KWOS Open Air Saturday with Hal Dulle

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On Saturday, October 12, 2013, Gary Findlay, executive director of MOSERS, was a guest on Hal Dulle's "Open Air Saturday" program on KWOS News Radio in Jefferson City.

Listen in as they discuss, among other things:
  • the state of the Missouri State Employees' Retirement System

  • the benefits of being long-term investors

  • dealing with and refuting fear-mongering and the distribution of misinformation

  • the State of Missouri Deferred Compensation Plan

  • what can be expected over the next few months

[audio http://mosersstraighttalk.files.wordpress.com/2013/10/open-air-10-12-13-32kbs.mp3]

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Friday Top Five October 25 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 PensionDialog: A MOOC That Mocks

This is a great post by our friends at PD about a new online course being offered at Stanford University on "the principles of financial economics" and how they can help people understand different retirement strategies. The last two courses, however, "flip from personal finance to...state and local finance, specifically public pensions, and include a group project assignment to analyze a state or local pension plan’s solvency." This post goes on to question this leap, and suggests that "perhaps Stanford should also advise students that if they truly want to understand government pensions, they should consult with a public pension plan professional."

From The Employee Benefit Research Institute (EBRI): Sooner or Later?

A timely blog post by Nevin Adams at EBRI regarding saving for retirement. He gives six reasons why "you—or those you care about—should save – and specifically save for retirement – now."

  • Because you don’t want to work forever.

  • Because living in retirement isn’t free – and it might cost more than you think.

  • Because you may not be able to work as long as you think.

  • Because working longer may not be enough.

  • Because you don’t know how long you will live.

  • Because the sooner you start, the easier it will be.

From CNNMoney: Many Middle-Class Americans Plan to Work Until They Die

From the article: "A growing percentage of middle-class Americans say they have saved so little for retirement that they expect to work into their 80s or even until they either get too sick or die, according to a recent [Wells Fargo] survey."

From the New York Times: Heated Start in the Trial on Detroit’s Fiscal Future

In a trial that started Wednesday, Detroit's bankruptcy pits the city against its unions and retirees.

From the St. Louis Beacon: ALEC Promotes Changes in Pensions as Part of 2014 Legislative Focus

Gary Findlay, executive director of MOSERS, is quoted in this piece about the legislative agenda for the American Legislative Exchange Council (ALEC). High on ALEC's 2014 agenda is proposed changes in public pensions.

 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

Withholding Tax Questions

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I don't understand the with-holding tax. Is it absolutely necessary to have tax withheld? Is there a dollar limit where the tax starts or is any amount subject to tax?
Your retirement benefits are subject to federal and state income tax if you reside in Missouri. During your retirement filing process, you can complete a "Substitute W-4P" which allows MOSERS to withhold taxes on your behalf. You may change your withholding election at any time during the year. If you do not choose a federal tax withholding option, MOSERS is required by law to withhold federal taxes as if you elected married with three allowances.

Your MOSERS benefit is impacted by the Public Pension Exemption. To review the implications of the Public Pension Exemption, please review our news archive: https://www.mosers.org/MOSERS-News-Archive/2008/Public-Pension-Exemption.aspx

We recommend contacting a tax advisor for more information.

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Friday Top Five October 11 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 MarketWatch: Fed Shutdown and Your Retirement: Remain Calm

From the article: "Retirees and those saving for retirement may be worried about their investments, taxes and retirement plans as the federal government shutdown drags on, and lawmakers argue about extending the debt ceiling. But retirement advisers say you should take a deep breath and hold on."

From Pension Dialog: Closing Pension Plans in Bankruptcy

From the post: "When Detroit’s emergency manager was quoted proposing to close and freeze the city’s defined benefit (DB) plans effective December 31, putting defined contribution (DC) plans in their place, many observers perceived it to be a commonsense suggestion: cut the losses, stem the money drain.

But as discussed before, life is not so simple. There are costs and consequences of closing a traditional pension plan.

From GoLocal (Providence, RI): Rhode Island Pension Battle: Who are the Players?

This is a short commentary, with a slide show of key players in the R.I Pension Battle, including General Treasurer Gina Raimondo, Forbes columnist and President of Benchmark Financial Edward Siedle, and Rolling Stone journalist Matt Taibbi, among others.

From CNBC: ‘Treading Water': Saving for Retirement is Harder

Many Americans who are trying to save for retirement are "under tremendous budget pressures" and "woefully unprepared" for their retirement.

From AARP: Shutdown Delays Announcement of Social Security COLA

From the article: "The Social Security Administration was scheduled to announce the annual COLA adjustment on Oct. 16, but it can’t do so because it won’t have an inflation report for September from the Labor Department."

 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

2013 COLA

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Hello, Is it known what the COLA increase will be for our pensions?
The 2013 COLA for retirees of the MSEP is 4% (for MSEP retirees hired prior to 8/28/97 who have not met their COLA cap). The COLA for retirees of the MSEP 2000 is 1.655% (for MSEP retirees hired on or after 8/28/97; MSEP retirees who have met their COLA cap; MSEP 2000 retirees)

Please see our COLA page on our website for more information.

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