Showing posts with label benefit eligible. Show all posts
Showing posts with label benefit eligible. Show all posts

Part-Time Employment

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My initial State employment was as a part time employee. Do any of those years count towards my years of service when calculating my retirement options?
No, most likely not. The position must be “benefit-eligible”. Part-time positions are usually not benefit-eligible so that service likely does not count for retirement purposes. You will receive service credit only for periods that your employer reports you worked in a benefit-eligible position and for which they made employer contributions to MOSERS.

A position is benefit-eligible if it meets these two criteria:

1. The position must be in the nature of an ongoing (a multi-year position including a position covered by a contract) or permanent position.
2. The position must normally require the performance of duties of not less than 1,040 hours per year.

If the position meets both requirements, the position is eligible for MOSERS benefits. If not, the position is not eligible for MOSERS benefits. You may contact a MOSERS benefit counselor and they can tell you what service we have on record for you and provide you with benefit estimates.

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BackDROP & Returning to Work

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What would happen if I retire and draw backdrop and later decide to return to work for the State in a benefit eligible position? I know my retirement benefit would stop but what would happen with the backdrop?
If you retire and return to work in a benefit-eligible* position, your monthly retirement payment will stop as soon as we are notified that you are re-employed. However, any BackDROP money you received is yours to keep – there is nothing that requires you to return any of it to MOSERS if you return to work. Once you have worked for at least 12 continuous months in your new benefit-eligible position, you will begin accruing a separate retirement benefit. Once you re-retire, your previous benefit will restart and your new benefit (based on your new service and salary) will be calculated and your benefit payments (old benefit plus new benefit) will resume. You are not allowed to elect BackDROP after you have first retired. In other words, you will not be eligible for BackDROP if you return to state employment after having already retired from the state.

If you retire and return to work in any position not covered by MOSERS or MPERS (including work for the state in a non-benefit-eligible position), you may continue receiving your MOSERS pension benefits and earn as much as you wish. Such employment will have no effect on your MOSERS benefit.

*A benefit-eligible position is one that normally require at least 1,040 hours of work per year, is permanent in nature, and is covered by MOSERS or the MoDOT and Patrol Employees’ Retirement System (MPERS). Your employer, not MOSERS, determines if you are working in a benefit-eligible position.

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Going Back to Work to Become Vested

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I had 4 years and 7 months in the MOSERS retirement system before changing employment and as I'm now approaching retirement age, would like to go back and pick up one more year of MOSERS eligibility to become vested.

Can you provide me with a list of Employers near Springfield Missouri that have MOSERS retirement?

How would I go about estimating what my potential benefit would be after working 12 consecutive months to become vested to see if it's even worth it.

You are correct in your understanding of the requirement to become vested. Since you left state employment with less than 5 years of service, you forfeited your accrued service credit and all rights to benefits from the MOSERS. If you return to work in a MOSERS-covered position, your forfeited service will be restored and combined with your new service after you have completed 12 continuous months of employment. You can find a list on our website of state agencies who employee workers in MOSERS-benefit eligible positions.

The amount of your potential MOSERS benefit will be determined by this formula: Final Average Pay x Credited Service x Multiplier = Monthly Base Benefit
Let’s assume:
•    Your final average pay is $3,250 per month (an approximate average of state employees)
•    You end up with 6 years of credited service
•    You are in the MSEP 2000 and the multiplier is 1.7%

The formula would be $3,250 x 6 x 0.17 = $331.50 per month. This would be a lifetime monthly benefit for you.

Keep in mind that your benefit will be based on your actual data and could be higher or lower.  Working longer would increase your benefit. You can request an individualized benefit estimate from a MOSERS benefit counselor, and in most circumstances by logging in to your MOSERS Member Homepage through our website.

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