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Retirement FAQs

Retirement FAQs

How and when do I apply for retirement?  You should contact the Office of Human Resources at least 90 days prior to your expected retirement date and make an appointment to complete a retirement packet. At this time you also need to submit a letter to your supervisor informing them of your intent to retire. A copy should also be sent to Human Resources.

How much will I receive when I retire?  The easiest way to receive a benefit estimate is by contacting a MOSERS benefit counselor. The amount of your benefit is determined by a formula based on your service and salary. It also depends on other factors, including which plan you choose, whether you choose normal or early retirement, whether you choose BackDROP, and whether you choose to leave anything to a beneficiary.

What happens to my unused sick leave at retirement?  Under the MSEP, if you are eligible to retire on the date of your termination, you will receive one month of credited service for every 168 hours of unused sick leave reported to MOSERS.

Under the MSEP 2000, once you are vested, you will receive one month of credited service for every 168 hours of unused sick leave reported to MOSERS on your date of termination.

Can I have my retirement benefit direct deposited in my bank account?  Yes. The standard form of payment for receiving a benefit is direct deposit, which assures that your benefit payment will be automatically deposited in your checking or savings account on the last working day of the month.

What is BackDROP?  An option available at retirement to employees in the MSEP and the MSEP 2000. If you work at least two years beyond your eligibility for normal retirement, this option provides a way for you to receive a one-time lump sum payment at retirement in addition to your ongoing monthly benefit.

What happens to my retirement if I die before I start receiving my benefit?  If you are a vested member, your eligible spouse will receive a survivor benefit. If there is no eligible spouse or your spouse dies, your child(ren) under 21 will receive a monthly death benefit until he/she reaches age 21.