Showing posts with label retiree. Show all posts
Showing posts with label retiree. Show all posts

Travel Assistance

Posted on
I need to know if we still have Travel Assistance thru The Standard? I was told it might change beginning 1-1-19 and I will be leaving on a trip out of the US. I am retired & live in Fl. now. It also paid anything over 100 miles from home. Any information will be greatly appreciated.
Yes, members and retirees who have MOSERS basic life insurance* are eligible for travel assistance when traveling at least 100 miles from home or in a foreign country. Family members, including a spouse and children through age 25 are also covered. Medical assistance is one of the services they provide, including locating medical care, 24-hour access to nurses by phone, and emergency transportation services. (Please note: Travel assistance is not the same as travel health insurance. Please contact your health insurance provider regarding health care coverage when travelling.)

The updated travel assistance brochure on our website also has information in case you need information before your trip, such as passport and visa information, currency exchange, and inoculation requirements. There is an article in the Fall/Winter newsletters in as a reminder of the travel assistance benefits. All you need to do is print the wallet card with the worldwide phone number and bring it with you.

*MOSERS' life insurance is not available to employees of the Department of Conservation or state regional colleges/universities except for Lincoln University and State Technical College of Missouri.

Print Friendly and PDF

Taxes on MOSERS Pension?

Posted on
Your RetireeNews, Fall Winter 2017 states if a retiree lives in Missouri, then Missouri state income tax may be due on the pension. Does this imply that if a retiree is a resident of another state (even one without a state income tax) that the Missouri pension is not taxed by the State of Missouri?
Each person’s situation may be different and we cannot advise you on your tax liability as it pertains to your MOSERS pension. We suggest you contact the Missouri Department of Revenue and/or a qualified tax advisor about your tax liability.

MOSERS withholds state taxes only for Missouri residents. If you aren’t a Missouri resident in retirement, contact the appropriate state and local tax authorities to determine the taxability of your MOSERS benefit there. We will mail 1099-R tax forms to all retirees by January 31, which you can read more about in the current Fall/Winter 2018 issue of RetireeNews.

Print Friendly and PDF

Taxes & Retiree Pension Benefits

Posted on
Tax reform, how does this impact a retiree benefit? Have you changed the calculators to match the appropriate tax brackets as they will be now? 
The tax reform bill that was recently passed appears to change some federal income tax brackets (the rates/percentage), including the income level ranges that fall within the brackets. Pensions continue to be considered taxable income at the federal level (unless contributions were made after-tax), so we suggest you discuss whether the federal tax changes will affect you with your tax professional.

Changes (if any) to the amount of your MOSERS benefit payment will be implemented beginning with your February payment (issued on February 28, 2018).

To the best of our knowledge, state taxation of Missouri public pensions won’t be affected by this bill. As a reminder, we included an article in our winter issue of RetireeNews about the Missouri public pension exemption.

You should have received your 1099-R tax form with information you will need to file your tax returns for 2017. If you prefer an electronic copy of your 1099-R or if you find you need a replacement copy of it, simply log in to your Member Homepage and you will find it listed under Personal Information.

Yes – we have updated the Federal Tax Calculator on our website. If you decide you want to change either your state or federal tax deductions from your monthly pension benefit, you may do so at any time. Simply submit a new Substitute W-4P form available on the Retiree Forms page of our website for you to print and mail in, or log in to your MOSERS Member Homepage and submit this form electronically.

Print Friendly and PDF

1099-Rs for MOSERS Retirees

Posted on
When will 1099s be distributed, or is there a way I can go online to get my last years benefit information? 
We will mail your 1099-R form by January 31. If you prefer an electronic copy of your 1099-R or if you find you need a replacement copy of it, simply log in to your Member Homepage and you will find it listed under Personal Information. Your 1099-R form will be available for you to view or print after they have been mailed.


Print Friendly and PDF

COLA This Year?

Posted on
I was just curious if there will be a cola this year and if so how much will my check be?
We calculate the COLA for benefit recipients each year. We do not know yet what the 2018 COLA rate will be because the required data is not yet available but we will calculate and announce it in mid-January. The COLA rate calculation is based on 80% of the percentage increase in the average Consumer Price Index (CPI) from one year to the next with a maximum increase of 5% (minimum 0%). The 2018 rate will be based on the comparison of the CPI in 2016 to 2017. COLAs are payable on the anniversary of your retirement date (for most retirees*).

Watch our website in January for more information, and learn more on the COLA page.  We will send you a notice, either in the mail or in your MOSERS Document Express online mailbox, when the COLA is applied to your monthly benefit payment.

*Exceptions:

  • Retirees who converted from MSEP to MSEP 2000 during the conversion window in 2000 have COLAs payable each year in July.
  • Retirees who elected a BackDROP will have COLAs payable each year on the anniversary of their BackDROP date rather than on the anniversary of their retirement date.
  • MSEP 2011 members hired after January 1, 2018 who leave state employment prior to retirement eligibility, will receive their first COLA in retirement on the second anniversary of their retirement.
  • Print Friendly and PDF

    Rumor Central Posts

    Posted on
     How often is Rumor Central updated? Maybe it should be updated at least once a week to keep us all posted about the latest concerns and/or talk about our retirement program.
    We update Rumor Central when we receive a question about retirement, life insurance or long-term disability benefits administered by MOSERS. When we post a new question, everyone who is signed up to receive the notifications will get an email on Friday of that week so they will know a new question has been posted. If no new questions are submitted, we don’t post any updates, because the content is generated by our members and what they would like to know about.

    In addition, if we receive a question we have recently addressed on the blog, we may not post it again and instead just respond individually to the sender (if contact information is provided.) We encourage members to review the Categories section before submitting a question to see if a similar question has already been answered before submitting a new question. For example, the number (181) posted next to BackDROP means we’ve answered 181 questions about BackDROP on the blog. If there is something you’d like to know about related to MOSERS benefits, and it’s not listed under the Categories page, please send us a question!

    We also encourage our retirees to attend a Coffee Break educational seminar in their local area. The 2018 schedule will be posted on our website in January and included in the Fall/Winter issue of RetireeNews in December. These seminars are an excellent opportunity to hear the latest MOSERS news and network with other retirees!

    Print Friendly and PDF

    Travel Assistance Benefit

    Posted on
    I would like to know if the Travel Ins. United Healthcare Global is still in effect? I am going to be traveling outside the US & need to know if I become ill or injured will the Ins. cover me?
    Yes, members and retirees who have MOSERS basic life insurance* are eligible for travel assistance when traveling at least 100 miles from home or in a foreign country.  Family members, including a spouse and children through age 25 are also covered. Medical assistance is one of the services they provide, including locating medical care, 24 hour access to nurses by phone, and emergency transportation services. All you need to do is print the wallet card with the worldwide phone number and bring it with you.

    The travel assistance brochure on our website also has information in case you need information before your trip, such as passport and visa information, currency exchange, and inoculation requirements.

    *MOSERS' life insurance is not available to employees of the Department of Conservation or state regional colleges/universities except for Lincoln University and State Technical College of Missouri.
    Print Friendly and PDF

    Lump-Sum Payout?

    Posted on
    I have heard rumors of letters going out in September offering current retires a lump sum pay out on their retirement. Is this true?
    No. Members who are already retired are not eligible for the Buyout Program. The Buyout Program is voluntary and allows vested former state employees (who meet all eligibility requirements) to elect to cash out their future monthly retirement benefit in exchange for a lump-sum payment now. We will mail a letter and application to eligible members during the month of September.

    You are NOT eligible to participate in the Buyout Program if:

    You have been employed by the State of Missouri at any time after June 30, 2017 in any position covered by MOSERS or MPERS.
    You would have reached normal retirement age and are eligible to receive a normal retirement annuity from MOSERS before December 1, 2017 (this includes all current retirees).
    You have applied for or you are receiving early retirement benefits from MOSERS.
    You are a member of the Missouri State Employee Plan 2011 and are eligible for a refund of your employee contributions under section 104.1091, RSMo, and the amount of the refund would be greater than the amount of the buyout payment otherwise payable under the Buyout Program.
    You left state employment between October 1, 1984 and September 1, 2002 and are eligible for a cash out of your future retirement annuity under section 104.335.6, RSMo.
    You are subject to a Division of Benefit Order ("DBO") issued by a court under sections 104.312 or 104.1051, RSMo, during a divorce proceeding.

    The Buyout Program was authorized under Senate Bill 62, which was enacted in 2017.

    Print Friendly and PDF

    Roth IRA & Deferred Comp

    Posted on
    Are retired MO state employees who have an income from part or full time employment (other than through the State of MO) permitted to open a ROTH IRA through Deferred Compensation ?  If so, how would they go about opening a ROTH IRA and what would be the annual limit for a ROTH contribution? 
    No. Once you have left state employment, you can no longer make contributions to the MO Deferred Comp Plan. However, you can keep your money in deferred comp, even if you're retired or simply working outside state employment. If you leave your money in the plan, you must begin taking required minimum distributions (RMDs) in the year you turn 70 ½. By staying in the plan after you separate from service, you will enjoy:

    •        Penalty-free access to your 457 savings before age 59 ½
    •        Competitively priced, custom investment solutions
    •        Convenient online account access
    •        Dependable customer service

    Keep in mind, you may lose these privileges — specifically the penalty-free access to your assets — if you roll your deferred compensation plan balance to another account type after leaving state employment.

    If you have any additional questions, please feel free to contact MO Deferred Comp at 800-392-0925 or stop by our local office 3349 American Ave, Ste A, Jefferson City, MO 65109.

    Print Friendly and PDF

    Need a New 1099-R?

    Posted on
    I’ve lost my 1099. Can I get a copy from this website?

    Yes. From www.mosers.org, click the blue Member Login button. On your Member Homepage, under Personal Information, you’ll find your 1099-R tax form. You can print it and/or save it to your computer for future reference.

    If you have not logged in since before September 2016, you will need to set up a MOSERS Online ID in order to access your Member Homepage. Here’s a link to our quick how-to video: Member Login Tutorial.

    IMPORTANT:  To help protect the security of your personal information, in order to create an Online ID, you MUST have a valid email address already on file with MOSERS. If you don’t, please call our benefits staff to assist you at (573) 632-6100 or (800) 827-1063.

    Print Friendly and PDF