MOSERS Month Quiz - Mid-Career Employees

Please Note:

University Employees (except Lincoln University and State Tech) – Choose “I am not eligible…” to answer any questions about MOSERS life insurance and long-term disability insurance. These benefits are administered for you by your employer rather than MOSERS.

Conservation Employees – Choose “I am not eligible…” to answer any questions about MOSERS life insurance. These benefits are administered for you by your employer rather than MOSERS.

General State Employees – MOSERS administers pension, deferred comp, life insurance and long-term disability benefits for most state employees including Lincoln University and State Tech employees.

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* 1. What is a "defined benefit pension"?

A plan that requires a member to be vested (work a set number of years in a benefit-eligible position) and it provides a set benefit (based on salary and credited service) for life once a member meets the age and service requirements for retirement.

A plan designed to help employees save additional income to supplement their Social Security benefits in retirement.

An explanation of "benefit".

None of the above.

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* 2. To be "vested" means:

You are eligible for future pension benefit.

You must wear a vest to work everyday.

A personal flotation device is donned and fastened to a user to prevent the wearer from drowning in a body of water.

None of the above.

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* 3. If eligible for MOSERS life insurance, an "accelerated benefit" is:

A provision in your MOSERS life insurance policy that allows you to receive a portion of your life insurance benefit early if you have been diagnosed as terminally ill.

A benefit that provides you with an additional benefit until age 62. The formula is: Final Average Pay (FAP) x .008 (Multiplier) x Credited Service = ________. At age 62, it ends but your base benefit continues.

When you can get a one-time lump-sum pension payment in addition to your monthly pension payments from MOSERS at retirement.

I am not eligible for MOSERS life insurance because I work for Conservation or a University (other than Lincoln or State Tech).

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* 4. Deferred compensation:

Is administered through MO Deferred Comp and is the state-sponsored retirement savings plan designed to help you to save money out of each paycheck to supplement your defined benefit pension from MOSERS and Social Security in retirement.

Means that when you work for the state, you get paid two weeks after the time period for which you earned it.

Involves postponing all future pay raises until after your divorce is finalized.

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* 5. What is "credited service"?

The sum of your years and full months of service that you have earned plus any credited prior service you transferred to MOSERS or purchased.

Part of the formula for calculating your monthly pension payments.

May include unused sick leave (in increments of 168 hours) when calculating your benefit amount (but not retirement eligibility).

All of the above.

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* 6. The "benefit formula" is:

Used for calculating the monthly base pension benefit for general state employees.

In the MSEP 2000 or MSEP 2011: Final Average Pay x Multiplier (.017) x Credited Service = Monthly Base Benefit. For general state employees who retire under MSEP, the multiplier is 1.6% (.016).

Based in law and cannot be changed without legislation.

All of the above.

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* 7. If eligible for MOSERS life insurance, a "family status change", may allow you to increase your optional life insurance without proving insurability:

In the event of your marriage, divorce, or separation; the birth of your child; the adoption of a child; the death of your spouse or child.

If you adopt pets, such as dogs and cats.

Each year on your birthday.

All of the above.

I am not eligible for MOSERS life insurance because I work for Conservation or a University (other than Lincoln or State Tech).

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* 8. myMOSERS is:

An online MOSERS information center. Once you log in, you can access your personal benefit information, submit forms, generate benefit estimates, retire online, and much more.

A grocery delivery service

The name of your retirement plan.

None of the above.

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* 9. The "temporary benefit":

Is available if you retire under the "Rule of 80" (MSEP 2000) or the "Rule of 90" (MSEP 2011), and provides you with an additional benefit until age 62 along with your base benefit.

Is based on a provision in state law for general state employees in MSEP 2000 and MSEP 2011. It is not available if you retire under MSEP, the Judicial Plan, or the Judicial Plan 2011.

Uses the formula: Final Average Pay (FAP) x .008 (Multiplier) x Credited Service = ________. At age 62, it ends but your base benefit continues.

All of the above.

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* 10. What is your MOSERS Annual Benefit Statement?

A summary of your benefits as a MOSERS member.

A great tool to help you assess if you are saving enough and if you will be financially ready to retire.

A statement sent to active employees every year in the spring, which includes an estimate of your MOSERS retirement benefits as well as life insurance coverage and beneficiaries.

All of the above.

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* 11. Please select your employer (agency/department):

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* 12. You are finished! Enter the below CODE WORD on p. 2 of your MOSERS Month Activity Guide!

CODE WORD: Maximize