HB305 and Returning to Work

Posted on
With HB305, if you retire [during the incentive time frame of January 1, 2011 - September 1, 2011], and you return to work part time what do you need to do to be able to receive the incentive?
As currently written, HB305 prohibits any employee who elects to retire under the incentive from becoming reemployed with any state department. See this recent Rumor Central post.
If HB305 passes, and you retire [during the incentive time frame of January 1, 2011 - September 1, 2011], you would be retiring within the time frame in the bill and would be eligible to receive the incentive, provided that you had not returned to work for the state of Missouri. MOSERS will have no role in implementing the bill, should it pass. MOSERS’ only role will be processing the retirements and telling the Office of Administration who is eligible.
Print Friendly and PDF

Social Security and Age 62

Posted on

I retired under theMSEP2000 Plan. I will be 62 in July. I understand I will lose my supplement but do I HAVE to start taking my social security? I am currently employed full time and plan on working a while longer. I was told by another MSEP2000 retiree that I had to start my Social Security. Did I miss something? This doesn't make sense to me. Thanks.
Here is a link to multiple entries on Rumor Central dealing with questions about Social Security. You might find helpful information by reading them. To answer your specific question, No, there is no requirement that you begin drawing Social Security at the age of 62.
Here is a link to the Social Security Administration’s website where you can find your full retirement age, as well as what benefits you are eligible for from them at age 62.
Print Friendly and PDF

BackDROP Distribution Options

Posted on

Can back drop be taken in half or the whole thing at one time?
There are two BackDROP distribution options. Distribution is payable in either one lump sum at retirement (cash or rollover), or in three annual installments, one with the first monthly benefit that is paid and one each of the following two years thereafter.  Please note: Three annual installments are only available to members electing the cash option payment method. Delaying receipt through the three installment option does not increase the amount – that is, interest will not be received on the second or third payments.
For more information on BackDROP, see our brochure called BackDROP General State Employees.

Print Friendly and PDF

Verification/Audit of Retirement Benefits

Posted on

I was told that before my first pension check was issued that my benefits would need to be audited. What does this mean? Thanks.
Prior to MOSERS paying a retirement benefit for a member, the benefit information is verified by multiple people at MOSERS for accuracy.  This is the case for each and every retirement we process.  For example, if you are scheduled to retire April 1, 2011, a letter would be mailed later in April, explaining that your retirement has been processed and how much your benefit will be. 
Your retirement benefit is calculated using your final average pay, a multiplier established by law and your total years and months of credited service.  If a discrepancy in any of these factors is found while the benefit is being verified, a correction will then be made. However, in most cases the benefit amount you are given through estimates prior to retirement from MOSERS is usually accurate, or very close to accurate.  If a material deviation was realized during our verification process, you would most likely hear from a benefit counselor directly; although, that is very unusual.     
Print Friendly and PDF

No Heatlh Care Incentive During 2011 Legislative Session

Posted on
Is there any proposed legislation being considered by the legislature to offer employees eligible for full retirement benefits the opportunity to have health coverage at an active employee rate if they retire by a certain date during this or the next fiscal year?
Currently there is no proposed legislation being considered by the legislature that includes a health care coverage incentive. HB 305, which you can read about in these Rumor Central posts, has been introduced but does not include a medical incentive.
Print Friendly and PDF