Showing posts with label SB 375. Show all posts
Showing posts with label SB 375. Show all posts

Is it true that the only employees who will receive credit for military service under SB 375 are those

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Is it true that the only employees who will receive credit for military service under SB 375 are those who work for the state and are covered by MOSERS for 10 years after January 1, 2000?
SB 375 was considered in the legislature during the 2005 legislative session, but the bill did not pass. However, to answer your question, last year’s SB 375 would have applied only to employees who began working for the state on or after July 1, 2000, once they accrued 10 years of service. Print Friendly and PDF

I realize that SB 375 is probably not going anywhere this year but in case it does in

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I realize that SB 375 is probably not going anywhere this year but in case it does in the future I would like to know why it only applies to MSEP 2000 employees and not the rest of us. Seems a little discriminatory can you explain this for me?
As was stated in our answer to the previous question, SB 375 did not pass. The next legislative session begins in early January 2006 and ends mid-May 2006. If legislation similar to SB 375 is filed during this next session MOSERS will be tracking the bill. MOSERS was not involved in drafting SB 375, so we do not know why this bill was drafted as it was. The cost of SB 375 was estimated to be $2.8 million in the first year after the benefit change. The cost would increase if the group of eligible employees were to be expanded.
To express your opinion about a legislative proposal or to suggest revisions after the bill is filed, you can contact the sponsor of the bill, or your state representative or senator. Print Friendly and PDF

The 2005 legislative session came to an end on Friday, May 13 at 6 pm.

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While several bills were pending at the day’s close, only one passed that will, if signed, have an effect on certain MOSERS members. Neither SB 466 nor HB 334 passed, ruling out any possible retirement incentive or medical subsidy for MOSERS members this year. SB 375, relating to additional credited service for certain MSEP 2000 members’ military service also did not pass.
HB 119 did pass, allowing members on active duty military leave to retain their life insurance for a period longer than 12 months.
Thank you for taking an interest in MOSERS’ Rumor Central, allowing us to provide you with accurate information regarding legislative proposals and other retirement related issues, thus minimizing the amount of misinformation that would otherwise be circulating.
With the close of the legislative session, it is expected that the volume of questions submitted to Rumor Central will drop off. However, Rumor Central will remain a fixture on MOSERS’ website. The link will be moved from the feature section to our blue navigation bar on the left side of our homepage. While we are always happy to respond to any question you may have, for purposes of Rumor Central we are particularly interested in questions that begin with “I heard” and conclude with “Is that true?”. If you have specific questions regarding your individual benefits, please contact a Benefit Counselor at (573) 632-6100 or (800) 827-1063. It has been our pleasure keeping you as well informed as possible during this busy legislative session! Print Friendly and PDF

If it passes, will SB 375 allow credit for military service if the member is currently drawing a military pension?

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If it passes, will SB 375 allow credit for military service if the member is currently drawing a military pension?
Yes, members who are currently drawing a military pension would be eligible for the free credit if SB 375, assuming that they met all other eligibility criteria. Only members who were first employed in a MOSERS covered position on or after July 1, 2000 would be eligible. Print Friendly and PDF

I have purchased my military time to go toward retirement. If for some reason my position is lost

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I have purchased my military time to go toward retirement. If for some reason my position is lost because the military base closes due to the base realignment (BRAC) would I be reimbursed for the money spent buying my military time?
Current law does not give MOSERS authority to allow members to withdraw previously purchased service and receive a refund. Several members have asked whether they can receive refunds of previously purchased military service credit in order to utilize the provisions of SB375. If your question is in regard to the proposed provisions of SB 375, please note that as a member of the MSEP, you are not eligible to receive credit for your military time through SB 375. As the bill is currently written, only those who are members of the MSEP 2000 (those who started in a MOSERS covered position after July 1, 2000) are eligible for the potential military credit after working in such positions at least ten years.
If you are a vested MOSERS member, your purchased military service will add to your state service when calculating your monthly benefit amount which you will receive upon retirement. If your employment with the state ends in the future, you would stop accumulating any additional service credit. However, that which you have already accumulated (including your purchased military service) will determine your retirement benefit. Your purchased service will add to your MOSERS retirement regardless of the outcome of your current job situation. Print Friendly and PDF

I'm not sure I understood your explanation of SB 375.

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I'm not sure I understood your explanation of SB 375. I have 20 years with the state and will reach 80 and out on 7-1-05. I also have a little over 3 years of active military service that I have not purchased. If SB 375 passes will I be credited for my service? If not, why not? Thank You.

As a member of the MSEP, you are not eligible to receive credit for your military time through SB 375. As the bill is currently written, only those who are members of the MSEP 2000 (those who started in a MOSERS covered position after July 1, 2000) are eligible for the potential military credit after working in such positions at least ten years. In the fiscal information that we provided to the legislature we noted that, as written, this service credit would not apply to members covered by the MSEP (closed plan) which would include those MSEP members who elect to receive retirement benefits under the MSEP 2000 at the time of retirement. Print Friendly and PDF

One of your previous responses on a question about SB375 stated,

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One of your previous responses on a question about SB375 stated, if passed, MSEP 2000 member with at least 10 years of credit service would receive additional credit for qualifying military service. The last line stated: "this bill does not authorize a refund for previously purchased service." Could a current employee who has 10 years of service AND who had already purchased their military time, withdraw their purchase, so to speak, get a refund, and then qualify for SB375? I ask this because is does not seem right that just because an employee purchased time military time, at great financial hardship I might add, that others could follow and receive the credit without purchasing it. What is the current policy with MOSERS on someone who had purchased military time, but now wants out of that option?

Current law does not give MOSERS authority to allow members to withdraw previously purchased service and receive a refund. The law would have to be changed to include this authorization in order for us to refund your previously purchased service. The cost of the refunds for such previously purchased service would then be included in the fiscal information provided to legislators considering the cost of that proposal. At this point, SB 375 is still in the Pensions, Veterans' Affairs and General Laws committee. It was heard in committee on March 8, but has had no movement since then. Print Friendly and PDF

New Clarification - If SB 375 and SB 466 pass,

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New Clarification
If SB 375 & SB 466 pass—would military time be used to compute “78 and out” or “80 and out"? I have 38 months of military time I am thinking about purchasing—if neither bill passes—would it qualify me for “80 and out” if the purchased time took me past the mark? I’m about 24 months shy if the bills don’t pass, and I can’t take an early out.

If SB 375 becomes law, the military service provided under that bill could not be used toward the incentive. However, members wishing to retire under the SB 466 incentive using the "Rule of 80" or the proposed "Rule of 78" could purchase military service under MSEP and use it as creditable service to help them meet MOSERS' retirement eligibility requirements. Given the complexity of your question, one of our Benefit Counselors will contact you personally to discuss the particular details of your situation to make sure we give you the best possible advice on how the acquisition of your military service may affect your retirement. Print Friendly and PDF

I have been reading “Rumor Central”—Are SB 375 and SB 466 separate bills? Do they have an equal chance?

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I have been reading “Rumor Central”—Are SB 375 and SB 466 separate bills? Do they have an equal chance?
SB 375 and SB 466 are, in fact, separate bills. You can find bill summaries and copies of the bills at www.house.mo.gov/jointsearch/. Both bills have been assigned to the Senate Pensions, Veterans' Affairs and General Laws Committee. SB 375 was heard in the committee on March 8th and SB 466 was heard in the committee today, April 19th. Unfortunately, MOSERS staff has no way to determine whether a bill will pass or not. We encourage you to check the website above periodically to see if further action has been reported on either bill. Print Friendly and PDF

My question concerns SB375. I ask about the current understanding of what this bill really means.

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My question concerns SB375. I ask about the current understanding of what this bill really means. I spoke to a MOSERS representative who said that the bill was addressing only those military personnel who recently were called to active duty. However, the bill language states will be credited for all the years that person served in the military. The other language in the bill said that the service member must have been honorably discharged. As the call up to active duty a group of citizen solders who have not served long enough to be discharged. In its present state the bill seems to focus on a very small group. Will you clarify what this bill is about and the target group?

As the bill stands today, it only applies to MSEP 2000 members, meaning those employed after June 30, 2000. As for the specific intent of the bill, MOSERS can only speculate at this point, but we did give notice to the sponsor in the fiscal information we provided that the bill, as drafted, would not apply to members covered by the MSEP. However, if SB 375 were to pass, members who have military service that meets the same guidelines applied to our current military service acquisitions (transfers and purchases) would be eligible to receive credit for that service (includes all active service performed in the United States Army, Air Force, Navy, Marine Corps, Coast Guard, and members of the United States Public Health Service or any women's auxiliary thereof; and service in the Army national guard and Air national guard when engaged in active duty for training, inactive duty training or full-time national guard duty, and service by any other category of persons designated by the President in time of war or emergency). It also requires that members be honorably discharged. Short duration active-duty military service such as two-week summer camps in reserve forces may qualify. Print Friendly and PDF

SB 375 seems to require MOSERS to give credit for military service if one has 10 years of MOSERS time. If that Bill were to pass, what would happen if

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SB 375 seems to require MOSERS to give credit for military service if one has 10 years of MOSERS time. If that Bill were to pass, what would happen if I had already paid for my military time? Would you give me additional credit? Refund my money and then give me credit? Do nothing?

SB 375, if passed, allows MSEP 2000 members with at least 10 years of credited service to receive additional credit for qualifying military service provided they were discharged under honorable conditions. In its current form the bill does not specifically address what, if anything, would be done for those individuals that have already purchased their military service. Since that is the case, it appears as if those who already purchased service would receive credit for any additional military service not already reflected on their record. This bill does not authorize a refund for previously purchased service. Print Friendly and PDF