Any plans for another health care incentive?

Posted on
Is there any plan to have the State of Mo continue to pay a portion of the employee and dependents health insurance cost if the employee is age 62 until he reaches age 65 and becomes eligible for Medicare? I understand the state did this 5 years ago but that benefit expires this year.
Five years ago legislation passed that allowed eligible employees who retired within a specific timeframe to retire and retain their health insurance coverage at the same rate as active employees for the lesser of five years or until reaching age 65. No subsequent legislation has been filed to extend this benefit beyond the maximum five-year period for those who took advantage of the provision in 2003 and may still be younger than age 65. The 2008 legislative session ended in May and the 2009 session will not start until January.
The state does routinely pay for a portion of the cost of the total health insurance premium for retirees who have no break in health insurance coverage between termination of employment and retirement. The portion paid by the state is based upon the years of service the retiree has accrued and the appropriations made available for that purpose. The Missouri Consolidated Health Care Plan (MCHCP) administers the medical, dental, and vision coverage for eligible state employees. Any questions regarding legislation affecting medical benefits should be directed to MCHCP at (800) 487-0771. Print Friendly and PDF

Sick Leave at Retirement

Posted on
Do you need to have a certain number of sick hours in order to retire if you have met the requirements for retirement under the 80 and out rule? Please advise - thanks.
No. There is no requirement regarding sick leave hours. As long as the sum of your age and creditable service equals 80 or more, you are eligible for retirement under 80 and out. However, for every 168 hours of unused sick leave you have at retirement you will receive an additional month of service credit that will be used in computing the amount of your benefit. It should be noted that service credit from unused sick leave cannot be used in determining your eligibility for benefits. Print Friendly and PDF

Explanation of "excess retirement benefit"

Posted on

Please explain and give an example of “excess retirement benefit.” I read the notice of the board approval but did not understand.
Under Internal Revenue Code section 415, pension plans such as MOSERS must limit the amount of retirement benefits that can be paid to an individual. The annual limit for 2008 is $185,000 (with significant reductions for retirement before age 62).
Even though it is highly unlikely that a MOSERS retiree would exceed the limit (even with the pre-age 62 reductions), we felt it prudent to establish a means of paying benefits that might otherwise not be allowed under this IRS rule.
Print Friendly and PDF

How to request a benefit estimate

Posted on

How would I find out how much I would get monthly when I retire?
You may prepare a personalized benefit estimate using our website.

  • Go to www.mosers.org
  • Click on Member Login. (If you do not have a password, follow the instructions to Request a Password on our website.)
  • Click on Select a Date Estimate (under Personal Information).
    Follow the instructions to prepare a benefit estimate.
Or, contact a MOSERS benefit counselor and request a benefit estimate. Print Friendly and PDF

Amount of retirement benefit per pay period

Posted on

I have just been offered a job with the state of Missouri and am trying to figure out how much retirement benefit I get each pay period. I'm sure it's a percent of my paycheck, but I don't see that percent listed anywhere. What is the percent per pay period for retirement?
MOSERS is a defined benefit plan and your retirement benefit is funded solely by employer contributions. In order to qualify for a retirement benefit from MOSERS, you must have at least five years of credited service. Your retirement benefit is calculated using a formula that is set by law. The base benefit formula for general state employees hired after June 30, 2000 is:
Credited Service x .017 x Final Average Pay (3 year average)
Detailed information regarding retirement benefits may be found in our General Employees’ Retirement Handbook. Print Friendly and PDF

Taxes on BackDROP rollover to Deferred Comp

Posted on

There is a rumor going around that if you have already received your Backdrop and even if you have rolled it over to your deferred comp account, that the IRS is going to consider this taxable income and you will have to go ahead and pay taxes for your backdrop even though you have not withdrawn this money. If this is true, then when you do take your money out at 59 1/2, will it be taxed again?
Under present tax law, BackDROP distributions that are rolled over to a deferred compensation account will not be subject to taxation until such time as amounts are distributed from the deferred compensation account. Based on conversations with individuals who are knowledgeable regarding legislative activity in Washington DC, we have no reason to believe any changes in the law regarding such rollovers are under consideration.
For information regarding taxes when you withdraw funds from the Deferred Compensation Plan, please contact the Plan Information Line at (800) 392-0925 or the Jefferson City office at (573) 893-1053. Print Friendly and PDF