Showing posts with label annual leave. Show all posts
Showing posts with label annual leave. Show all posts

Last Day of Work

Posted on
I was told: When retiring. You MUST work your last day before retirement. I was told that you cannot use comp or vacation time on your last working day.
 Just to clarify—your last day at work is your “termination date”. Your “retirement date,” when it comes to getting your benefits from MOSERS, is the date you put on your Retirement Application and it will be the first day of the month in which you start receiving retirement benefit payments. For example, if a member’s last day at work is January 31, their retirement date could be February 1.

Your retirement date must be the first day of the month. You will need to contact your Human Resources representative regarding if you need to be present on your last day of work.

Annual leave has no effect on your MOSERS benefit. Please contact your agency’s human resources representative to determine your agency's procedure for using annual leave prior to retirement.

Print Friendly and PDF

Using Leave After Applying for Retirement

Posted on
Once you submit retirement papers with a date for retirement are you allowed to take any annual or sick time?
Check with your agency’s human resources office about your specific guidelines for annual and sick leave accrual and usage before retirement.  However, please be aware that MOSERS converts unused sick leave hours into months of service credit to be used in your retirement benefit calculation.  So, any usage of sick leave near your retirement date may affect previous benefit estimates you have received.  Annual leave has no effect on your MOSERS benefit. You can learn more about how unused leave hours affect your retirement benefit here.    

We have also answered many related questions on sick leave on Rumor Central under the category heading Unused Sick Leave: http://mosersrc.blogspot.com/search/label/unused%20sick%20leave.  

Print Friendly and PDF

Annual Leave and Medical Premiums

Posted on
I have heard that at the time of retirement that you can use your AL balance to pay for medical coverage for up to a year.  Is this true and if so how does it work?
Yes, this is true. Check with your HR staff and MCHCP for specific information as it relates to you, but here is some general information we received from MCHCP on the topic: Your employer’s payout for your unused annual leave/vacation can be used to pay your medical insurance premiums during the remainder of the year in which you retire. When you fill out your MCHCP Retiree Enrollment Form, you may elect to deduct your premiums using your one-time lump-sum annual leave payout as long as you did not opt out of the Cafeteria Plan’s premium only category and current premiums are deducted pre-tax. Depending on how many hours of annual leave you have, this can be a sizeable amount and can result in tax savings!

After you send the form in, MCHCP will contact your department’s payroll representative to verify your lump-sum payout amount. You may only pre-pay for the remaining premiums in the year you have retired. For example, if you retire in July, you may potentially pay for your August-December premiums with your unused annual leave payout.

For more information about your particular situation, please contact MCHCP at (800) 487-0771.

Print Friendly and PDF

Annual Leave Limit?

Posted on
Is there a limit on the number of vacation hours I can be paid for upon retiring?
Your human resources representative/the HR office where you work can tell you about your agency's policies and procedures for paying out unused annual leave. Unused vacation time/annual leave has no impact on your MOSERS retirement benefits and MOSERS is not involved in the payout process.
Print Friendly and PDF

Pre-Tax Premium Options for Retirees

Posted on
If I retire January 1, 2017 my health insurance will be paid out of my Dec. check for the month of January. Can I run my health insurance through the Cafeteria Plan and pay it out of my AL (annual leave payout) for 11 months in 2017, Feb. thru Dec?
(For most state employees, health insurance is administered by Missouri Consolidated Health Care Plan [MCHCP] or their employer if they work for Conservation or a state college or university. While we don’t administer health insurance, we hear this question a lot. It is a good question and the answer provides valuable information for retirees. We sent it to MCHCP and are posting their response to ensure we are passing along the most accurate information to readers.)

From MCHCP:

If you are retiring January 1, the answer is yes, because the annual leave payout in this scenario will be distributed on January 31, therefore you will use 2017 funds to pay 2017 premiums using the pre-tax premium option of the cafeteria plan.

Please note:  If your retirement date is December 1, you will not be able to use the pre-tax premium option to prepay the next year’s premiums due to federal guidelines governing the cafeteria plan.

Remember, MOSERS does not administer health insurance - Please contact MCHCP at 800-487-0771,  or contact your health insurance provider, for questions specific to your individual situation.

Print Friendly and PDF

Sick Leave & Retirement

Posted on
Is it true that I can retire sooner if I have sick time and vacation time that I don't want to cash in. I am retiring on April 1, 2016. But if I could retire sooner by using the time I have on the books I would. 
No. While your unused sick leave can* increase the amount of your monthly benefit, it cannot be used to determine eligibility for retirement or BackDROP (if eligible). You will receive one month of credited service for every 168 hours of unused sick leave reported to MOSERS by your employer once you have terminated your employment with the state. Since credited service is one part of the formula used to calculate your benefit, the more service you have; the higher your monthly payment will be.
Your unused vacation/annual leave has no impact on your MOSERS benefits. You should discuss your employer’s policy regarding payment to you for any unused annual leave with a knowledgeable person in your HR office.
We receive many questions about sick leave on Rumor Central, so you may want to read our previous answers for more information: http://mosersrc.blogspot.com/search/label/unused%20sick%20leave

*For sick leave to count as credited service:

MSEP
–– You must be eligible to retire on date of termination.
MSEP 2000
–– You do not have to be eligible to retire on date of termination.

Print Friendly and PDF

Annual Leave Payouts & Retiree Healthcare

Posted on
I know you can use your annual leave as a way to roll over money in the cafeteria plan to pay for health insurance. Do you have to use all of your leave this way or can a portion be used and then the rest paid out to you?
Check with your HR staff and MCHCP for specific information as it relates to you about if and how you can use some unused annual leave for health insurance premiums and have the rest paid out to you, but here is some general information we received from MCHCP on the topic: Your unused annual leave can be used to pay your medical insurance premiums during the remainder of the year in which you retire. When you fill out your MCHCP Retiree Enrollment Form, you may elect to deduct your premiums out of your one-time lump-sum vacation pay. Depending on how many hours of annual leave you have, this can be a sizeable amount and can result in tax savings!

After you send it in, MCHCP will call your department’s payroll representative to verify how much unused vacation you have. You can only pay for the remaining premiums in the year you have retired. For example, if you retire in November, you may pay for your December premiums with your unused leave.

 For more information about your particular situation, please contact MCHCP at 1-800-487-0771

Print Friendly and PDF

Annual Leave & Retirement

Posted on
Are there a maximum number of annual leave(AL) days you can use from your last day of work to your date of retirement?
You will need to speak to the human resources office at your agency about the limits that may apply. MOSERS doesn’t determine the procedures for using or paying out annual leave at retirement.

Print Friendly and PDF

Unpaid Vacation Leave

Posted on
If I have unpaid vacation leave, must it be taken before retirement or can it be taken after retirement?
You have the option to either use your annual leave before retirement or your agency will pay you for any unused annual leave. By law, your unused vacation pay is not considered in calculating your MOSERS retirement benefit and is paid by your employing department. Under the regulations that govern annual leave, state employees may be paid for up to their maximum allowable accumulation of annual leave. Please contact your agency’s human resources representative to determine your agency's procedure for using annual leave prior to retirement or for paying out unused annual leave.

Print Friendly and PDF

Retirement and Annual Leave

Posted on
After retirement, when do I receive pay for my annual leave?
The agency for which you work will pay you for any unused annual leave (limits may apply).  Contact your human resources representative to determine your agency's procedure for paying out unused annual leave. MOSERS does not have a role in this process.

Print Friendly and PDF

Using Annual Leave to Pay Healthcare Premiums

Posted on
Can unused Annual leave be used to pay medical insurance until used up?
We reached out to MCHCP to answer your question.

Yes, your unused annual leave can be used to pay your medical insurance premiums during the remainder of the year in which you retire. When you fill out your MCHCP Retiree Enrollment Form, you may elect to deduct your premiums out of your one-time lump-sum vacation pay. Depending on how many hours of annual leave you have, this can be a sizeable amount and can result in tax savings!

After you send it in, MCHCP will call your department’s payroll representative to verify how much unused vacation you have. You can only pay for the remaining premiums in the year you have retired. For example, if you retire in November, you may pay for your December premiums with your unused leave.

 For more information about your particular situation, please contact MCHCP at 1-800-487-0771.

Print Friendly and PDF

Annual and Sick Leave at Retirement

Posted on
When I retire will I get a check for all of my annual leave hours? What will happen to my sick leave hours?
Annual Leave is not used in calculating your retirement. Any unused annual leave will be paid by the agency for which you work.  You may want to contact your human resources representative to determine your agency's procedure for paying out unused annual leave. 

Your unused sick leave is used in calculating the amount of your retirement benefit, however it cannot be used to determine eligibility for retirement or BackDROP. You will receive one month of credited service for every 168 hours of unused sick leave reported to MOSERS by your employer at the time you leave your position. There are several Rumor Central posts regarding sick leave that you might find helpful.
Print Friendly and PDF

Working on Your Last Day Before Retirement

Posted on
Within couple of months I am retiring. Is it necessary to be physically present on last day of work. For example, I will be retiring on January 31 (that is the last day). I have 250 hours of annual leave. I will work in the office until December 18 and then go on leave till January 31. Do I have to report on that day for work on Feb 1st?
Your retirement date must be the first day of the month. You will need to contact your Human Resources representative regarding if you need to be present on your last day of work.
You may also visit the "Ready to Retire?" page on our website.

Print Friendly and PDF

Annual Leave payment and Deferred Compensation

Posted on
I am an OA employee and would like to have my unused annual leave split into a partial payment and partial rollover to my Deferred Comp 401a. Is that possible?
Yes, you can split your unused leave check into a partial payment and a partial deferral to your deferred compensation account. Using the Accrued Vacation and Other Leave Deferral Change Form you can establish the partial payment amount you would like to contribute to your deferred compensation account. That money will be contributed to your 457 plan, not the 401(a). It’s important that this form be signed and submitted to your payroll department prior to the 1st of the month in which you are terminating service. You will receive the remaining portion of your unused leave (the amount you didn’t defer to the deferred compensation plan) as a check.
Print Friendly and PDF

Accumulated Sick Leave When Laid Off

Posted on
If a MOSERS eligible employee is laid off due to staff reductions, and is eligible for normal retirement, will the accumulated sick leave be lost if the employee registers for retirement after being laid off?
Annual leave is not used in calculating your retirement. Any unused annual leave will be paid by the agency for which you work.  You may want to contact your human resources representative to determine your agency's procedure for paying out unused annual leave. 
You will receive one month of credited service for every 168 hours of unused sick leave reported to MOSERS by your employer at the time you leave your position. Your sick leave is used in calculating the amount of your retirement benefit, but cannot be used to determine eligibility. For example, if you have 336 hours of unused sick leave, you will receive credit for an additional two months of service (336/168=2) when your retirement benefit is calculated. This two months of sick leave will not get you two months closer to retirement, however, as we cannot use it to calculate when you are eligible. Unused sick leave is only credited if you are eligible to retire (early or normal) upon termination for MSEP and for MSEP 2000 you get credit as long as you are vested upon termination.

Print Friendly and PDF

When Leaving State Employment, Do You Lose Your Sick Leave?

Posted on
When leaving the company do you lose your sick time or can you get paid for it like your comp time?
Annual leave is not used in calculating your retirement. Any unused annual leave will be paid by the agency for which you work.  You may want to contact your human resources representative to determine your agency's procedure for paying out unused annual leave. 
You will receive one month of credited service for every 168 hours of unused sick leave reported to MOSERS by your employer at the time you leave your position. Your sick leave is used in calculating the amount of your retirement benefit, but cannot be used to determine eligibility. For example, if you have 336 hours of unused sick leave, you will receive credit for an additional two months of service (336/168=2) when your retirement benefit is calculated. This two months of sick leave will not get you two months closer to retirement, however, as we cannot use it to calculate when you are eligible. Unused sick leave is only credited if you are eligible to retire (early or normal) upon termination for MSEP and for MSEP 2000 you get credit as long as you are vested upon termination.

Print Friendly and PDF

Increasing SL and AL? Combining AL and SL?

Posted on
We've gotten two questions this week regarding Sick Leave and Annual Leave. Here are the two questions. Our response to both is the same.
Is there any talk of increasing our hours received after the cap of 14 hours a month for annual leave or to allow sick leave to increase at the same rate as annual leave? 
We have heard there is a bill out there that combines the sick leave and annual leave. They will be interchangeable.If it is true and it would happen to pass will that change the retirement formula?
We are not aware of any proposed legislation that would increase the number of annual leave hours employees are eligible to receive or that would allow sick leave to accrue at the same rate as annual leave. Nor are we aware of any proposed legislation that would combine annual leave with sick leave. Print Friendly and PDF

Annual Leave, Deferred Comp and Other Post-Retirement Accounts

Posted on
I understand that the annual leave distribution can be rolled into a Deferred Compensation account upon retirement. Can that distribution for annual leave be rolled into other post-retirement accounts?
First, we need to make clear that vacation pay cannot be “rolled over.” It is not money in a retirement plan. It is “pay” or “compensation.” It can be treated as a “contribution” to a defined contribution plan that an employee is eligible to participate in - like the State of Missouri Deferred Compensation Plan (457) as this plan works in conjunction with state payroll. So the excess annual leave pay is a “contribution” in addition to other contributions made during the year to the Plan as long as the total does not exceed annual IRS limits.
If an employee wants to contribute the money to a traditional IRA, the annual leave pay is after tax pay to the employee, and could then be contributed to a traditional IRA and possibly deducted at tax time if the employee qualifies for the deduction.
Those limitations can be found on the IRS website.
Print Friendly and PDF

Unused Annual Leave and Deferred Comp

Posted on
Can pay for unused annual leave be rolled into deferred comp?
Annual leave pay can be contributed to the Deferred Compensation Plan. It is treated as a contribution though rather than a rollover, so the contribution would be subject (in addition to other contributions for the year) to the annual limits for 457 plans. Those limits for 2011 are as follows:

  • $16,500 if under age 50
  • $16,500 plus an additional $5,500 (total- $22,000) if over age 50
There is also a special Three Year Catch-up provision described as follows:

  • If you are within three years prior to the year of your retirement, you may be able to double the normal contribution limit and contribute $33,000 to your Plan. You cannot contribute to the Three-Year Special Catch-Up and the Age 50 and Over Catch-Up Contribution during the same tax year. To find out if you are eligible for this catch-up, please call the State of Missouri Deferred Compensation Plan Information Line at 1-800-392-0925.
Once an employee is aware of the actual amount of vacation pay and it does not exceed annual limits, this contribution request will have to be submitted through their payroll – so basically a larger contribution to the plan as part of their final paycheck.
Print Friendly and PDF

Annual leave when attending MOSERS' seminars

Posted on
Are you required to take annual leave to attend the preretirement seminar and money matters workshop?
This is a question for your human resources (HR) representative. Each agency has their own policy regarding leave to attend seminars and workshops. Print Friendly and PDF