Your retirement benefit amount is based on a formula that is set by law. The more service you have and the higher your final average pay, the higher your base benefit amount.
Creditable Service x Final Average Pay x Multiplier = Monthly Base Benefit
Creditable Service refers primarily to the length of time you have been working in a benefit eligible position (a position normally requiring you to work at least 1,040 hours per year). If you are employed in a benefit eligible position with MoDOT or MSHP, you will earn one day of creditable service for each day worked.
Your total creditable service (active and prior) is one of the factors used to calculate the amount of your retirement benefit. The more creditable service you have, the higher your monthly benefit amount. Therefore you may want to investigate the possibilities of obtaining credit if you have any of the following prior service:
- Active duty military service
- Another public entity in the state of Missouri such as a local school district, city, county of the University of Missouri
- Previous state service that was forfeited or that was creditable under the Missouri State Employees’ Retirement System (MOSERS)
Final Average Pay is the average pay for the 36 consecutive months of service before you left state employment when your pay was greatest.
Pay is all salary and wages payable to you for personal services performed for a department.
- All salary and wages that would have been payable while on a valid workers’ compensation leave of absence.
- All salary and wages that would have been payable while on a valid medical leave due to your illness.
- All salary and wages that would have been payable while on valid military leave.
- Annual pay for performance amounts in which MPERS received retirement contributions.
- Amounts paid after your employment is terminated, unless the payment is made as a final installment of salary or wages at the same rate as in effect immediately prior to termination of employment in accordance with a state payroll system adopted on or after January 1, 2000.
- Any amounts paid upon termination of employment for unused annual leave or unused compensatory time.
- Pay in excess of the limitations set forth in Section 401(a)(17) of the Internal Revenue Code as amended and other applicable federal laws or regulations.
- Any nonrecurring single sum payments.
- Annual pay for performance amounts in which MPERS did not receive retirement contributions.