Showing posts with label termination. Show all posts
Showing posts with label termination. Show all posts

Continuing Basic Life Insurance at Retirement

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My wife also worked for the state of Missouri for 29 years. Her office closed just before she reached 80 and out. A year later she started collecting her state retirement when she turned 51. Does she still get the $5,000 life insurance like I do. I stayed for 35 years and received full backdrop at age 55. 
No. Anyone who does not retire directly from state employment (within 60 days from their last day of state employment), does not get the automatic $5,000 in basic life insurance coverage at no cost to them.

The state will continue to pay for $5,000 of basic life insurance coverage for life for retirees who meet the following conditions:

•         They had basic life insurance coverage as an active employee and did not terminate coverage at retirement.
•         They have a MOSERS retirement date that is within 60 days of when they left state employment.

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Last Day of Work

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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.

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Termination & Retirement Benefits

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If you are fired from state government, with or without just cause, do you lose your retirement benefits?
No. If you are vested with MOSERS (you have at least 5 years of service) and then leave state employment, you will be eligible* for a lifetime monthly benefit, which will begin once you meet the age requirement (and all other legal requirements) and retire under a MOSERS defined benefit pension plan. In general, your benefits will be based on the laws in effect on the day you leave state employment.

See the Which Plan am I In page on our website, which has information about how to determine your plan membership and links to member handbooks and summary of benefits charts for each plan. Contact a MOSERS benefit counselor to discuss your specific situation. You may also contact a MOSERS benefit counselor to request benefit estimates for various scenarios (including a scenario of leaving employment prior to retirement eligibility).

*An exception is if you were fired because you were convicted of a specified felony committed in connection with your job as a state employee on or after August 28, 2014. See Missouri Revised Statute §105.669


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Rule of 80 & Retirement Eligibility

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What happens if I leave state employment prior to my eligible retirement date under the Rule of 80? How is my monthly retirement benefit calculated if that happens, and when will I first be eligible to begin receiving my retirement benefit? Also, under this scenario, what retirement benefits, if any, would I lose if I left state employment prior to my Rule of 80 date?
If you are vested with MOSERS (you have at least 5 years of service*) and then leave state employment, you will be eligible for a lifetime monthly benefit, which will begin once you meet the age requirement (and all other legal requirements) and retire under a MOSERS defined benefit pension plan.

If you are a general state employee, your retirement benefit is calculated using a three-part formula:

Final Average Pay (FAP)        x            Credited Service         x             Multiplier       =               Monthly Base Benefit  

(The multiplier is determined by your plan; 1.6% for MSEP; 1.7% for MSEP 2000/MSEP 2011.)

General state employees who are in the MSEP are eligible for normal retirement once they meet one of the following sets of age and service criteria:

•        Age 65 + 5 years of service
•        Age 60 + 15 years of service
•        “Rule of 80” – (at least age 48) Age + years of service = 80 or more.

You can view retirement eligibility for each plan on the Which Plan Am I In page of our website.

If you are a member of MSEP and you leave state employment before reaching normal retirement eligibility, you may still retire under “80 & Out” (the Rule of 80). Plan provisions in MSEP allow members who terminate employment to “age into” the Rule of 80. (This does NOT apply to members of MSEP 2000 or MSEP 2011**.) However, keep in mind that leaving state employment before reaching eligibility will likely delay when you reach “80 & Out” and reduce your benefit because you will no longer be accruing service. So, you may have to wait longer to begin receiving a smaller benefit if you leave state employment prior to reaching the Rule of 80.

Keep in mind any of the following may affect your retirement eligibility: your retirement plan (MSEP, MSEP 2011, etc.), age, service, and if you retire directly from active employment versus leaving state government and waiting to retire. Contact a MOSERS benefit counselor to discuss your specific situation. You may also contact a MOSERS benefit counselor to request benefit estimates for various scenarios (including a scenario of leaving employment prior to retirement eligibility).

*The 5-year vesting for MSEP 2011 members went into effect on 1/1/2018, and MSEP 2011 members must be actively employed on or after 1/1/2018 to be covered by this change.

**Plan provisions for MSEP 2000 do not allow members to “age into” the Rule of 80/80 & Out. Plan provisions for MSEP 2011, do not allow members to “age into” the Rule of 90/90 & Out.

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Department of Corrections Rumor

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I JUST HEARD A VICIOUS RUMOR THAT MISSOURI MIGHT PRIVATIZE THEIR PRISON SYSTEM. IF THAT HAPPENS, HOW WILL IT AFFECT MY BACKDROP AND PENSION?
We are not familiar with that rumor. Any hypothetical privatization of services provided by the Department of Corrections would likely require legislative approval and/or action by the Governor.

MOSERS would pay any accrued pension benefits (including BackDROP) to employees once they reach retirement eligibility age & service based on the pension formula for general state employees as outlined in state law as of the date the member leaves state employment.

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Retirement Process Timeline

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What is the earliest I can sign up to retire, prior to my retirement date.
 You can submit your retirement application up to 4 months (120 days) prior to your retirement date. There are specific due dates required for submission of your Retirement Application and Retirement Election Form.

While most people think of their retirement date as their last day at work (when they pack up their things, say goodbye, and maybe have cake), for us at MOSERS, that 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 and they would get their first payment from MOSERS on February 28. The timeframe to apply for a February 1 retirement date is October 1 – December 31.

We encourage you to go to our website, log in to your Member Homepage, and retire online as soon as you have gathered information and made your decisions. Before your benefit payments can begin, you must complete the 2-step retirement process. This process, which involves your submission of several important forms, allows MOSERS to provide you with relevant, individualized information needed to make informed decisions regarding your future benefit payment. Use the Retirement Guide to assist you. This summary of the retirement process includes a detailed explanation of each form as well as a Smart Start Checklist of information you should have readily available when you apply. The Retire Online video also has helpful tips to lead you through the process.

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SB 62 & Changes to MSEP 2011

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I was wondering if we are going to be switching back to 80 and out as well as back drop? I started about 3 years ago and do not have these benefits but was told we are to receive them again.
Other than to reduce the vesting period from 10 years to 5 years, the provisions of SB 62 have NO impact on members of MSEP 2011 who work in a MOSERS benefit-eligible position until they reach normal retirement eligibility.

Members of MSEP 2011 will become eligible for normal retirement when they are age 67 and have 5 years of service OR under the “Rule of 90” which is when they are at least age 55 and their age and service equal 90 when they terminate/leave state employment.

BackDROP is available only to general state employees who are members of MSEP & MSEP 2000 and who work at least two years beyond normal retirement eligibility.

For more information on vesting, see The Change from 10 to 5-Year Vesting for MSEP 2011 Members.

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Post-Dispatch Article

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We recently received two Rumor Central questions regarding the May 29th Post-Dispatch article:
I was wondering if you could explain the May 29th, 2017, article in the St. Louis Post-Dispatch. It stated that should Gov. Greiten sign into law legislation that was recently passed the following would occur: MOSERS would be placing "new restrictions on using accumulated unused sick leave in calculating a pension payout." I have quite a bit of unused sick leave. Can you tell me how this would impact me and others in my situation? The article stated: "If signed into law, the changes outlined in the legislation will go into effect on January 1, 2018." If this change would have a tremendous impact, it sounds as though some of us might want to think about retiring before January 1st.
In the event that the Governor signs SB 62 what effect does the following statement have: MOSERS is placing new restrictions on using accumulated unused sick leave in calculating a pension payout. This was included in the story in the St.Louis Post Dispatch. I have not seen it anywhere else.
The provisions in SB 62 have NO impact on members of MSEP or MSEP 2000. Additionally, other than to reduce the vesting period from 10 years to 5 years, the provisions of SB 62 have NO impact on members of MSEP 2011 who work in a MOSERS benefit-eligible position until they reach normal retirement eligibility.

Effective January 1, 2018, only members who meet both of the conditions below will NOT have service credit granted for unused sick leave:
First hired in a benefit-eligible position on or after January 1, 2011 (member of MSEP 2011) and
Left state employment with a vested retirement benefit but prior to reaching retirement eligibility.

We refer to these members as “terminated-vested” members of MSEP 2011. (Similarly, terminated-vested members of MSEP do not receive service credit for unused sick leave if they left state employment prior to retirement eligibility, either normal or early.)

In contrast, all members of MSEP, MSEP 2000, or MSEP 2011 who retire directly from active employment receive service credit for unused sick leave. Every block of 168 hours of unused sick leave equals one month of service credit. Unused sick leave is used in calculating the amount of the benefit but does not factor into reaching retirement eligibility.

Note: Other “offsets” in SB 62 which contribute to making the vesting reduction cost neutral include the following for terminated-vested members of MSEP 2011 only, effective January 1, 2018:
Cost-of-living adjustments (COLAs) will be applied on the second anniversary of retirement (rather than the first anniversary).
If such a member dies prior to retirement eligibility, survivor benefits are not payable until the member would have reached their retirement eligibility age (rather than right away).


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SB 62 Provisions

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Will this below effect those that have been working for 4 yrs now under the 10 yr vested .. and were hired in with these benefits or will we get to keep these or is this for everyone straight across the board. see below :
  • They are not eligible to receive service credit for any unused sick leave.
  • If they die prior to normal retirement eligibility, benefits will not be payable to their survivor until the member would have become eligible for normal retirement.
  • They will not receive a cost-of-living adjustment until the 2nd anniversary of their retirement.
The 3 offsets you listed that are contained in SB 62 affect only MSEP 2011 members who leave state employment after becoming vested (but prior to attaining retirement eligibility). If you continue in active employment in a benefit-eligible position until you meet the age and service requirements for retirement under the MSEP 2011, these provisions will still apply to you.  

Eligibility for benefits for any MSEP 2011 member who has already or who will terminate employment before the effective date of the bill (January 1, 2018) is based on the laws in effect on that person’s termination date*

The Governor has until July 14 to approve or veto legislation. MOSERS will provide more information via our website and social media when the Governor acts on this legislation. Please ensure that both your email and mailing address are up to date with MOSERS so that you will receive important information from us if you are affected by any new legislation.

*Termination date is your last day of work in a MOSERS (or MPERS) benefit-eligible position, as reported by your employer.

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Proposed Legislation for MSEP 2011 Members

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My question is in regard to SB 333 and HB 729. I am currently a member of MSEP 2011 and have 4 years and 8 months of service time. If these bills pass and are signed, will I become vested in 4 months or will I become vested after 5 more years of service? Thank you.
As currently written, if House Bill 729 &/or Senate Bill 333* pass, the vesting period will be reduced from 10 to 5 years of service, effective January 1, 2018, for current and future active members of MSEP 2011 (those members first employed in a MOSERS or MPERS benefit-eligible position on or after January 1). So, in your particular case, if this legislation were to pass and you are still employed, you will become vested on January 1, 2018.

Eligibility for benefits for any MSEP 2011 member who has already or who will terminate employment before the effective date of the bill (January 1, 2018) is based on the laws in effect on that person’s termination date**

Please note that this is proposed legislation. It must be passed by the Missouri House and Senate and approved by the Governor. If it is passed, it could also be change during the process. We will monitor all legislation impacting MOSERS and inform our members of any changes that become law. The 2017 legislative session ends on May 12, 2017.

*Language to reduce the MSEP 2011 vesting requirement is also contained in HCS SS SB 62, HCS SB 394, and SCS HCS HB 831.
**Termination date is your last day of work in a MOSERS (or MPERS) benefit-eligible position, as reported by your employer.

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Retroactive Vesting for MSEP 2011 Members?

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Assume HB 729 passes. How would that bill affect an employee who was hired after 2011, now has more than 5 years of service, but leaves state employment prior to passage of the bill. Would that person be vested retroactively?
It would have no effect on such a person and, no, as it is currently written, HB 729 does not allow for retroactive vesting. Eligibility for benefits for any MSEP 2011 member who has already or who will terminate employment before the effective date of the bill (currently 1/1/2018) is based on the laws in effect on that person’s termination date*. Non-vested service is considered forfeited.

Assuming they did not take a refund of their member contributions after termination, if such a member returns to work in a MOSERS (or MPERS) benefit-eligible position, their forfeited service will be restored and combined with their new service after they work continuously for one year in a MOSERS (or MPERS) benefit-eligible position.  So, if the vesting requirement was 10 years when they left but they came back in a benefits-eligible position and worked continuously for at least one year, they would then fall under the five-year vesting rule.

Example:  Let’s say Kathy worked in a MOSERS benefit-eligible position from January 1, 2011 until March 31, 2016 (5 years & 3 months). HB 729 passed as currently written. Kathy returns to work in a MOSERS benefit-eligible position on February 1, 2018 and works continuously for one year. On February 1, 2019 (with a total of 6 years & 3 months), her previous service will be restored and she will become vested, which means she is eligible for a future pension benefit from MOSERS. She can begin drawing her pension benefit once she also meets the age requirement and completes the retirement process.  Because the formula for MOSERS pension benefits uses service in the calculation (Final Average Pay x Service x Multiplier = Monthly Base Benefit), the more service she has, the higher her benefit will be.

Please note that this is proposed legislation. It must be passed by the Missouri House and Senate and approved by the Governor. If it is passed, it could change during the process. We do not know what might happen with individual bills during the legislative session but we will monitor all legislation impacting MOSERS and inform our members of any changes that become law. The 2017 legislative session ends on May 12, 2017.

*Termination date is your last day of work in a MOSERS (or MPERS) benefit-eligible position, as reported by your employer.



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Termination and Rule of 80

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If I'm past my 80 and out date and get fired from my job can I still collect my pension? Do I have to wait until age 62? I'm eligible for both MSEP and MSEP2000 plans. 
Regardless of the reason, if you leave state employment and are vested (which is 5 years for members of the MSEP/MSEP 2000), you will be eligible for future retirement benefits*. In general, your benefits will be based on the laws in effect on the day you leave state employment.

As far as your question on eligibility for the Rule of 80 (“80 & Out”), if you are already eligible for normal retirement you will not have to wait until age 62.  You can retire based on the filing dates required by law.  See this chart for due dates. You may also want to read a question we recently answered regarding resignation and the Rule of 80, which would also apply to termination.

If you have any questions about your specific situation, we encourage you to view our Contact Us page to reach a MOSERS benefit counselor.

*An exception would be if you were fired because you were found guilty of a specified felony committed in connection with your job as a state employee on or after August 28, 2014 under provisions of HB 1217 which was passed by the Missouri legislature in 2014.

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BackDROP Payment

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After retiring, how soon can I expect my BackDROP Payment?
Your BackDROP1 payment (either cash or rollover) will be paid on the last working day of the month your retirement is effective, along with your first monthly retirement benefit payment. For example, if your retirement date2 is May 1, your BackDROP payments will be made on the last working day of May. This is assuming you have completed all necessary forms, including your BackDROP Distribution3 form, when you retire online or on paper.

 For more information, see the BackDROP brochure available on our website.

1BackDROP is an option that allows eligible members to receive a lump-sum payment in addition to an ongoing monthly payment. It is available only to general state employees who are members of MSEP & MSEP 2000 and who work at least two years beyond normal retirement eligibility. 

2Your “retirement date” is defined as the first day of the month in which you begin receiving your MOSERS pension payments. Your “termination date” is last day of employment as a MOSERS benefit-eligible employee, as reported by your employing department. “Termination date” is usually the day people have cake, carry out their stuff, and say goodbye to their co-workers. Your termination date must be at least one day before your retirement date. Members often confuse these terms but they have very specific meanings when it comes to paying your benefits. 
3 Note: If you choose to roll over any portion of your BackDROP distribution to an account other than with MO Deferred Comp, the BackDROP Distribution form must be signed by an authorized official from your financial institution or employer plan to indicate it is a qualified retirement account that can accept this distribution. This form will be sent to you if you elect a rollover and your BackDROP will not be processed until it is completed and returned to MOSERS. Print Friendly and PDF

Resignation and the Rule of 80

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 If I were to resign prior to my 80 and out date. When can I draw my benefits? My understanding was that I could draw once my age and my service time = 80 and out. However, I've heard that if I were to resign prior to 80 and out I would have to wait until I was 62 to draw my benefit? Could you clarify this for me please?
Yes, if you are a member of MSEP and you resign before reaching normal retirement eligibility, you may still retire under “80 & Out” (the Rule of 80). Plan provisions in MSEP*, allow members who terminate employment to “age into” the Rule of 80. (This does NOT apply to members of MSEP 2000 or MSEP 2011**.)

However, keep in mind that resigning before reaching eligibility may delay when you reach “80 & Out” and reduce your benefit because you will no longer be accruing service. So, you may have to wait longer to begin receiving a smaller benefit.

Here is a brief explanation of the Rule of 80, an example to illustrate eligibility, and more information about how resigning sooner can delay your retirement eligibility and reduce your benefit:

Under the Rule of 80, your age and service must equal 80 or more (and you must be at least age 48).

Example of Rule of 80 Eligibility:

Age                      55 years               4 months
Service                24 years               8 months
                           79 years               12 months

Let’s say you terminated your employment a year before you would reach eligibility (at age 54 years and 4 months + 23 years and 8 months of service = 78). As time goes by, the number value of your age continues to increase, but your service no longer increase, so it would take you 2 years, instead of 1, until your age and service equals 80 (56 years and 4 months of age + 23 years and 8 months of service = 80). Also, your benefit amount will be less because service is one part of the benefit formula:

Final Average Pay x Credited Service x Multiplier = Monthly Base Benefit

All this being the case, we understand that there may be good reasons to do so based on your individual life situation or circumstance beyond your control. Plan provisions are based on state law. We understand they are rather complicated and we are available to help explain further over the phone or during and in-person appointment. We can also help you compare benefit estimates based on different termination dates. View our Contact Us page to reach a MOSERS benefit counselor.

*Which Plan Am I In?
**Plan provisions for MSEP 2000, do not allow members to “age into” the Rule of 80/80 & Out. Plan provisions for MSEP 2011, do not allow members to “age into” the Rule of 90/90 & Out.

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BackDROP Benefits & Death of Member

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Is it true that if a vested State Employee passes away before filing for retirement that the backdrop benefit is lost?
We try to make information about your benefits as clear as possible, but all plan provisions are established by law which sometimes makes it a little complicated. So, let’s break it down.

The key fact is not if a member passes away before they file/apply for retirement; it is if they pass away before their actual retirement date. Retirement date is defined by state law. Most people think of (and celebrate) their last day at work as their retirement date but, for us, that is their termination date (defined as their last day of work in a MOSERS benefit-eligible position).

The law defines “Retirement Date” as: The first day of the calendar month when a member begins to receive retirement benefits. The first payment is made the last working day of that month.

If a member passes away before their retirement date, any elections they made about retirement are null and void, including any elections about BackDROP. If they were still working and had not yet reached their retirement date (as defined above), they are considered an “active member” and we must pay their eligible survivor. Here is a similar question and answer on this topic:
http://mosersrc.blogspot.com/2016/12/backdrop-survivor-benefits.html.
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Contacting Terminated-Vested MOSERS Members

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Does MOSERS actively seek to locate and contact former employees who worked only long enough to become vested? For example, someone who resigned after having worked 65 months in the 90s and may not know or remember they may be eligible for a benefit.
 You are probably referring to “terminated-vested” members, those who are no longer employed in a position covered by MOSERS, are vested in the system, and are entitled to a future retirement benefit* when they meet the age requirement.
MOSERS sends letters to terminated-vested members 120 days before they become eligible for early (reduced) retirement benefits. If the member does not apply for early retirement, we notify them again 120 days before eligibility for normal (unreduced) retirement benefits. Once a year, we provide a newsletter for terminated-vested members called VestedInterest, which we can either mail or email. We also send a benefit statement every five years.
Our suggestion for terminated-vested members is:  Be sure to keep your contact information up to date so we can reach you with important benefit information! We  attempt to locate all members but sometimes the post office doesn’t have/provide a forwarding address. Ensure we have your mailing address, email address, phone number, and updated beneficiary information. You don’t have to wait to hear from us. If you are unsure of your eligibility or need to update your information, a MOSERS benefit counselor can help - contact us! Alternatively, as a member, you can create a MOSERS Online ID & password to review & update your own personal information. You must have a valid email address on file with MOSERS in order to do so.

*Benefit payment options and eligibility for benefits are based on the laws in effect on the date you left state employment.

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Retirement Eligibility for Terminated-Vested Member

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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.)

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Contribution Balance

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For someone on the MSEP 2011 plan, is there a way to see the current balance of the 4% benefits withheld for retirement? If someone is planning on leaving before retirement eligibility it would be helpful to view the balance before making termination plans.
Yes, if you log into your MOSERS Member Homepage at www.mosers.org by clicking on the blue Member Login button, you can view a Contribution Calculator. It shows your current balance, based on the latest payroll information sent from your employer.

If you terminate employment from a MOSERS-covered position you may request a refund of your contributions including credited interest. However, you are not required to withdraw your contributions when you leave. If you are vested, MOSERS will continue to pay interest until you either withdraw the funds, reach normal retirement eligibility or die. If you think you might return to MOSERS-covered service, carefully consider your options because by receiving a refund, you forfeit all your credited service and future rights to receive benefits from the system. For vested members, this means forfeiting a lifetime monthly benefit at retirement age.

To see all of your options after leaving state employment, please see the Member Contributions brochure on our website.

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Leaving State Employment Before Retirement

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If I am not retiring yet and I leave my job for another outside the State of Missouri, will the funds being stored in my pension continue to grow or will it freeze at that amount and stay the same until I decide to collect it ?
If you are vested with MOSERS (after 5 years of employment in MSEP or MSEP 2000 and after 10 years in MSEP 2011) and leave state employment, you will be eligible for a lifetime monthly benefit once you meet the age and all other legal requirements and retire under a MOSERS defined benefit plan. The benefit is calculated using the formula Final Average Pay x Multiplier x Credited Service = Monthly Benefit.  If you leave state employment, you would no longer continue to accrue service so the benefit would not grow.

Some Additional Information:
It is important to note that members do not have individual retirement “accounts” with MOSERS; they earn lifetime benefits payable to them or their eligible beneficiary(ies). This provides financial security because with a defined benefit plan you don’t “outlive your money”. Your retirement eligibility depends on which plan you belong to. Please see the Which Plan Am I In? section of our website if you aren’t sure which plan you are in, then you can find the specific age and service requirements in the appropriate member handbook or on the summary of benefits comparison brochure. Your benefit payment options and eligibility for benefits will be based on the laws in effect on the date you leave state employment.
If you are a member of MSEP 2011, you pay contributions to help fund the system. Upon termination of employment, you may request a refund of your contributions*. By receiving a refund of contributions, you forfeit all your credited service and any future rights to receive benefits from the system. However, you may leave your contributions with MOSERS if you think you may return to state employment in the future (see below). Contributions from a vested member of MSEP 2011, will continue to accrue interest annually until the member is eligible for normal retirement or withdraws the contributions.
If you made contributions to MOSERS, left state employment, did not request a refund of contributions, and return to a job covered by MOSERS in the future, your previous service credit will be combined with your new service credit to qualify for retirement. You will resume making member contributions.

Members of MSEP and MSEP 2000 do not make contributions to the system  and therefore don’t earn any interest.

* Please Note - By receiving a refund, terminated members forfeit all their credited service and any future rights to receive any retirement and long-term disability benefits, and rights to coverage through Missouri Consolidated Health Care Plan (MCHCP) other than as a dependent under provisions of COBRA.

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HB305 / Termination of Employment vs. Retirement Date

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If one anticipates HB305 passing, can one submit an Application for Retirement now in order to meet the deadline of 9/1/11? and is a Termination of Employment date considered the same as a Retirement Date? Thank you.
We would encourage anyone that may qualify for the incentive to be aware of the deadlines applicable to retirement but we would not encourage anyone to submit an Application for Retirement in anticipation of any legislation passing. Having said that, in order to meet the qualifications for the incentive and retire on or before September 1, 2011, you would need to submit an Application for Retirement no later than July 31, 2011. Your Election Form would need to be submitted no later than August 31, 2011.  The current legislative session ends My 13th  at which point we would know if any incentive were passed and awaiting the governor’s attention allowing plenty of time to meet those deadlines.
To answer your second question, no, retirement date and termination date are NOT the same. Retirement date is the first day of a calendar month when you begin to receive retirement benefits. Termination date is the date after which you are no longer an employee of the state, as reported by your employer.
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