MO Benefits - April

Financial professionals often refer to sources of retirement income as the “three-legged stool.” The goal of the three-legged stool is to achieve a reasonable level of replacement income that will support your financial needs during retirement.

When you retire from state employment, the legs are made up of your MOSERS pension benefit, Social Security, and your personal savings and investments. By familiarizing yourself with your future estimated MOSERS and Social Security benefits, you will be better able to determine how much you will need in personal savings and investments to achieve your desired standard of living during retirement.

Financial planners stress the importance of personal savings and investments and recommend the use of tax-favored savings vehicles (such as MO Deferred Comp) to accumulate personal savings. Visit MO Deferred Comp for more information!

If you work in a benefit eligible position and become vested, you will be eligible for a lifetime monthly benefit once you meet retirement eligibility. A defined benefit pension is guaranteed income in retirement for the rest of your life.

Your benefit is calculated based on a formula, which includes your years of service and final average pay. The longer you work, the greater your benefit! 

Your MOSERS pension benefit is subject to normal federal taxes. It is also subject to normal Missouri state income taxes if you are a resident of Missouri. However, because you are a Missouri resident, you may qualify for the Public Pension Exemption as it relates to Missouri state taxes. Click here to learn more. 

The MO Deferred Comp Plan is a voluntary retirement savings plan for state of Missouri team members. The plan helps state employees save and invest money for their future retirement. The money you save is designed to supplement the income you will receive from your MOSERS defined benefit pension and Social Security. Click here to learn more about the MO Deferred Comp Plan and saving for retirement, or to schedule a one-on-one meeting with a MO Deferred Comp financial education professional to review your financial situation, develop a savings strategy, or to learn more about the plan.

The money you save with MO Deferred Comp, plus your Social Security and defined benefit pension from MOSERS, will make up your income in retirement.

State Incentive Match: If you contribute at least $25 a month to your MO Deferred Comp 457 account, the State of Missouri will match your contributions dollar-for-dollar, up to a maximum of $75 each month.

MOSERS distributed Annual Benefit Statements to all actively employed MOSERS members at the end of March.

This is a valuable planning tool because a significant part of your total compensation is through the value of the benefits you receive as a state employee (pension, deferred compensation, health, life, and long-term disability insurance, employer contributions to Social Security, etc.) plus the value of time off such as annual leave, sick leave, and holidays.

Your Annual Benefit Statement contains all this information in one convenient document. You can access your Annual Benefit Statement from your MOSERS Document Express online mailbox by logging in to myMOSERS. This statement is available to print or save for later reference. MOSERS sends you an email once your statement is posted. If you have opted to receive your correspondence from MOSERS through the mail, MOSERS will send your statement to your home address, and it will also be available as described above. 

The most common question asked by state of Missouri employees might be: How much money do I need to save for retirement? The answer to this question depends on several factors such as years until retirement, anticipated retirement income from your MOSERS or MPERS defined benefit pension and social security, longevity, lifestyle, and expenses, to name a few.

While there is no generic one-size-fits-all answer, the Grow Your Retirement Saving Calculator from MO Deferred Comp can help you find a contribution that fits your budget and helps you reach your retirement savings goals.

Click here to use the Grow Your Retirement Savings Calculator (pictured above). You can also visit the MO Deferred Comp website, hover over Planning & Tools in the menu, and select Calculators. Be sure to watch the GYRS Website Walk-Thru Tutorial for detailed instructions and steps on how to use this powerful tool!

Visit the MOSERS Education page and click in the Ready to Retire box to view all the 2024 in-person retirement seminars and online webinars that are available statewide. If you have co-workers at different career stages, please encourage them to check out the Newer Employees & MOSERS and the Mid-Career webinars.

To register for a session, log in to myMOSERS and go to Education Enrollment. Once you've reviewed the schedule, select the session you wish to attend and complete the registration information.

State team members may participate in a MCHCP plan at retirement if eligible to receive a monthly retirement benefit from either the Missouri State Employees’ Retirement System (MOSERS) or another retirement system whose members are grandfathered for coverage under the plan by law.

MCHCP members who are employees of a state-sponsored college or university covered under the plan should check with their employer to see if MCHCP retiree coverage is included as a benefit.