How long do you have to work for the state of Missouri to retire?
How does Missouri state pension work?
Employees contribute 14.5% of salary out of each paycheck to the pension fund. The average retirement benefit is $38,898 per year, or $3,242 per month. PSRS covers 77,529 active school employees and 50,344 retired school employees and beneficiaries.
How does MOSERS retirement work?
If you return to work for the state of Missouri in a MOSERS or MPERS benefit-eligible position: ... When you retire again, your monthly pension payment will equal the amount you were receiving when you returned to work plus any additional benefit you may have earned during reemployment.
What does MOSERS stand for?
When can I retire from the state of Missouri?
EARLY SERVICE RETIREMENT is age 60 with at least 5 years of creditable service, age 55 with at least 20 years of creditable service, or any age with at least 30 years of creditable service. A member may defer his or her full benefit to age 65 or take a reduced benefit before age 65.
What kind of retirement plan is mosers?
MOSERS. MOSERS is a defined benefit plan for all staff employees and also covers all faculty hired before July 1, 2000. There are currently 3 plans: MSEP, MSEP 2000, and MSEP 2011. You will receive a retirement benefit based on salary and credited service.