Showing posts with label leave state employment. Show all posts
Showing posts with label leave state employment. Show all posts

Retirement Eligibility for Terminated-Vested Member

Posted on
When a vested employee resigns, when will they be able to draw their retirement benefits?
Members who are vested* with MOSERS and leave state employment can begin receiving a lifetime monthly benefit once they meet the age requirement for their plan and complete the retirement process with MOSERS.

The benefit for general state employees is calculated using the formula Final Average Pay x Credited Service x Multiplier = Monthly Benefit.

Retirement age and eligibility requirements depend on the plan the member is in (MSEP, MSEP 2000 or MSEP 2011). Please see the Which Plan Am I In? section of our website, then find the specific age and service requirements in the appropriate member handbook or in the summary of benefits comparison brochure. Depending on their situation, terminated-vested members may be able to choose early retirement with reduced benefits, or they may choose to wait for normal retirement with unreduced benefits. Benefit payment options and eligibility for benefits will be based on the laws in effect on the date the member leaves state employment. Members must meet all legal requirements.

* To be "vested" means you are eligible for a retirement benefit once you have met the age and service requirements. (The vesting requirement for general state employees in MSEP and MSEP 2000 is 5 years of creditable service. The vesting requirement for general state employees in MSEP 2011 is 10 years of creditable service.)

Print Friendly and PDF

Notice to Employer When Retiring

Posted on
Is there a set amount of notice that we need to give our employer when we decide to retire ?
The short answer is:  Customary practice is to notify your employer of your intent to resign at least two weeks prior to your last day of active employment. Contact the human resources staff at your agency for additional information or for answers to specific questions.

This is a question we often get at MOSERS (and understandably so), but the reality is that your resignation (termination of employment) is a process that is between you and your employer. Your retirement is a process between you and MOSERS. Often the two processes overlap, but not always. We contacted staff at OA Personnel to verify the above, which they did, and they also supplied the additional information under the heading, Resigning from State Employment, below. But first, we thought it might also be helpful for you to know a bit about the retirement process with MOSERS.

Retiring With MOSERS
Keep in mind that the retirement process is longer than two weeks. There are specific due dates for submitting both the Retirement Application and Retirement Election form. It will be at least two months between the time you submit your Retirement Application and when you get your first retirement payment, so please plan your resignation (and income) accordingly.

For example, if you are eligible and wish to  have May 1, 2016 as your retirement date, you must:

  • Submit your Retirement Application to MOSERS no later than March 31, 2016. (We encourage you to log in at www.mosers.org to your Member Homepage and apply online.).
  • Terminate your employment (stop working for the state in a benefit-eligible position) and submit your Retirement Election Form to MOSERS no later than April 30, 2016. 
  • With a  retirement date of  May 1, 2016, you will receive your first retirement benefit payment on May 31, 2016.

  Learn more about the two-step retirement process for general state employees in the Retirement Guide which is on our website. You may contact a MOSERS benefit counselors at your convenience to discuss your particular circumstances. You can call or stop by our office at any time during our regular working hours, 7:30 a.m. to 4:30 p.m. Monday-Friday.

Resigning from State Employment (Information provided by OA Personnel)

For employees of Merit agencies and UCP Non-Merit agencies, sufficient notice may allow an employee to be re-employed by a Merit agency without having to pull a certificate and have the employee rank in the top 15 or top 15% of available applicants.  The particular appointing authority has the ability to choose to re-employ an employee that has left in good standing. The standard for “in good standing” is at least 15 days.  The “in good standing” status isn’t generally that important to retiring employees because they don’t anticipate coming back to state service in a Merit (or benefit-eligible) position.

Employers generally appreciate as much notice as they can get, particularly in the case of retirements. When organizations are required to try to replace experienced and knowledgeable staff, it helps to have lead time to try to prepare.

Print Friendly and PDF

Dismissal From State Employment

Posted on
If a MOSERS covered employee is dismissed from the state does that affect their benefits?
The way an employee leaves state employment does not affect their retirement benefits. Once a state employee is vested, they are guaranteed a lifetime retirement benefit.

Print Friendly and PDF

Quit/Move Away and Impact on Retirement Benefit

Posted on
If I quit my job and move to another state, how will that affect my MOSERS state retirement?
If you are a vested member of MOSERS when you quit (5 years for MSEP and MSEP 2000; 10 years for MSEP 2011) then your MOSERS retirement benefit will be available to you at the time you are eligible to retire, no matter where you live or what job you have. Just make sure MOSERS always has your current contact information. MOSERS will contact you when you are eligible to begin receiving your retirement benefits.
Print Friendly and PDF

Vested Member Leaving State Employment

Posted on
I attended the Seminar in KC and forgot to ask: What happens to your benefits if a vested employee gets fired or terminated from his/her position?
Regardless of the reason, if you leave state employment with five or more years of credited service, you will be vested and eligible for future retirement benefits. In general, your benefits will be based on the laws in effect on the day you leave state employment. Print Friendly and PDF