Retirement General Information

MoDOT & Patrol Employees’ Retirement System (MPERS) Members

Missouri State Employees Retirement System (MOSERS)

FOR NEW EMPLOYEES HIRED FOR THE FIRST TIME IN A BENEFIT ELIGIBLE POSITION ON OR AFTER JANUARY 1, 2011:

MSEP (Missouri State Employee Plan) 2011

  • Member Contributions: 4% of pay
  • Vesting: Five (5) years (Effective January 1, 2018)
  • Normal Retirement: At age 67 with 5 years of credited service OR at least age 55 with age and service equaling 90 or more (Rule of 90)
  • Early Retirement: At age 62 with 5 years of credited service (with reduction) if you retire directly from active employment
  • Temporary Benefit: Payable if you retire under Rule of 90. This benefit is designed to provide you with supplemental income until you reach age 62, when you become eligible for early Social Security benefits.
  • Purchased Service: Full actuarial cost for qualifying public sector service
  • Survivor Benefits: At retirement, members make a benefit payment election which determines if a benefit will be paid to anyone else after the member’s death. If a MOSERS member dies prior to retirement, the member’s eligible spouse or child(ren) may be entitled to survivor benefits.

FOR EMPLOYEES HIRED FOR THE FIRST TIME IN A BENEFIT ELIGIBLE POSITION ON OR AFTER JULY 1, 2000:

OR

WHO LEFT STATE EMPLOYMENT IN A BENEFIT ELIGIBLE POSITION PRIOR TO BECOMING VESTED AND RETURNED TO WORK IN A BENEFIT ELIGIBLE POSITION ON OR AFTER JULY 1, 2000:

MSEP 2000

  • Member Contributions: NONE
  • Vesting: Five (5) years
  • Normal Retirement: At age 62 with 5 years of credited service OR at least age 48 with age and service equaling 80 or more (Rule of 80)
  • Early Retirement: At age 57 with 5 years of credited service (with reduction)
  • Temporary Benefit: Payable if you retire under Rule of 80. This benefit is designed to provide you with supplemental income until you reach age 62, when you become eligible for early Social Security benefits.
  • Purchased Service: Subsidized option to purchase up to 4 years of active-duty military and other qualifying public sector service
  • Deferred Retirement Option Provision (BackDROP): Allows an employee to receive a lump sum payment at retirement in exchange for a reduced monthly benefit for life
  • Survivor Benefits: At retirement, members make a benefit payment election which determines if a benefit will be paid to anyone else after the member’s death. If a MOSERS member dies prior to retirement, the member’s eligible spouse or child(ren) may be entitled to survivor benefits.

FOR EMPLOYEES HIRED FOR THE FIRST TIME IN A BENEFIT ELIGIBLE POSITION PRIOR TO JULY 1, 2000: (MEMBERS OF MSEP MAY ELECT THE MSEP OR MSEP 2000 AT RETIREMENT)

MSEP

  • Member Contributions: NONE
  • Vesting: Five (5) years
  • Normal Retirement: At age 60 with 15 years of credited service; at age 65 with 5 years of credited service; OR at least age 48 (Rule of 80)
  • Early Retirement: At age 55 with 10 years of credited service (with reduction)
  • Purchased Service: Subsidized option to purchase up to 4 years of active-duty military and other qualifying public sector service
  • Deferred Retirement Option Provision (BackDROP): Allows an employee to receive a lump sum payment at retirement in exchange for a reduced monthly benefit for life
  • Cost-of-Living Adjustment (COLA):

    If you choose MSEP and hired before August 28, 1997:
    You will receive at least 4% each year until you reach the COLA cap (65% of your initial benefit). After COLA cap, the COLA will be equal to 80% of the percentage increase in the average Consumer Price Index (CPI) from one year to the next with an annual maximum of 5% (minimum 0%).​

    If hired on or after August 28, 1997:
    Based on 80% of the percentage increase in the average Consumer Price Index (CPI) from one year to the next with an annual maximum of 5% (minimum 0%).

  • Survivor Benefits: At retirement, members make a benefit payment election which determines if a benefit will be paid to anyone else after the member’s death. If a MOSERS member dies prior to retirement, the member’s eligible spouse or child(ren) may be entitled to survivor benefits.

MISSOURI DEFERRED COMPENSATION PLAN

Administered by MOSERS, the deferred compensation plan provides a convenient way to save for retirement through payroll deduction. Both pre-tax and after-tax (Roth) contribution options are available. Plan features include a custom, yet affordable investment lineup, FREE seminars and consultants with local representatives, and convenient online account access.