Several people who are approaching retirement have been debating this issue and would like an official answer.

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Several people who are approaching retirement have been debating this issue and would like an official answer. If someone is planning on retiring July 1, 2007 but does not notify MOSERS until June 15, 2007 is the first retirement benefit payment only delayed or do you actually miss one since the application had not been filed in a timely manner?
 State law requires all retirement applications be to submitted at least 30 but no earlier than 120 days prior to a member’s retirement date.
If you are planning on retiring July 1, 2007, the retirement application would need to be submitted to MOSERS by May 31. If the application is not submitted at least 30 days before the retirement date the member will need to postpone retirement until the following month.
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This is just out of curiosity, but have you heard what was behind this (deferred compensation) legislation.

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This is just out of curiosity, but have you heard what was behind this (deferred compensation) legislation. Was there a perception that the Deferred Compensation Commission was doing a bad job of overseeing the fund? Is this move supposed to lead to some expense savings? Thanks.
This legislation was originally filed by a member of the Deferred Compensation Commission, and is based on the thinking that plan participants would benefit from the investment expertise in place at MOSERS. This would ensure that a staff of full-time professionals is available to provide increased oversight regarding all aspects of the program. It is very common for boards of retirement systems to function in both capacities and the MOSERS board would be required to act as fiduciaries for both the MOSERS retirement plan and the deferred compensation program.
Also, the MOSERS board is larger and more diverse than the Deferred Compensation Commission and is in a better position to provide direction and oversight given the increasing complexity and sophistication of retirement investing.
This administrative change would appear seamless to the members of the deferred compensation program. The MOSERS board and staff would assume the monitoring function. CitiStreet would continue to handle the administration of individual accounts and the investment products available would continue to be handled by outside service providers.
It is also possible that the total cost to plan participants might be reduced as the result of MOSERS being able to capitalize on the negotiating power that comes with managing a larger asset base. However, the potential magnitude of such possible cost savings is unknowable at this time. Print Friendly and PDF

Is there any truth to rumor that the State of Missouri has too many employees and that to get the numbers down the Governor might offer a package for

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Is there any truth to rumor that the State of Missouri has too many employees and that to get the numbers down the Governor might offer a package for those employees that have 80 and out at the end of the year that would help pay medical insurance until age 65?
In order for MOSERS’ “Rule of 80” retirement provision to be changed, the Missouri legislature would have to introduce and pass a bill calling for such changes. The governor does not have the authority to make changes to state statutes which govern the retirement plan. As of this posting, the legislature has not introduced any legislation that would provide a retirement package such as the one mentioned in the above question. The 2007 legislative session ends on May 18th, leaving little time for the possibility of such a provision being considered this legislative session. Print Friendly and PDF

Is there any truth to rumor that the State of Missouri has too many employees and that to get the numbers down the Governor might offer a package for

Posted on
Is there any truth to rumor that the State of Missouri has too many employees and that to get the numbers down the Governor might offer a package for those employees that have 80 and out at the end of the year that would help pay medical insurance until age 65?
In order for MOSERS’ “Rule of 80” retirement provision to be changed, the Missouri legislature would have to introduce and pass a bill calling for such changes. The governor does not have the authority to make changes to state statutes which govern the retirement plan. As of this posting, the legislature has not introduced any legislation that would provide a retirement package such as the one mentioned in the above question. The 2007 legislative session ends on May 18th, leaving little time for the possibility of such a provision being considered this legislative session. Print Friendly and PDF

I have been told that we will only be paid for 20 days of accrued vacation upon retirement, but I can’t find the answer to this anywhere. Is this a s

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I have been told that we will only be paid for 20 days of accrued vacation upon retirement, but I can’t find the answer to this anywhere. Is this a state or institutional policy?
By law, your unused vacation pay is not considered in calculating your MOSERS retirement benefit and is paid by your employing department.
Under the regulations that govern annual leave, state employees may be paid for up to their maximum allowable accumulation of annual leave. Said another way, an employee may be paid for up to twice their annual accumulation. For most employees who work for the state until retirement this maximum is 336 hours. (7 hours per pay period x 24 pay periods a year x 2).
Please contact your agency’s Human Resources department for specific information regarding your unused vacation. Print Friendly and PDF

I believe I understand that your sick leave is used toward your state time in the amount of your benefit when you retire, but how does it help if you

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I believe I understand that your sick leave is used toward your state time in the amount of your benefit when you retire, but how does it help if you are working on the BackDROP?
For every 168 hours of unused sick leave a member has at termination, the member receives a month of creditable service which will be used in the calculation of the member’s BackDROP and monthly benefit amounts. The sick leave credit does not count toward the member’s eligibility for retirement or the BackDROP. Print Friendly and PDF