Showing posts with label Governor Nixon. Show all posts
Showing posts with label Governor Nixon. Show all posts

State Employee Pay Raise?

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Hello - will Missouri state employees be receiving a raise in January 2016? Thank you.
MOSERS has no way of knowing if state employees will receive a pay increase, since our responsibilities only include retirement and other fringe benefits, not pay. Those decisions are made by the legislature and the Governor and will be considered during the appropriations process, which begins in January 2016 and ends in May 2016. Print Friendly and PDF

Deferred Compensation Match?

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What ever happened to the proposed $75.00 per month that was to be a benefit to state employees that are in the deferred compensation plan?
State statute (Section 105.927) provides for an employer match of up to $75 dollar per month, however this match is subject to annual appropriation approval by the General Assembly.  The maximum match that has ever been appropriated was $35.00 per month.  The state has not provided any match since 2010.

The General Assembly did appropriate a $25 monthly match in the FY15 budget, but that money was withheld and therefore the match was not provided.  Each year, there is a possibility of a match being appropriated, but until the state budget is passed in late April/early May, we do not know what is included in the final state budget and even then, that approved budget is subject to withholdings by the Governor’s office.  In the 2016 legislative session, the General Assembly will provide appropriation approval for the state’s FY 17 budget.

As always, we will keep our members updated on pension-related information on our website, Rumor Central, and social media. 
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Friday After Thanksgiving

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Is the Governor going to give State employees the day after Thanksgiving as a holiday this year?
We are sure many state employees are wondering this but to-date we have not received any official notice from the Governor’s office and, as the administrator of retirement, life insurance and long-term disability insurance for most state employees, such executive decisions are not within MOSERS’ purview.

If the Governor does decide to declare November 27th a holiday for state employees, we expect that he will issue an Executive Order like he did in 2014. You can subscribe to the email update list on the Governor’s website: http://governor.mo.gov/content/mailchimp-form.

For our retirees who may be curious, regardless of the Governor’s decision, retirees will receive their monthly benefit payment from MOSERS on Monday, November 30, 2015.

UPDATE:

FOR IMMEDIATE RELEASE
Nov. 6, 2015
State offices will be closed on Friday after Thanksgiving, Gov. Nixon announces
JEFFERSON CITY – Gov. Jay Nixon today issued an executive order closing state offices on Nov. 27, the day after Thanksgiving.
The Governor said public safety and other essential services and facilities will continue their normal operations.
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Friday Top Five: Retirement Related News for 10/23/2015

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From Governor Nixon: Gov. Nixon takes action to keep FY2016 budget in balance following loss of one-time tobacco settlement funds

Gov. Jay Nixon today announced that, due to the recent court ruling relieving tobacco companies of their obligation to pay the State of Missouri $50 million under the Master Settlement Agreement, spending will need to be restricted in order to maintain a balanced budget.

“Based on the St. Louis Circuit Court’s decision, both my administration and members of the General Assembly counted on these funds being available when the Fiscal Year 2016 budget was passed,” Gov. Nixon said. “Now that this ruling has been overturned, this unexpected loss of funds must be accounted for through spending restrictions to keep the budget in balance and our AAA credit rating intact. In taking these necessary actions, we have made every effort to minimize the impact on vital services by reducing spending from new programs yet to get underway and funding increases that would grow the size of government.”

From Forbes: An Early Start Can Lead To An Early Win In Retirement Saving

I recently ran into a blog post on dealing with money for Millennials that’s gone viral: “If You Have Savings In Your 20s, You’re Doing Something Wrong.” The message: enjoy life now, spend your money and quit trying to save so much since life is a gamble and living by the numbers sucks! That idea kind of makes me go, “Hmmm, how can that be right?” so let’s talk about it.

I’m totally in agreement with the idea that saving shouldn’t be a gloomy, hated thing. Diets with food we hate eating end up in calorie binges we love! The same thing goes for your money. If you can’t enjoy the journey, you probably aren’t going to the destination.

But there’s a balance in here somewhere, and an undeniable fact. Starting saving during your 20’s beats saving later hands down, all over town! And you can gamble on yourself with all your dough, but having enough to quit working someday doesn’t have to be a gamble at all!

From BenefitsPro: IRS 2016 Cost-Of-Living Adjustments For Retirement Plan Contributions

The Internal Revenue Service released cost-of-living adjustments for retirement plan contributions today.

As expected, contribution caps will remain largely unchanged from last year.

In a press release, the IRS explained that Social Security’s cost-of-living index did not meet the statutory thresholds required to trigger adjustments to plan contribution caps.

From Treasurer Clint Zweifel: For National Save for Retirement Week, Treasurer Zweifel Offers Advice to Make Your Retirement More Secure

Treasurer Zweifel is raising awareness of the steps Missourians can take to prepare for retirement.

State Treasurer Clint Zweifel is celebrating National Save for Retirement Week, (now know as National Retirement Security Week) October 18-24, with a few tips to help you save and plan for retirement. Individuals and families have more options now than ever before to save for their retirement. From employer-sponsored plans to private options, now is the time to understand what you will need in retirement and stick to a long-term plan to get there.

From News Leader: How To Pay A Pension Debt When Fair Isn't An Option?

There's big trouble brewing in a little corner of Springfield's police-fire pension plan. And despite repeated promises (and city ordinances) saying that public safety employees would foot the bill, taxpayers might be tapped again for help.

The problem goes back to 1999, when police and firefighters agreed to pay for a boost in retirement benefits through a payroll deduction. The cost of the benefit has been rising steadily for veteran employees, raising concerns those long-serving employees will resign or retire early, increasing the financial burden on the few that remain.

Bonus Article:

From The Wall Street Journal: Retired Women Are More Generous Than Men

Maddy Dychtwald: Are retired women really more generous than retired men?

That is one of the questions my firm, Age Wave, in partnership with Merrill Lynch, set out to explore in our just released study, “Giving in Retirement: America’s Longevity Bonus.” We surveyed 3,694 adults age 25-plus from all walks of life and socioeconomic strata to deepen our understanding of the role of giving in retirement and how giving back has the potential to both maximize social impact and provide personal fulfillment.
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