At the present time our unused sick leave can be applied at a certain formula towards years of service in figuring our benefit.

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At the present time our unused sick leave can be applied at a certain formula towards years of service in figuring our benefit. How would an employee pursue enactment of the following option: in lieu of applying unused sick leave towards a monthly benefit, the unused sick leave would be figured in dollars at the current salary and placed in an account to be applied towards the difference the retiree pays for medical insurance as a retired member vs. an active member. Would this require a legislative change or could the MOSERS Board enact such a change?
Your proposal would require a change in the law. The MOSERS Board has no authority to make such a change in plan provisions. Print Friendly and PDF

If a person wants to retire and is going to be 55 in the next calendar year (example 55 in June 2007), can they

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If a person wants to retire and is going to be 55 in the next calendar year (example 55 in June 2007), can they retire in 12/31/06 or do the have to wait until 1/31/07 to avoid the 10% IRS penalty? Is it the calendar year or a year from your birthday that matters? Could they have retired on July 1st 2006 because they are less than a year from 55 years old?
A person must separate from service during or after the calendar year in which they turn 55 to avoid the 10% tax penalty on a BackDROP payment. Therefore, if the member were to turn 55 in June 2007, separation from service would have to occur sometime after January 1, 2007 to avoid the penalty. Print Friendly and PDF

If you quit your state job before being eligible for “80 and Out,” when will you be able to retire?

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If you quit your state job before being eligible for “80 and Out,” when will you be able to retire? Also lets say your years of service are 29 years and you are 51, do you also get the temporary benefit until you are 62 or do you just get your base or are you even eligible for “80 and Out” at that age since you are not a state employee after you quit.
If you terminate employment after becoming vested but before becoming eligible for the “Rule of 80” (sometimes called “80 & Out”), your normal retirement date will be determined by the total amount of service you have. Members of MSEP may retire at age 60 with 15 years of service, or age 65 with 5 years of service. Terminated-vested members of MSEP may become eligible for the “Rule of 80” eligibility once their age and service equals 80. For example, if a MSEP member terminated with 25 years of service but before reaching age 55, they would be eligible for the “Rule of 80” at age 55. Then if that member elects to receive benefits under MSEP 2000, they would receive the temporary annuity until age 62.
Members hired on or after July 1, 2000 and who are covered by MSEP 2000 only must retire directly from active employment in order to qualify for the “Rule of 80” provision. Print Friendly and PDF

I heard that 80 and Out has now been reduced to 78 and Out. Is that correct?

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I heard that 80 and Out has now been reduced to 78 and Out. Is that correct?
No. The MOSERS Rule of 80 retirement eligibility provision, which you referred to as “80 & Out,” qualifies members with combined age and years of service equaling 80 or more for normal retirement (if they are at least age 48.) A change in this provision would require legislative approval. The 2007 legislative session will begin in January, at which time legislators may introduce retirement related bills. However, MOSERS is not aware of any legislative initiatives that would reduce the Rule of 80 to a different requirement, such as “78 & Out.” Print Friendly and PDF

When I retire, I plan to take a BackDROP. Is there a COLA when a retiree takes a BackDROP?

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When I retire, I plan to take a BackDROP. Is there a COLA when a retiree takes a BackDROP?
Yes. Members who elect the BackDROP at retirement will receive annual COLAs on their monthly retirement benefit (as well as COLAs applicable to the BackDROP lump sum payment). Print Friendly and PDF

Does an employee have to physically report to work on the day before retirement is to begin or may they take vacation that day?

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Does an employee have to physically report to work on the day before retirement is to begin or may they take vacation that day?
Each employing agency must determine their rules regarding physically reporting to work prior to retiring. Please contact your agency’s Human Resources department for further information. Print Friendly and PDF

Would you please explain: If an employee has worked for the state for 15-30 years and was an active employee

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Would you please explain: If an employee has worked for the state for 15-30 years and was an active employee under MOSERS benefits and he/she had an accidental death while being a current state employee that the spouse would start receiving retirement benefits within 30-60 days even though the member was not retired. At what point does the spouse start getting benefits? Vested at 5 years? Also what amount does the spouse receive--50%?
If you die as an active member with at least five years of credited service (vesting requirement), a survivor benefit will be paid to your eligible spouse or child(ren). Although survivor benefit payments begin the first of the month following the date of the member’s death, they are not automatic. Each eligible benefit recipient must submit an Application for Survivor Benefits with the required documentation. Once MOSERS receives and processes the application, the monthly benefits would begin (including possible retroactive payments to make the account current).
To be eligible, your surviving spouse must be married to you on your date of death. The monthly benefit for your spouse will be based on the benefit you have accrued as of your date of death and calculated according to the Joint & 100% Survivor Option. The survivor benefit will be payable for the remainder of your spouse’s life.
If there is no eligible spouse (or the spouse’s benefit is no longer payable), a total of 80% of your monthly base benefit will be paid to your natural or legally adopted child(ren) under the age of 21. If there is more than one eligible child, the benefit will be divided equally among them. The survivor benefit for each child will stop when they become age 21 (unless a child is totally disabled) with their portion then divided among any remaining eligible children.
If the member’s death is determined to be duty-related, there is no minimum service requirement. The benefit is calculated in the same way as described above, but the benefit amount will not be less than 50% of the member’s average monthly compensation. Print Friendly and PDF

Just wondering why state retiree's can't get their retirement checks on the last working day of the month like the regular State Employee's do, wheth

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Just wondering why state retiree's can't get their retirement checks on the last working day of the month like the regular State Employee's do, whether it is direct deposit or not?
Monthly benefit payments for retirees are made on the last working day of each month. Therefore, if retired members participate in direct deposit program, their benefit will be deposited into their account on the last working day of each month. If a retiree receives paper checks, checks are mailed from MOSERS on the last working day of each month. Please allow time for mail service to deliver checks to your home.
For several years, active state employees have been required to receive their paychecks through direct deposit only. In June 2006 the state implemented a system change that requires active state employees to also receive expense payments through direct deposit only. MOSERS encourages all retirees to consider the advantages of receiving your benefit payment through direct deposit. Direct deposit is secure and convenient, and you receive your benefit payment automatically on the last working day of each month. Find more information in our Direct Deposit brochure.
The following is the 2007 Benefit Payment Schedule:
January 31
May 31
September 28
February 28
June 29
October 31
March 30
July 31
November 30
April 30
August 31
December 31
Retirees on direct deposit will have their benefit payments deposited to their accounts on those dates. Pay stubs are available to retirees on the secure area of our web site. Over 90% of our benefit recipients receive their payments by direct deposit thus eliminating problems that may result from mail delays or theft. If you are not on direct deposit please consider signing up for that service. Print Friendly and PDF

As I understand it Senate Bill 1065 was submitted last year to allow MOSERS members that are at least 48 years old

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As I understand it Senate Bill 1065 was submitted last year to allow MOSERS members that are at least 48 years old and will be eligible for "80 and out" in two years, the opportunity to buy their last two years of service with the state and retire. I understand it did not get voted on last year. Will it be brought up again and will MOSERS support the bill?
The 2007 legislative session will begin in January. Legislators can file bills any time after December 1 and MOSERS’ staff will begin reviewing all legislation at that time. We have no way of predicting whether or not a similar proposal will be offered for consideration again in 2007. MOSERS’ staff would, as required by law and the constitution, provide cost information to the legislature for their use in evaluating the proposal if it is filed in the next legislative session. Very few legislative proposals requiring additional appropriations have passed in recent years. Print Friendly and PDF

There has been some downsizing in state government in recent years and I've seen some senior staff,

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There has been some downsizing in state government in recent years and I've seen some senior staff, within 3 or 4 years of 80 and out retirement eligibility, being let go. Would MOSERS consider allowing employees in these situations to retire early or buy their last few years of service?
A change such as the one you have requested that MOSERS consider would require a change in the law and, therefore, cannot be authorized by MOSERS’ board and/or staff. Print Friendly and PDF