Volume 31 | May 2023
The Pensioner: Looking Forward
Welcome to the digital MPERS newsletter! The Pensioner: Looking Forward contains news, updates, and important information for active employees of the Missouri Department of Transportation, the Missouri State Highway Patrol, and MPERS.
Pay Increases and Your MPERS Benefit
Retirement benefits are determined using a formula that is set by state law. This formula includes credited service, a multiplier, and final average pay. A pay increase will not affect credited service or the multiplier, but it may affect your final average pay.

What is your final average pay? It is the average of the highest 36 consecutive months of pay. MPERS reviews your entire salary history when making this determination and it may include pay increases and comp time payouts.

Generally, for a pay increase to affect your final average pay, it would have to provide enough of a boost to shift the timeframe (36 consecutive months) of your final average pay. This means you won’t likely see an immediate impact on your retirement benefit; you may have to work a bit longer for it to affect your benefit. Additionally, if you are a Closed or Year 2000 Plan member and plan on choosing the BackDROP payment option at retirement, if the pay increase occurs during your BackDROP period, it will not apply to that final average pay.

If you would like more information on how your salary can have an impact on your future benefit, please visit the benefit formula page on our website or contact a benefit specialist at benefits@mpers.org or (573) 298-6080.
Coming Your Way in May
MPERS will be venturing south this month; making stops in Joplin and Springfield. If you are currently eligible to retire or will be before December 31, 2028, consider attending one of these half-day sessions. While there are no virtual pre-retirement seminars offered during May, you can always view one of the previously recorded webinars here.
Where:
Joplin Public Library
1901 East 20th Street
Joplin, MO 64804

When:
Tuesday, May 9 from 12:15 p.m. - 4:15 p.m.

Registration deadline:
May 2, 2023
Where:
MoDOT Southwest District Office
3025 East Kearney
Springfield, MO 65803

When:
Wednesday, May 10, from 8:00 a.m. – 12:00 p.m.
OR
Thursday, May 11 from 8:00 a.m. - 12:00 p.m.

Registration deadline:
May 3 (for May 10th seminar)
May 4 (for May 11th seminar)
Payment Options
The April edition of The Pensioner: Looking Forward examined the value of your benefit. While we were referring to value in terms of a dollar amount, there is also the value as it pertains to peace of mind and the optional survivor benefit, should you pass away.

MPERS offers different survivor payment options to elect when you complete your Retirement Election Form, which is step two in the retirement process. Below is a list of payment options, applicable plans, and if the option is available to members who are married or single.
Life Income Annuity 
Available in: Closed Plan, Year 2000 Plan, 2011 Tier
Available for: Married or Single
  • Your retirement benefit will not be reduced.
  • No survivor benefit will be paid after your death.
  • You must name a beneficiary to receive your final benefit payment from MPERS.
  • If you are married at the time of retirement, your spouse must consent to this option.
Joint & 50% Survivor
Available in: Closed Plan, Year 2000 Plan, 2011 Tier
Available for: Married 
  • Unreduced benefit for Closed Plan members who retire under the Closed Plan.
  • Reduced benefit for Year 2000 Plan, 2011 Tier members, and Closed Plan members who retire under the Year 2000 plan.
  • After your death, your eligible spouse will receive 50% of the base benefit amount you are receiving at the time of your death. 
  • Benefit is for the lifetime of the spouse.
  • If your spouse passes away before you, your benefit will pop up to the unreduced benefit amount.
Joint & 100% Survivor  
Available in: Closed Plan, Year 2000 Plan, 2011 Tier
Available for: Married
  • Your retirement benefit will be reduced.
  • After your death, your eligible spouse will receive 100% of the base benefit amount you are receiving at the time of your death. 
  • Benefit is for the lifetime of your spouse. 
  • If your spouse passes away before you, your benefit will pop up to the unreduced benefit amount.  
Life Income with Guaranteed Payments
Available in: Closed Plan, Year 2000 Plan, 2011 Tier
Available for: Married or Single
  • Your retirement benefit will be reduced for your lifetime.
  • If you live longer than the number of guaranteed payments, your reduced benefit will continue for your lifetime. No survivor benefit will be paid after your death.
  • If you pass away prior to receiving the number of guaranteed payments you chose, your beneficiary(ies) will receive the remainder of the guaranteed payments and then the benefit will cease.
  • You may name any beneficiary to receive the remaining guaranteed payments. You may also change beneficiaries at any time. 
If you would like more details about payment options in retirement, check out the plan handbooks on our website!
Annual Benefit Statements are Now Available in myMPERS!
Annual Benefit Statements were distributed to your work email address during the week of April 10th.

Why should you pay attention to this statement? Because it gives you an idea of
  1. What your future retirement benefit may be,
  2. Your Mo Deferred Comp contribution balance as of February 28, 2023, 
  3. Your health, dental, and vision insurance coverage levels, 
  4. Life insurance coverage, and
  5. Employee contribution beneficiaries (2011 Tier members only).

As a reminder, Closed Plan and Year 2000 Plan members will not have beneficiaries listed for their retirement benefit.
You can access your Annual Benefit Statement by logging in to your myMPERS account and selecting “Statements.”
Retirement Deadlines
Upcoming Events
  • 3 - Mid-career webinar for Year 2000 plan members, register here
  • 8 - Truman Day, office open
  • 9 - Pre-retirement seminar for Closed Plan/Year 2000 Plan, Joplin, register here
  • 10 - Pre-retirement seminar for Closed Plan/Year 2000 Plan members, Springfield, register here
  • 11 - Pre-retirement seminar for Closed Plan/Year 2000 Plan members, Springfield, register here
  • 29 - Memorial Day, office closed
  • 31 - Deadline to submit step 1 - Notice of Retirement for July 1 retirement
We value your feedback!
What would you like to see in The Pensioner: Looking Forward?
Send comments and suggestions to Julie.West@mpers.org.