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Closed Year 2000
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MPERS Handbooks | |
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Welcome
Welcome to the Missouri Department of Transportation and Highway Patrol Employees' Retirement System (MPERS). This website is intended to provide you with online resources to better understand the benefits provided by your retirement system. While we hope this will be a good resource for our members, prospective members, and employers we encourage you to call us at any time if you have questions about the benefits we provide. We pride ourselves in our ability to personally serve our members and never want to lose touch with the people we serve.
LEGISLATIVE UPDATE:
Posted July 16, 2010
Pension Reform Bill Passed During Special Legislative Session
The Pension Reform Bill that recently passed during the special legislative session creates a new tier of benefits in the Year 2000 Plan for new employees hired for the first time on or after January 1, 2011.
The bill does NOT affect or change the retirement benefits of current state employees or retirees.
Summary of the New Tier Benefit Provisions
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Benefit Provision |
Description of Benefit Provision |
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Employee Contributions |
§ 4% of monthly pay
o Annual Interest Rate: 4% paid June 30 based on member's balance as of July 1 of the preceding year (annual interest not available to retirees or terminated-not vested members) |
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Refund of Contributions |
§ Payable 90 days from the later of: 1) date employee leaves state employment, or 2) date of request
o If married, spouse must sign consent for refund
o Not eligible if Division of Benefits Order (DBO) on file at MPERS
o Not eligible if member eligible for retirement |
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Vesting Requirements |
§ 10 years of creditable service |
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Normal Retirement Eligibility |
§ At least age 67 with 10 years of service
§ "Rule of 90" - at least age 55 with age and service equaling 90 or more |
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Early Retirement Eligibility |
§ At least age 62 with 10 years of service |
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Temporary Benefit
(ends at age 62) |
§ Must retire under "Rule of 90" to be eligible for temporary benefit |
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Uniformed Patrol:
Normal Retirement Eligibility |
§ At least age 55 with 10 years of service
§ Mandatory retirement at age 60
o Not eligible for early retirement |
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Uniformed Patrol:
Temporary Benefit
(ends at age 62) |
§ At least age 55 with 10 years of service
§ At least age 60 |
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Terminated-Vested:
Normal Retirement Eligibility |
§ At least age 67 with 10 years of service
o Not eligible for early retirement |
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Purchase of Prior Service |
§ Not available to new hires |
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BackDROP |
§ Not available to new hires |
Investment Board:
The provision that would have created the Missouri State Retirement Investment Board was not included in the bill.
A Message From the Executive Director - Susie Dahl
The SECURITY of Your MPERS Benefits
Updated on: January 11, 2010
If you are concerned about the economic events of the past year, you are not alone. First and foremost, the understanding I hope you take away from reading this message is that your retirement benefits are secure!
Your Retirement Benefits
If you are a retiree of MPERS, your benefits will continue to be paid. Legally, your benefits cannot be changed or taken away.
It is, however, possible for legislation to be introduced and passed that would change retirement benefits for active members (going forward) and new hires. From a legal perspective, it is highly unlikely to impact or change benefits that have already been earned. Full Article
Introducing the
2-Step Retirement Process
Posted on: January 5, 2010
Anyone with Internet accessStarting with April 1, 2010 retirements, MPERS will be transitioning to a 2-Step Retirement Process. This new process gives your more time to make your retirement elections and allows MPERS to provide you with more individualized information. If you have already submitted a retirement application to retire in 2010, you do not have to resubmit your form under this new process. We will process your retirement as submitted. If your have any questions regarding the 2-Step Retirement Process, please contact a MPERS benefit specialist at (573) 298-6080 or (800) 270-1271. Full Article
St. Louis Post-Dispatch Displays MPERS Pension Amounts With Searchable Database
Posted on: Monday, August 31, 2009
On August 31, 2009, the St. Louis Post-Dispatch posted a searchable database on their website that includes all MPERS and MOSERS retirees by agency and their June 2009 benefit amounts. Anyone with Internet access can search the database by last name, agency and/or a range of benefit amounts.
Under the state's open record law, MPERS is required to release this information. We posted a notice on our website to inform you of the request and assure you that we will continue safeguarding all other personally identifiable information.
Member Satisfaction
MPERS is committed to member satisfaction and quality service delivery. We dedicate ourselves to serving our members and their beneficiaries, the Board of Trustees and other interested parties. We have a demonstrated history of implementing beneficial improvements and continue to seek methods to improve service delivery and return on investments.
Did You Know?
Since 1955, MPERS has been providing retirement benefits to the employees of the Missouri State Highway Patrol (MSHP) and the Missouri Department of Transportation (MoDOT). Much has changed since the system began over 50 years ago, but our mission remains the same -- a secure retirement for our members! Today we proudly provide retirement, survivor, and disability benefits to over 17,000 retirees, active employees, and terminated vested members.
Fiscal Year 2007 showed record investment returns for the system of 18.1% net of manager fees. Today the fund has assets of approximately $1.8 billion. For additional plan information, consult MPERS Quick Facts brochure under the quick downloads.
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