officers eligble for BackDROP?
Juvenile court employees (including juvenile officers and deputy juvenile officers) who are employed in positions covered by MOSERS are eligible for BackDROP if they meet the statutory eligibility requirements.
Please contact a MOSERS Benefit Counselor at (800) 827-1063 to determine whether or not you are eligible for the BackDROP and, if not, how long you would need to continue in service in order to be eligible. Print Friendly and PDF

If a person chooses four years of BackDROP and has one year of sick leave, how is the BackDROP figured?

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If a person chooses four years of BackDROP and has one year of sick leave, how is the BackDROP figured? Will the year using sick leave be based on the first year of BackDROP or last year? Will a COLA amount be added to the BackDROP year accrued due to sick leave days for future benefits?
The amount of your sick leave has no bearing whatsoever on your BackDROP date or the length of your BackDROP period. Sick leave simply adds service for use in calculating the monthly benefit payment but has no bearing on your eligibility date. In essence, it will increase your monthly benefit and your lump sum BackDROP payment but will not change anything related to eligibility.
A MOSERS Benefit Counselor can assist you by providing benefit estimates and individualized information about the BackDROP. Please contact a Benefit Counselor at (800) 827-1063 for more information. Print Friendly and PDF