4-Day Work Week

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I would like to know if the Bill SB316 concerning the 4 day work week is still being considered.
The senate bill to which you are referring was introduced during the 2011 legislative session. SB316 (2011) never made it out of the Senate General Laws Committee after being second read and referred there. There is no such bill being considered this legislative session.

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How Does Retirement Work for Two State Employees?

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My wife also works for the state (Division of Family Services). When we retire, if (or when) one of us dies does the other still collect two pensions or does the survivor have to pick one. Kind of like social security.
When each of you retires, you will choose a survivor option. You may choose between different payment options including the Life Income Annuity, Joint & Survivor, and Guaranteed Payment options.

Under the Life Income Annuity option, your retirement benefit will not be reduced for the purpose of providing a survivor benefit. Your final payment will be sent to your designated beneficiary, however, no ongoing monthly survivor benefits will be paid to anyone after your death.

The Joint & Survivor options provide a lifetime benefit to both you and your spouse. Your benefit will be reduced to provide this option, with the exception of the Joint & 50 under the MSEP.

The Guaranteed Payment option allows you to name anyone as your beneficiary (does not have to be your spouse). Your retirement benefit will be reduced, and if you should pass before all of the guaranteed payments have been made, the remaining payments will go to your beneficiary.

If a Joint & Survivor option is chosen, the survivor would then receive their retirement plus the survivor payment of the spouse's benefit.

For more information regarding survivor benefits, please review the "Survivors" section of our website.

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Friday Top Five March 29 2013

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The Friday Top Five: A collection of the top five news articles, blog posts, or other retirement related information from the past week.

From Pension Dialog: Corruption and Public Pensions

An excellent blog post from our friends at PensionDialog and why the recent indictments in Detroit and California are newsworthy - "because they are the exception," not the rule.

From Employee Benefit News (EBN): Wise Beyond Their Years? Young Workers Proclaim Financial Savvy

From the piece: "A new survey suggests workers under the age of 25 are significantly more confident than others that they are on track for a comfortable retirement. Eighty-two percent of those under 25 are “somewhat” or “very” confident they’re on track to have enough saved to be able to pay for the lifestyle they want in retirement, compared to 63% of the general population, according to State Street Global Advisors’ most recent DC investor survey." Still the author wonders if it's merely "youthful arrogance" or if there is really something to the idea that they've learned some valuable financial lessons.

From the Squared Away blog: Long-Term Care Needs Sneak Up On Us [includes video]

This is a very compelling blog post about long-term care that includes a 4-minute video showcasing the Garcia family and the tolls an aging mother's care has taken on a family. From the post: "It’s so much easier to shove aside worries about long-term care for the elderly – our own or our parents’ – than it is to contemplate the financial and deeply emotional issues required to care for an aging parent. The video...tells a true story about what happens when the requirements of care slam us hard, as they often do."

From The Best Life blog: Reasons to Have That End-of-Life Conversation

Ellen Goodman, a former Boston Globe Pulitzer prize-winning reporter, discusses her efforts at getting people to realize the importance of having conversations with loved ones about being prepared at the end of life. An effort she began in 2010 is called "The Conversation Project," and is "dedicated to helping people talk about their wishes for end-of-life care."

From MarketWatch's Encore Blog: More Women Take Retirement-Plan Reins

This article presents findings of two recent studies, one from the American Association of University Women, and the other from the 2013 Women, Money and Power Study. The first suggests the gender pay gap is still wide, which impacts the ability of women to adequately save for retirement. The second delivers better news: women are gaining more experience with investing and finance, suggesting they are becoming more knowledgeable about the income gap and its impact on saving for retirement.

The views expressed by the writers of these pieces are entirely their own and do not necessarily reflect the views of MOSERS. Print Friendly and PDF

BackDROP and Deferred Compensation

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If I retire and roll BACKDROP into PEBSCO, how long can I wait before being forced to withdraw money? And will it be taxed when it goes to PEBSCO?   [Note: the third party administrator for the State of Missouri Deferred Compensation Program is now ICMA-RC, not PECSCO.]
To address your second question, your BackDROP will NOT be taxed when it is rolled over to the State of Missouri Deferred Compensation Plan. In fact, your money will not be taxed until you withdraw it from your deferred compensation plan account. Regarding your first question, you must begin withdrawing a certain amount of money from the deferred compensation plan in the calendar year following the year you turn 70 ½ . This is known as a required minimum distribution (RMD). Your RMD amount will be calculated annually based on your account balance and IRS guidelines for that year. For more information on RMDs and distributions from the deferred compensation plan, consult the Distribution Options Guide. More information can be found on BackDROP, deferred compensation and taxation in this post on Rumor Central.

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Joint & 100% Survivor Option

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>My ex wife is the beneficiary of my life insurance. If I choose joint & 100% as my retirement option will she receive that too? I hope so.
In the event of your death, your eligible spouse (the spouse named on your Retirement Application) will receive 100% of the benefit amount you are receiving at the time of your death (excluding any temporary benefit).


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Findlay Responds to Recent SMI Fear-Mongering

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Gary Findlay
Gary Findlay
In his March 17 commentary regarding the retirement system for state employees, Michael Rathbone, a research analyst with the Show-Me Institute, expressed concern about the viability of his mother's retirement benefits from the state retirement system. First, let me assure him his mother's retirement benefits are safe and secure. The Missouri State Retirement System (MOSERS) is a defined-benefit plan funded by long-term investment earnings and a long history of adherence to responsible funding practices.

What people should be concerned about is the Show-Me Institute's continued disingenuous fear-mongering tactics in its attempts to persuade government policymakers to replace defined-benefit pension plans with 401(k)-type arrangements.

Rathbone did not say what would have happened in 2008 if his mother's retirement had been reliant on the 401(k)-type arrangement the Show-Me Institute advocates for public employees. With the credit crisis in 2008, many 401(k) participants saw their individual accounts go down dramatically in value. At that time, many individuals moved their investments out of stocks when the market reached its low point and then completely missed the stock market rebound that started in March 2009. Many who were on the verge of retirement had to postpone those plans, and many who were already retired had their standard of living materially reduced.

The flaw in Rathbone's analysis is it is predicated on an academic economic theory that completely ignores reality. Academic economists support the concept of using a low discount rate, or so-called "risk-free rate," that eliminates investment risk. From a realistic and practical point of view, that low discount rate has no relationship to the actual investment returns that have been earned, and continue to be generated, by efficiently and effectively managed retirement plans such as MOSERS. Rathbone and academic economists have taken a position that is the approximate equivalent of saying the government should eliminate the risk of vehicle accident fatalities by prohibiting the use of vehicles.

As evidence of the difference between theory and reality, one need look no further than the way in which the state and the University of Missouri responsibly manage their respective retirement plans for state employees and university faculty and staff. Both use a discount rate of 8 percent and diversify their investments in many different asset types, including what academic economists characterize as being "risky assets." If these retirement systems followed the academic risk-free approach to investing, the cost to the taxpayers and the MU students would be substantially higher. Instead, the state and the university retirement plans are taking reasonable levels of risk to mitigate the long-term costs of the plans and provide retirement income security for thousands of people, consistent with their fiduciary responsibilities. In fact, MOSERS investment returns have been at the very top of the public retirement plan universe nationally. For the past 10 years, the annual compound rates of return for the MU plan and MOSERS have been 8.0 percent and 9.4 percent, respectively.

Rathbone wrote that 98 percent of a recently surveyed group of elite economists agreed public retirement plans like MOSERS and the MU plan use discount rates that are too high. It would be no surprise to find out that those "elite economists" would have included professors from the University of Missouri, such as those who also do work for the Show-Me Institute. The fact that the university has not subscribed to the academic economic theory in the management of its pension plan speaks well of the university's administration in its role as guardians of our largest academic institution of higher education.

Gary Findlay is the executive director of MOSERS.

This piece was originally published under the headline Retirement system is in great shape: Academic fear-mongerers ignore reality of MOSERS by the Columbia Daily Tribune on March 24, 2013.

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Petition to Combine State Retirement Systems?

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There is a petition going around to sign in reference to state retirement. The petition is asking the voters of the state of Missouri to vote on combining all state retirements into one. I understand our elected officals are trying to change this without voter approval. My wife is drawing state retirement and is retiring from the school district PSRS for teachers. My wife is not a teacher she is a Para Professional and her retirement is under PEERS. Can she draw two state retirements if this is passed? Or what happens to one of her retirements. I will be retiring from the state in 2014 will this affect my retirement?
We are not aware of a petition to combine all state retirement systems. We monitor retirement related information very thoroughly, and the only petition we are aware of is one from a teachers organization that opposes some retirement bills that have been filed. However, none of those bills are about a petition of the voters to combine all retirement systems. We encourage you to monitor legislation as it is introduced and moves through the legislative process by visiting the Missouri House of Representatives and Missouri Senate websites. Initiative petitions can be monitored on the Secretary of State’s website.

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HB129 and BackDROP

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Does the present retirement bill that passed the house have any effect on a person's backdrop or is it paid in conjunction with backdrop?
I assume you’re referring to HB129, the 2013 “Years-of-Service” incentive bill that has been introduced. This bill has not passed the House. It was passed out of the House Retirement Committee on 3/14, and is not currently on a calendar. We have several Rumor Central posts dealing with this legislation. This post lists the provisions of HB129, including how BackDROP is handled in the legislation as it was introduced.

A member who is eligible for or becomes eligible for the BackDROP during the window may retire under the provisions of this bill. A member who retires May 1, June 1 or July 1, 2014 who qualifies for the BackDROP provision at retirement would, as usual, be able to elect the BackDROP. This would be completely independent of the proposed incentive. There is no relationship between HB 129 and the BackDROP provision.

We encourage you to monitor legislation as it is introduced and moves through the legislative process by visiting the Missouri House of Representatives and Missouri Senate websites.

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Friday Top Five March 22 2013

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The Friday Top Five: A collection of the top five news articles, blog posts, or other retirement related information from the past week.

From the Columbia Daily Tribune: Take Long View on Benefits

This article includes links to several resources that may be useful to new retirees when determining when to file for social security. "Dennis Heywood, who operates www.SS-Help.com out of Cincinnati, Ohio, specializes in helping soon-to-be retirees weigh their benefit choices. 'The No. 1 mistake is failure to plan in a timely manner,' Heywood said. He suggests that workers approaching retirement investigate their [social security] benefit options before they turn 62."

From the Wall Street Journal: Workers Saving Too Little to Retire

The article mentions a report released Tuesday by the Employee Benefit Research Institute (EBRI) which reported that "Fifty-seven percent of U.S. workers surveyed reported less than $25,000 in total household savings and investments excluding their homes." The article also includes several links under a heading called "More on Saving for Retirement," including a link to the WSJ's Encore blog, which we've linked to on this blog before. You can read EBRI's executive summary and download the entire brief here.

From the Center for Retirement Research at Boston College: Subsidies vs. Nudges: Which Policies Increase Saving the Most?


Read the full brief at the link above. From the summary, the brief’s key findings are:

  • To encourage retirement saving, policymakers use two types of tools: tax subsidies and automatic contributions.


  • Both tools are effective at increasing retirement saving, but such increases could simply be offset by a reduction in a household’s non-retirement saving.


  • A recent study, using Danish data, addresses this issue:

    • A revision in the Danish tax subsidy led to a change in retirement saving, but it was almost fully offset by a change in non-retirement saving.

    • In contrast, automatic contributions boosted retirement saving with only a small impact on non-retirement saving.


From the Huffington Post: Fred Buenrostro, Ex-CalPERS CEO, Charged With Fraud

From the article: "The indictment [of former CalPERS CEO Federico Buenrostro Jr. and former CalPERS board member Alfred Villalobos] alleges the two conspired to fabricate documents that certified to federal regulators that Villalobos' firm had obtained required 'investor disclosure letters' from CalPERS to serve as a 'transfer agent.' The indictment charges that the falsified documents allowed Villalobos to reap $14 million in fees for serving as a middleman between CalPERS and a prominent investment firm handling $3 billion in CalPERS' money." You can also read CalPERS' own press release on the news, titled CalPERS Leaders Call Federal Indictments Against Former Officials "Another Step on the Road Toward Justice".

From HuffPost 50: Barbara Hillary On Being The First Black Woman To Go To The North And South Poles (VIDEO)

Watch this inspiring (short) video of Barbara Hillary, a 75 year-old lung and breast cancer survivor, describe what it took to get to both the North and South Poles. Wow!

The views expressed by the writers of these pieces are entirely their own and do not necessarily reflect the views of MOSERS. Print Friendly and PDF

Misleading Articles Referencing MOSERS

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[We read] a news article that referred to MOSERS reporting a $9,000 per person unfunded liability. How does this affect us and could you please explain? Thank you.
Thank you for calling our attention to the article. We can assure you that your benefits are secure. MOSERS’ response to this is now available on our website.

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Rule of 80 and BackDROP

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After 25 years I hit "80 and out." Does the additional time I spend in Backdrop count as years of service? Will my retirement benefit be based on 25 or 30 years if I do 5 full years Backdrop?
Your question about how service “counts” is a good one. In a defined benefit plan, such as the one MOSERS administers, your benefit is calculated based on a formula that multiplies together three factors, including your service. MOSERS counts service in years and months and can include time that you have worked, purchased, or transferred, as well as sick leave in full month increments of 168 hours.

First, without BackDROP, since 30 years is a larger number than 25 years of service, your monthly benefit amount would be higher.

If you choose BackDROP, you receive a smaller monthly benefit for life (based on 25 years in your example) plus a lump sum payment at your retirement. You would still receive a monthly benefit for your lifetime, but generally the amount would be less because fewer years of service are used in the formula. Then the lump sum amount is based on 90% of the benefit you would have received had you been retired during the BackDROP period (plus possible COLAs).

You can find a good example on page 30 of the General Employees’ Handbook or use the Rumor Central Search feature to find previous questions related to BackDROP and service that may be helpful to you.

Additionally, if you are covered by the Missouri Consolidated Health Care Plan (MCHCP) and intend to keep this health insurance in retirement MOSERS will report your “total” years of service (30 in your example) to MCHCP for purposes of calculating your retiree health premium (whether you choose any BackDROP or not).

As always, please contact MOSERS for individual information about your retirement benefits and direct questions about your health insurance to MCHCP.


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Annual Benefit Statements - Craft Your Financial Future With ThisHelpful Tool

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As a benefit-eligible state employee, your total compensation is much more than the dollars you receive in your paycheck. The cost of the benefits you receive (retirement, health care, life and long-term disability insurance, employer contributions to social security, etc.) plus the value of time off (annual leave, sick leave, and holidays) represent a significant part of your total compensation.

Each spring, MOSERS distributes annual benefit statements – a summary of your pay and benefits – a tool that should be helpful as you make decisions today and plan for tomorrow. The format of these statements has been revised and improved to provide you with a more comprehensive summary of your total compensation and to help you better estimate the income you will have in retirement. This personalized information should help you decide things like:
  • Are you saving enough for retirement in your deferred compensation account?
  • Should you make any changes to your cafeteria plan or health or life insurance coverage the next time you have the opportunity?*
  • When will you be financially ready to retire?

Your income in retirement may come from several different sources such as:

In 2013, your annual benefit statement will help you see your current deferred compensation savings (if you contribute) and how much income that savings may produce for you in retirement - at your current rate, and if you increase your contributions.

You will also be able to access your annual benefit statement from your Document Express mailbox through your secure Member Homepage on MOSERS’ website. You will receive an email from MOSERS letting you know it has been posted and will be available for you to print or save, as you wish. If you have opted to receive your correspondence from MOSERS through the mail, your statement will be sent to your home address in March or April.

MOSERS exists to advance the financial security of our members. We hope you find your 2013 Annual Benefit Statement to be an effective tool in this effort.

*Conservation and College & University Employees (except Lincoln University and State Technical College of Missouri) – Some of your benefits (such as health care and life insurance coverage, among others) are provided by your employer so no information on these benefits will appear in your Annual Benefit Statement. Contact your human resources office for more information on those benefits. Print Friendly and PDF

Friday Top Five March 15 2013

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The Friday Top Five: A collection of the top five news articles, blog posts, or other retirement related information from the past week.

From Pension Dialog: Getting Worse Before It Gets Better

This blog post presents a finding from Wilshire Consulting which "estimates that the ratio of pension assets to liabilities, or funding ratio, for all 134 state pension plans [studied] was 73 percent in 2012, down from an estimated 77 percent in 2011." However, the post goes on to caution against relying too heavily on one figure and the importance of understanding the context in which figures like these are often reported. This post also cites the Public Fund Survey Summary of Findings,  as well as Alicia Munnell from the Center for Retirement Research, regarding the suggestion that, after continuing to drift lower through FY13, "public pension plans can be expected to improve" due to a number of reasons.

Also from Pension Dialog: Experts Set the Record Straight

Keith Brainard, director of research for the National Association of State Retirement Administrators (NASRA) takes on the notion put forth by so many today - that defined benefit (DB) pension plans are inherently flawed - and specifically refutes a recent BNA Insights article by Bob Williams, in this well-informed piece. "The pessimism Williams displays is unjustified, as is the implication that every public pension plan is unsustainable," concludes Brainard.

From Governing Magazine Online: 4 Myths About Public Pension Retirees

Myth 1 - Retirement benefits make people rich.

Myth 2 - What a racket! Some retirees didn't even have to contribute to their plans for their entire career!

Myth 3 - The biggest problem is that retirees are living longer.

Myth 4 - It's the economy! These issues were inevitable!

Keith Brainard of NASRA is quoted. And there's a shout-out to the Illinois Municipal Retirement Fund (IMRF) - one of the most well-funded retirement systems in the country.

From the Telegraph (an Illinois newspaper): Quinn: Illinois Stalled Until Pensions Fixed

Illinois Governor Pat Quinn suggests that the state's budget can go nowhere until lawmakers in the state figure out a fix to their woefully underfunded retirement system. According to this article, the state's employer contribution makes up nearly a fifth of the state's general revenue budget. See also Gov: Pensions to Blame For IL's Worst-Ever Budget from the St. Louis Post-Dispatch, in which Alicia Munnell of the Center for Retirement Research is quoted.

From the New York Times: The Business Day Retirement Section

A special section from the Times Business page, filled with several retirement-related articles from many angles. From the description: "Many people now retire piecemeal, or retire and then unretire."

The views expressed by the writers of these pieces are entirely their own and do not necessarily reflect the views of MOSERS. Print Friendly and PDF

Unused Sick Leave as it is Calculated For Credited Service

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I understand that 168 hours of unused sick leave equals one month of service toward retirement, but what happens to the extra hours. Say a person has 1020 hours. 1020 would equal 6 months (168 x 6 = 1008, plus 12 hours. What happens to the 12 hours? Do we just lose them?
Yes, your unused sick leave is used to calculate additional credited service. It cannot be used to determine your eligibility for a retirement benefit, but it can be used in calculating the amount of your retirement benefit. Any amount of sick leave that remains above the calculated additional service credit is forfeited.




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Friday Top Five Mar 8 2013

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The Friday Top Five: A collection of the top five news articles, blog posts, or other retirement related information from the past week.

From Pensions & Investments: New York State Comptroller Takes Aim at ‘Anti-Pension Advocates'

New York's state comptroller Thomas DiNapoli is not a fan of the 401(k) plan, and isn't afraid to talk about it. “Anti-pension advocates have commandeered the debate and co-opted the media to such an extent that many in the public now accept the premise that state pension plans are bankrupting states and localities and hurting middle-class taxpayers,” says DiNapoli. Me. DiNapoli has long been an advocate of defined benefit pension plans, arguing that 401(k)s were never meant to replace traditional pensions. See related article: N.Y. state pension chief hammers at 401(k) option.

From FOX Business: 401(k): Pass or Fail?

This article gives a brief history of the 401(k), its original purpose, and it's true place in any retirement planning scenario. Diane Oakley, executive director of the National Institute on Retirement Security (NIRS) is featured in a short  video that accompanies the story.

“Young people today don’t want mom and dad’s 401 (k) plan, they want grandpa’s pension,” says Oakley.

From USA Today: Social Security: 5 Things You Need to Know

From the article:

1) It's not particularly generous; 2) It's already means-tested - somewhat; 3) Life expectancy hasn't increased that much; 4) It can pay to wait; 5) It's not in immediate danger.

From the Center for Retirement Research at Boston College: State and Local Pension Costs: Pre-Crisis, Post-Crisis, and Post-Reform

The brief's key findings are:

  • This study examines the long-term effects of pension reforms on employer costs and on state budgets for a sample of 32 plans in 15 states. [Note: Missouri was not included in the sample.]


  • The results show:

    • for most plans, the reforms fully offset or more than offset the impact of the financial crisis on the sponsors’ costs.

    • for the sample as a whole, pension costs as a share of state-local budgets are projected to eventually fall below pre-crisis levels.

  • A few caveats: the projections assume that the reforms stick, that plan sponsors consistently make their required payments, and that they earn expected returns.

PlanSponsor.com also provides a great short summary of the study.

From The Best Life Blog: Why Social Security Benefits Require Careful Study

This post laments the fact that few people fully understand social security benefits, and fail to see the full picture when it comes to when to begin to receive benefits and the consequences of that decision. For example, social security benefits rise by about 8% per year every year between the ages of 62 and 70, but most people begin taking social security benefits at the earliest age possible, which is 62. This post also touts a product by "an unconventional economist and thinker at Boston University" [Larry Kotlikoff] called "Maximize My Social Security," as well as his broader financial planning tool called the "Economic Security Planner."

The views expressed by the writers of these pieces are entirely their own and do not necessarily reflect the views of MOSERS. Print Friendly and PDF

Length of Service

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If I work for the state 30 years will my retirement check be larger than 28 years?
Typically, the longer a person works, the higher his or her base retirement benefit will be. This is because your base retirement benefit is calculated using a formula that includes a multiplier, final average pay and  years of credited service.

However, individual circumstances may vary. We strongly encourage members to use the Secure Member Login to access your Homepage and run your own estimates since your age, length of service, the plan you elect, or your decision to take BackDROP or not can change the amount of your monthly benefit.
In addition to running your own estimates, you may contact a benefit counselor to get answers to questions such as this. Benefit counselors are available Monday through Friday from 7:30 am to 4:30 pm by phone at (800) 827-1063 or (573) 632-6130, or by email at mosers@mosers.org.

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HB 129 - Retirement Incentive 2013

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Regarding HB129, if this bill should pass, does each entity, for example, universities, dept of conservation, state patrol, etc., decide for themselves whether or not they will offer the incentive?
Yes, language in the introduced version of HB129 would allow the governing boards of certain schools, the highway commission of MoDOT, and the highway patrol, and the conservation commission to elect to provide the provisions of this bill to their employees. The actual bill language reads as follows:

Section 104.406.4. “The governing boards of Truman State University, Lincoln University, the educational institutions described in section 174.020, the highway commission of the Missouri department of transportation and the Missouri state highway patrol, and the conservation commission of the department of conservation may elect to provide its employees or retirees who retire under this section the same benefits as described in this section and section 104.405.”

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Survivor Benefits

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Survivors' benefits cannot be changed until the death of a spouse. Is that correct?
You cannot change your payment option once the first payment has been made, even in cases of divorce. Survivor benefits will be paid according to the benefit payment option you elected at the time of retirement, regardless of your marital status at the time of death.

You may change the beneficiary to receive your final retirement payment. However, your ex-spouse will still be the beneficiary of the Joint & Survivor option you elected. To change the beneficiary to receive your final payment, simply log in to the secure member area using your Member ID/SSN and password and complete the Final Payment of Retirement/Survivor Benefits - Change Beneficiary(ies) form. You can also download the form here.

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Public Pension Exemption and Social Security

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Do I have to be receiving social security benefits to receive the public pension exemption?
No, you do not have to be receiving social security benefits in order to receive the Missouri public pension exemption. Section A of the 2012 Form MO-A walks a person through the lines that determine the amount of the exemption. There is nothing on this form that indicates a person must be receiving social security to receive the exemption

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Friday Top Five March 1 2013

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The Friday Top Five: A collection of the top five news articles, blog posts, or other retirement related information from the past week.

From the National Institute on Retirement Security: Pensions & Retirement Security 2013: A Roadmap for Policy Makers

Key research findings include:

  • Americans remain highly anxious about their retirement outlook.

  • Americans are highly supportive of pensions.

  • Americans feel that leaders in Washington do not understand their struggles to save for retirement.

  • Americans overwhelmingly would support Congressional action to provide all Americans with access to a new type of privately run pension plan.

  • Millennials are highly cognizant of the broken retirement infrastructure and are highly dissatisfied with the state of retirement and policymakers.

  • Protecting Social Security benefits remains important.

  • Americans support pension benefits for public employees.

  • Americans seem to understand there is an economic imperative for ensuring Americans have pensions and sufficient income to retire.

Read more at the link above, including the full study and selected charts and other materials.

From The Washington Post: Americans Anxious About Retirement

This article quotes Diane Oakley, president of NIRS, and covers the NIRS research discussed above. It's great to see their work covered by the national media. From the article: "More than four in five Americans, for example, have favorable views of traditional pensions, which pay a guaranteed amount to retirees for life." MOSERS' defined benefit plan is an example of what is referred to as a "traditional pension."

Also From The Washington Post: Health Effects of Retirement Have Proved Hard for Researchers to Assess

This is a story about the conflicting research on the effects retirement has on a person's health. One key to a healthy retirement is to make sure you have social interactions that can help you transition from a busy work life into retirement. From the article: “Most people define themselves by their job. When they retire, they need a narrative about who they are now. Finding that answer is important for the next phase of your life.”

From the Huffington Post: Retirement Planning Study Finds Boomers Have Unrealistic Views Of Futures

Americans are unaware of how much retirement will cost, and often their views of their own retirement happiness depends on an unrealistic view of their financial readiness to retire. This article reveals recent survey findings that support this growing issue.

From the Harvard Business Review Blog Network: A New Vision for Retirement: Productive and Meaningful

From the blog: "According to research from 2011, some 31 million people ages 44 to 70 want encore careers that allow them to continue earning a living and give them meaning that has an impact beyond themselves. They want to create a better world for future generations."

The views expressed by the writers of these pieces are entirely their own and do not necessarily reflect the views of MOSERS. Print Friendly and PDF